In 2023, Maura signed Massachusetts’ first tax cuts in more than 20 years. This year, Massachusetts taxpayers will save over a billion dollars on their 2024 taxes as the Healey Tax Cuts go into full effect!
Since taxes are due in a few weeks, we wanted to put together a list with some of the ways that taxpayers will save this year:
- Massachusetts now has the most generous Child and Family Tax Credit in the country, increasing the credit from $180 to $440 for each dependent child, adult with disabilities or senior, and lifting the two-dependent cap.
- Governor Healey increased the Senior Circuit Breaker Tax Credit, which for 2024 can save seniors up to $2,730, and is indexed to inflation to provide seniors with long-term relief.
- Maura increased the Earned Income Tax Credit.
- She increased the rental deduction, giving more money back to renters.
- You can receive a tax credit for lead paint abatement in your home of up to $3,000 for a full treatment
- Homeowners can now claim tax credit for septic installation of up to $18,000, with $4,000 claimable per year.
Maura has been laser-focused on lowering costs for people, and the new cuts will make a huge difference, providing relief to every community across Massachusetts.
If you'd like to learn more, you can visit mass.gov/taxcuts to find out about how you could benefit from the legislation.
-Team Healey