Massachusetts Governor Maura Healey has revealed her $742 million tax relief plan aimed at easing the financial burden on residents and businesses in the state.
$742 Million Tax Relief Plan
The tax relief plan proposed by Governor Healey is aimed at providing financial relief to residents and businesses that have been adversely impacted by the COVID-19 pandemic, according to a recently published article in CBS News.
The plan includes several programs, such as a sales tax holiday, a property tax credit for seniors, and an expansion of the earned income tax credit. The sales tax holiday will provide a temporary exemption from the state’s 6.25% sales tax on eligible purchases.
The property tax credit will provide financial assistance to senior citizens who own homes in the state. The expansion of the earned income tax credit will provide additional financial support to low-income working families.
Programs Under the Tax Relief Plan
The tax relief plan proposed by Governor Healey includes several programs that aim to provide financial relief to residents and businesses in the state.
In addition to the programs mentioned above, the plan includes a small business tax credit, a tax relief program for individuals who lost their jobs due to the pandemic, and a reduction in the state’s unemployment insurance rate. The small business tax credit will provide financial support to businesses that have been impacted by the pandemic.
In a published article in AP News, the tax relief program for individuals who lost their jobs will provide financial assistance to those who are struggling to make ends meet. The reduction in the unemployment insurance rate will help businesses save money on their payroll taxes.
Overall, Governor Healey’s tax relief plan is aimed at providing much-needed financial assistance to residents and businesses in Massachusetts. The plan includes a range of programs that will provide relief to different groups of people, including low-income families, senior citizens, and small business owners. The plan is expected to have a significant impact on the state’s economy and help it recover from the pandemic-induced recession.