Legislative leaders in Massachusetts announced plans on Monday for a $500 million tax relief package that includes increases in credits available for older residents, lower-income workers, as well as parents and others with dependents.
The package was announced at a time when residents are under pressure from high inflation.
"With the shared goal of providing necessary economic relief to our residents this session, we are pleased to announce that House and Senate leaders have agreed to a framework for structural changes to our tax code that will reduce income inequality, make Massachusetts more competitive nationally, and lessen the crippling impact of rising prices, inflation, and economic uncertainty," Senate President Karen Spilka, Speaker of the House Ronald Mariano, Senate Ways and Means Chair Michael Rodrigues and House Ways and Means Chair Aaron Michlewitz said in a statement.
The statement did not provide details, but said the proposal also offers assistance to renters and eliminates the most "punitive and archaic elements of our estate tax."
The tax proposals in conjunction with the economic relief payments for middle class residents announced last week, bring the Legislature’s taxpayer relief package to $1 billion, the statement said.
The legislative session ends July 31.