Page 18 THE EVERETT ADVOCATE – FRiDAy, SEpTEmbER 29, 2023 Massachusetts Tax Relief Bill T he most recent tax relief bill could become law if Governor Maura Healey signs off on it on Friday, September 29th . This bill is long overdue. It will take some time to digest some of the key provisions in the bill, especially the estate tax provisions. Some of the key elements in the bill thus far include: Increasing the rental deduction from $3,000 to $4,000. Unfortunately, that only results in a tax savings per tax return of $50. The senior circuit breaker tax credit would increase from $1,200 to $2,400. This is substantial as a tax credit is much more meaningful than a deduction. It is a reduction dollar for dollar in the total tax once calculated. Either your balance due will be reduced by $2,400 or your refund will be increased by $2,400. For those 65 years of age or older who would not otherwise be required to fi le a tax return, this new bill is even more of an incentive to fi le. The income tax rate on short-term capital gains will decrease from 12% to 8.5%. I was hoping for that rate to drop to 5%, which is the tax rate levied against all ordinary income including W-2 income, interest income, dividend income, etc. However, if someone has a $100,000 short-term capital gain on the sale of real estate or stock, that would be a savings of $3,500. That is a considerable savings. The estate tax exemption will be increasing from $1million to $2million. Furthermore, only the gross taxable estate over $2million will be subject to tax. Under the current estate tax provisions, once an estate is over $1million, the entire $1million is subject to tax. The $2million threshold will now exempt many estates from the estate tax. I wish Massachusetts had adopted portability. This would have eliminated the need for many families to be put in a position to implement more complicated estate planning with the use of Trusts in order to maximize a married couple’s estate tax exemptions. With portability, if a husband died, his $2million exemption could be passed along to his wife so that when she subsequently dies with a $4million estate, no estate tax would be due. She would be entitled to her $2million exemption and her deceased husband’s $2million exemption. This would be so much easier for so many married couples. This would also have served to encourage more affl uent married couples to continue to live in Massachusetts rather than move to another state that has no estate tax. They would continue to spend money in Massachusetts and employ workers to help propel the economy. The federal government adopted portability years ago. It’s hard to imagine that Massachusetts is only going toincrease the renters deduction to $4,000. That number is arrived at by taking one half of $8,000, when rent payment for one year can easily reach $30,000. Even a $15,000 rent deduction only saves $750 in Massachusetts income taxes. We’ll digest the bill when fi nalized and report back on the key provisions. Joseph D. Cataldo is an estate planning/elder law attorney, Certifi ed Public Accountant, Certifi ed Financial Planner, AICPA Personal Financial Specialist and holds a masters degree in taxation. ~ Home of the Week ~ REVERE...Nicely maintained Cape Cod style home featuring 5 rooms, 2 bedrooms, 1 1/2 baths, kitchen offers small island and ceramic tile flooring, open to dining room with hardwood flooring, large, front-to-back living room, full bath with whirlpool tub and separate shower stall, enclosed porch, finished lower level with playroom, central air, inground pool with cabana - great for summer enjoyment! Conveniently located on corner lot, close to shopping and major Routes! Affordable home ownership! Offered at $499,900 335 Central Street, Saugus, MA 01906 (781) 233-7300 CITY OF EVERETT - LEGAL NOTICE - BOARD OF APPEALS 484 BROADWAY EVERETT, MASSACHUSETTS 02149 TO WHOM IT MAY CONCERN: This notice is to inform you that a public hearing will be held on Monday October 16, 2023 at 6:00 PM, Everett City Hall, 3rd Floor George Keverian Hearing Room. All interested parties may attend and opinions will be heard regarding the following petition. Whereas a petition has been presented by: Property Address: Map/Parcel: Building Permit: 70 Everett St. D0-03-000161 B-23-293 Person Requesting: 140 Tremont St. LLC 140 Tremont St. Everett, MA 02149 PROPOSAL: To expand the existing two-family residential structure and convert it to a six-unit residential structure. Reason for Denial: Permit was denied in accordance with the City of Everett Zoning Ordinance as follows: Violations: • Pursuant to Section 4(A) of the Zoning Ordinance, the proposed multi-family residential use is not permitted in the Dwelling zoning district. A use variance is required. • Parking shown on the lot total Eight (8) where 12 is required. The applicant must either obtain a variance or participate in the Transportation Demand Management program, pursuant to Section 35 of the Zoning Ordinance. • Pursuant to Section 4(B)(2)(c), the maximum allowed Floor Area Ratio (FAR) is 0.5. The proposed FAR is 1.1. A variance is required. • For Advertising with Results, call The Advocate Newspapers at 617-387-2200 or Info@advocatenews.net Pursuant to Section 17(O)(5) of the Zoning Ordinance, any parking lot containing more than five parking spaces must “have an access road with a minimum of eighteen (18) feet to allow ingress and exiting at the same time.” The proposed access drive is only twelve feet. A variance is required. BOARD OF APPEALS FOR THE CITY OF EVERETT, MASSACHUSETTS Mary Gerace - Chairman Roberta Suppa - Clerk of Board of Appeals September 29, October 6, 2023 View the interior of this home right on your smartphone. View all our listings at: CarpenitoRealEstate.com
19 Publizr Home