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The State Of Massachusetts To Expand The Tax Credits Again

Tax Credits
Tax Credits; Source- MARCA

Massachusetts consistently tops lists of states for family-friendly environments. By implementing the first-ever universal tax rebate for kids and other reliant family members in 2021, Massachusetts has once again set the bar high. Up to two children under the age of 12 or elderly or handicapped adult family members are eligible for the $180 Child and Family Tax Credit.

Tax Credits

Tax Credits; Source- People

Increased Tax Credits In Massachusetts

After this very modest credit was quietly introduced, a wave of bipartisan support swiftly grew to increase its generosity, scope, and simplicity. In his proposed budget for fiscal year 2023, Governor Baker made increasing the payment to $360 a key component. Not to be surpassed, Governor Healey ran for office and won on a platform promising to more than increase the credit’s value to $600, eliminate the two-child restriction, and make children less than 13 years old eligible. Members of the legislature from both the Republican and Democratic parties have advocated significant credit extensions. Despite widespread support, these measures have not yet been implemented. Some lawmakers are reluctant to follow through on prior commitments due to worries about financial difficulties.

$600 Child & Family Tax Credit

The financial year 2024 budget, which was approved last month, did, however, put aside a sizable amount of money for tax credits, and the House along with the Senate are currently working out discrepancies in their respective proposals. The House proposal would maintain the $600 Child & Family Tax Credit while exercising financial restraint by gradually cutting in the boost over three years before adjusting it to prevent loss from future inflation. The Senate proposal, on the other hand, would keep the credit unindexed and vulnerable to future erosion while only increasing it to $310, which is less liberal than Baker or Healey proposed.

Further Expansion In Tax Credits

The general population is keen to see further advancements in credit expansion. When questioned, a resounding 77 percent of respondents said they supported gradually increasing the payment to 600 dollars over the following three years, as the House has suggested. When respondents have children, support jumps to 86 percent, and it is high among Democrats and Republicans. Residents should support immediate action for several reasons. Before the modifications in 2021, the credit’s predecessor had its last increment in 2001 and was not indexable, allowing it to be reduced by inflation. Coincidentally, if it was classified 20 years ago, it would be valued at $310 now. Massachusetts needs to do more than just reverse the past two decades of decline if it hopes to remain a national leader in family policy.

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