Page 4 THE EVERETT ADVOCATE – FRiDAy, ApRil 28, 2023 McGonagle, Mass. House pass comprehensive tax relief package Bill includes $654M in tax relief in Fy24, $1.1B in Fy26 and beyond On April 13, 2023, in an effort to provide fi nancial relief to families across the Commonwealth, and to make Massachusetts more competitive with other states, Rep. Joe McGonagle along with his colleagues in the Massachusetts House of Representatives passed a tax relief proposal targeted at residents across all income levels: H.3770, An Act to improve the Commonwealth’s competitiveness, aff ordability, and equity. The Massachusetts House of Representatives approved the bill, 150-3, and on April 18, the Senate referred it to its Committee on Ways and Means. “I’m thrilled that we have passed such a crucial bill so early on in our two-year session in the Legislature,” said McGonagle. “This bill gives fi - nancial relief to residents and businesses in Massachusetts, and makes living here more aff ordable while also keeping the Commonwealth a thriving place to work and own a business. We are investing in the future of Massachusetts. The work done by Speaker Mariano, Chair Michlewitz, and Chair Cusack, along with their staff and committees was so crucial in developing this bill to be as useful and comprehensive as possible and I’m so grateful for their hard work and leadership.” The bill includes the following tax changes, some with a phased-in implementation method: Child and Dependent Tax Credit: The bill combines the Child Care Expenses Credit with the Dependent Member of Household Credit to create one refundable $600 credit per dependent, while eliminating the current cap. This will be phased in over three years and will be fully implemented in FY27: Taxpayers could claim $310 per dependent in FY24, $455 per dependent in FY25, $600 per dependent in FY26 and $614 per dependent in FY27. This change will cost $165 million in the fi rst year of implementation and $487 million when fully implemented in year three. It is expected to impact over 700,000 Massachusetts families. Estate Tax: Massachusetts is currently a national outlier on the estate tax, as the Commonwealth is one of only 12 states that impose this tax and has the lowest estate tax exemption threshold in the country, along with Oregon. The bill increases the estate tax threshold from $1 million to $2 million and eliminates the “cliff ” eff ect, taxing the value of the estate that exceeds $2 million, and not the entire TAX RELIEF | SEE PAGE 22 Vehicles Not Complying with Street Sweeping Rules Will Be Towed Beginning Monday, May 1 P lease be aware that beginning on Monday, May 1, the City of Everett will be towing vehicles that do not comply with the street sweeping rules that started on Monday, April 3, 2023. Up to this point, many vehicles have been in violation of the parking regulations, and many warnings and tickets have been issued with little impact. Due to this widespread noncompliance, please be aware that towing will be in full eff ect going forward. Please be sure to check the signs on your street for parking restrictions in your neighborhood. Signs will note the parking restrictions regarding hours and locations for your street. Adhering to these regulations will help you avoid the unnecessary cost and inconvenience of a violation and will help the City of Everett ensure that our streets and stormwater run-off remain clean. Street sweeping is essential to eliminate issues and costs related to trash and debris getting into the underground sewage system. If there are any missing or damaged signs in your area, please notify the City by calling 311 or 617-394-2270 and report the street name and area so that they can be repaired or replaced. Please avoid any costly inconvenience to yourself and others by following all rules regarding street sweeping in your area and moving your vehicle appropriately. If you have any questions, please call 311 or 617-394-2270. Your cooperation is greatly appreciated.
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