Massachusetts Leaders Unveil $1 Billion Tax Relief Package

Massachusetts leaders announced major tax legislation Tuesday, including a shift to a single sales factor apportionment system for corporate income taxes, short-term capital gains tax cuts, and the closing of a loophole around a so-called millionaire’s tax.

The tax package (H.3770) comes nearly two months after Gov. Maura Healey signed a $56.2 billion budget for fiscal 2024, which set aside $581 million for tax relief. Lawmakers deferred discussions on a tax package until the fall, following months of disagreement over the extent of cuts. In March, the Democratic governor proposed reducing taxes on the state’s property, estate, and ...