On Oct. 4, 2023, Governor Maura T. Healey signed a bill into law which provided the Commonwealth of Massachusetts with its first tax cuts in over two decades. Many taxpayers will benefit from one or more of the provisions within the bill.
Please see below for a listing of key provisions within the new bill, mostly effective January 1, 2023
In addition to the above, adjustments were made to credits such as the lead paint abatement credit, apprenticeship tax credit, municipal affordable housing property tax exemption and the stabilization fund cap.
Questions? Please consult with a member of your dedicated engagement team on the impact of any of the above on you or a member of your family or contact us.
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.