HD 1112 allows Massachusetts cities and towns to implement a real estate transfer fee on property sales to fund affordable housing. The fee, collected by settlement agents during property closings, would be directed to municipal or regional housing trust funds. These funds must be used for acquiring, constructing, rehabilitating, or preserving housing for low- and moderate-income households (as defined by HUD). The bill provides definitions for key terms like "affordable housing purposes" and "settlement agent" to ensure consistent implementation.
By Mr. Fattman, a petition (accompanied by bill, Senate, No. 1987) of Ryan C. Fattman and Bruce E. Tarr for legislation to establish a child care tax credit in the Commonwealth. Revenue.
This bill increases tax deductions for contributions to 529 college savings plans. It raises the annual deduction limit from $1,000 to $5,000 for single filers and from $2,000 to $10,000 for married couples filing jointly. The change directly affects Massachusetts taxpayers who use 529 plans to save for education expenses, allowing them to reduce their taxable income by larger amounts. The policy change simplifies the tax benefit by adjusting these specific dollar limits in the state tax code.
By Mr. Tarr, a petition (accompanied by bill, Senate, No. 2078) of Bruce E. Tarr for legislation to exempt certain medical supplies from the state sales tax. Revenue.
By Mr. Moore, a petition (accompanied by bill, Senate, No. 2045) of Michael O. Moore for legislation to establish a college tuition tax deduction. Revenue.
By Mr. Driscoll, a petition (accompanied by bill, Senate, No. 1963) of William J. Driscoll, Jr. relative to excluding the Segal AmeriCorps Educational Award from taxable income. Revenue.
By Mr. Gomez, a petition (accompanied by bill, Senate, No. 2015) of Adam Gomez, Michael J. Barrett and Manny Cruz for legislation to establish a tiered corporate minimum tax. Revenue.
By Mr. Tarr, a petition (accompanied by bill, Senate, No. 2087) of Bruce E. Tarr for legislation relative to the short term capital gains rate to make Massachusetts more competitive. Revenue.
By Mr. Tarr, a petition (accompanied by bill, Senate, No. 2080) of Bruce E. Tarr for legislation to create a super research and development tax credit. Revenue.
By Mr. O'Connor, a petition (accompanied by bill, Senate, No. 2050) of Patrick M. O'Connor for legislation to exempt active duty military personnel from state income tax while based out of state. Revenue.
