THE REVERE ADVOCATE – FRIDAY, APRIL 28, 2023 Page 15 RELIEF | FROM Page 1 es and workers,” said Representative Aaron Michlewitz (D-Boston), who is Chair of the House Committee on Ways & Means. “I want to thank Speaker Mariano for his leadership, as well as Chair Cusack and the entire membership of the House for their collaboration on this issue.” “This tax relief package speaks of the House of Representative’s commitment to making Massachusetts a better place to live, work and invest,” said Representative Jessica Giannino (D-Revere). “I want to thank Speaker Mariano, Chair Michlewitz and Chair Cusack for their leadership in putting this transformative legislation together. Massachusetts is one step closer to being more affordable for all our residents and more competitive for businesses and workers.” “As infl ation and the high cost of living continues to harm the working-class residents of Winthrop and Revere, this tax cut package is a good first step to address aff ordability and fairness in our tax policy. I want to thank Governor Healey for making tax reform a priority of her administration,” said Representative Jeffrey Rosario Turco (D-Revere). The bill includes the following tax changes, some with a phasedin 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 ” OBITUARIES Andrew R. D’Amico, Sr. O f Peabody, formerly of Revere. Died unexpectedly on Thursday April 20th at the Brooksby Village Rehab in Peabody, he was 95 years old. Andy was a native of Messina, Sicily, Italy. He journeyed to the United States in 1941 at the age of 14 years old, with his family. On September 4, 1949, he married his wife Dorothy (DeNisco) and the couple moved to Revere, where together they began their family. Andy was a proud & loving husband & father of four children. All his working career was spent as a proprietor owning and operating gas stations, in Revere, Saugus, & Lynnfi eld. His life was devoted to his family, whom he loved unconditionally. He was truly a devoted husband, caring for his wife at home until her passing in 2010. Andy later moved to Brooksby Village, where he continued to live a fully active life. There he was active and participated in many of the activities, especially playing his card games where he made friends. He also enjoyed playing bingo, as well as being an avid golfer, and he once got a Hole in one, which he was very proud of. His faith was extremely important to him, and it was apparent. Above all else, family was the most important and he loved being with them all. He is the beloved Husband of the late Dorothy E. (DeNisco) D’Amico of 61 years. The loving father of Lauragale “Laura” D’Amico & husband Thomas DeSisto of Middleton, Rosemary “Cooki” DiBartolomeo & husband Darren of Lynnfield, Dorothy “Donna” Petrella & husband Peter of Peabody and the late Andrew R. “Bobby” D’Amico, Jr. & his surviving wife Geraldine D’Amico of Andover. Cherished grandfather of 9 grandchildren & 23 great grandchildren. The dear brother of Carmela Gagliardi & her late husband Carmen of Hampton, NH & Vito D’Amico & Delia of Salem, NH. Also lovingly survived by many nieces, nephews, grandnieces, & grandnephews. In lieu of fl owers remembrances may be made to St. Jude Children’s Research Hospital 501 St. Jude Pl. Memphis, TN. 38105 Family & friends were invited to attend visiting hours on Monday, April 24th in the Vertuccio Smith & Vazza Beechwood Home for Funerals, Revere. A Funeral was conducted from the funeral home on Tuesday April 25th followed by a funeral mass in St. Anthony of Padua Church Revere. Interment immediately followed in Woodlawn Cemetery, Everett. Zoila Giron Castro February 9, 1964 - April 21, 2023 eff ect, taxing the value of the estate that exceeds $2 million, and not the entire estate, as the law currently requires. This is expected to cost $231 million per year. Senior Circuit Breaker Tax Credit: This bill doubles the Senior Circuit Breaker Tax Credit from $1,200 to $2,400. This change is expected to impact over 100,000 taxpayers who own or rent residential property in Massachusetts as their principal residence. This will cost $60 million per year. Rental Deduction Cap: This bill increases the rental deduction cap from $3,000 to $4,000. This is expected to impact about 881,000 Massachusetts taxpayers and cost $40 million per year. Short-term Capital Gains Tax: Massachusetts is among the states with the highest shortterm capital gains tax rate, which is currently 12 percent, and taxes short-term capital gains at a higher rate than long-term capital gains, which are currently taxed at 5 percent. The bill lowers the short-term capital gains tax rate to 5 percent and phases in that change over two years. During year one, short-term capital gains will be taxed at 8 percent, before ultimately reaching 5 percent during year two. This will cost $67 million in year one and ultimately cost $130 million annually, starting in year three of its implementation. Single Sales Factor Apportionment: Currently, most businesses in Massachusetts are subject to a three-factor apportionment based on location, payroll and receipts. To make Massachusetts more attractive to multistate companies, this bill establishes a single sales factor apportionment in Massachusetts based solely on receipts, matching what 39 other states currently do. This change is projected to cost $115 million in year one and ultimately cost $79 million annually, starting in year two of its implementation. Earned Income Tax Credit (EITC): This bill increases the EITC JUAN | FROM Page 8 igent and intelligent leader for our city, an example I followed while working as the Chief Administrative Offi cer in the City of Lawrence. As city councilor at-large, I will bring my experience as a city administrator to continue to modernize and improve city services which has been one of the seminal components of Mayor Arrigo’s legacy” said Jaramillo in response to the Mayor’s endorsement. Arrigo departed the top job in Revere to become the DCR Commissioner earlier this week where he will lead the state’s efforts to improve its public spaces, among them, the country’s oldest public beach, Revere Beach. from 30 percent to 40 percent of the federal credit. This is expected to impact about 396,000 taxpayers with incomes under $57,000 and cost $91 million. Additional Reforms: The bill also adjusts the Stabilization Fund cap, which currently requires that if the amount remaining in the fund at the end of a fi scal year exceeds 15 percent of the budgeted revenues and other fi nancial resources pertaining to budgeted funds, the excess funds must be transferred to the Tax Reduction Fund, which would then be transferred to taxpayers through one-time increases in the personal exemption allowable against income tax liability. The bill adjusts the cap to 25.5 percent, which allows the Commonwealth’s savings account to retain more funding. “A changing climate is putting our community and homes at-risk while further straining our pockets. Our Belle Isle and Rumney Marsh, city and state parks will be key climate resiliency infrastructure as fl ooding intensifi es in our coastal community. I look forward to working with Commissioner Arrigo to ensure that we are prioritizing investments to this critical infrastructure and protecting our residents and homeowners,” said Jaramillo. Juan’s campaign kick off to take place on Monday, May 1, 2023 at Rincon Limeno, 260 Broadway, Revere at 6:00pm. The event is free, but those who wish to attend are asked to RSVP by emailing ctejpjaramillo@gmail.com - LEGAL NOTICE - Estate of: Also Known As: Date of Death: O f Revere, passed away on April 21, 2023 at the age of 59. Loving daughter of the late Francisco Giron and Rafaela Castro. Beloved wife of Jesus Sanchez. Devoted mother of Yessenia Aviles, Jonathan Giron, Oscar Sifontes, Johan Sifontes, Nathan Rivera. Cherished grandmother of Anthony Bones, Janelisse Bones and Noah Diaz. A Visitation was held at the Paul Buonfiglio & Sons-Bruno Funeral Home, Revere on Tuesday, April 25. Relatives and friends were kindly invited. Funeral Service at the Iglesia Ebenezer Church, East Boston. Interment Woodlawn Cemetery. To all persons interested in the above captioned estate, by Petition of Petitioner of a Will has been admitted to informal probate. of has been informally appointed as the Personal Representative of the estate to serve on the bond.
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