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Don’t miss our upcoming Government Affairs Forum with Massachusetts State Treasurer Deborah B. Goldberg.
12/09/2025
9:45am - 11:00am
Greater Boston Chamber of Commerce
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City Awake empowers young professionals in a variety of ways that encourages these rising leaders to stay invested in the region’s future success.
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In January, the Chamber and MassCPAs partnered to present tax reform recommendations to legislative leaders, and our conversations contributed to tax reform changes that will make it easier for people to start, stay, and succeed in Massachusetts. The Chamber is pleased to see many of our policy recommendations and strategies in the final tax package that will benefit generations of residents and communities.
Major Provisions
H.4104 – An Act to improve the Commonwealth’s competitiveness, affordability, and equity
Apprenticeship Tax Credit (sections 20, 34) – Expands eligible industries for the existing apprenticeship tax credit to include industries deemed critical to the regional labor economy.
Chapter 62F (25, 26) – Changes the allocation of future tax rebates triggered from Chapter 62F from being based on a percentage of what the taxpayer paid in income taxes to a flat rate for each individual. Also requires monthly reporting of state revenue to anticipate a possible trigger of 62F tax rebates.
Child and Dependent Tax Credit (21,22) – Increases credit to $310 per dependent for tax year 2023, $440 per dependent for tax year 2024.
Commuter Deductions (5 & 6) – Expands the deduction to allow for all MBTA transit fares to be deducted as well as commuter boats, regional transit passes, bikeshare memberships, and bicycle maintenance.
Earned Income Tax Credit (11) – Increases credit from 30% to 40% of the federal earned income tax credit.
Estate Tax (36, 37) – Increases the threshold from a $1 million to $2 million threshold and establishes a tax credit of up to $99,600 to eliminate the “cliff effect.”
Housing Development Incentive Program (19, 33, 40, 42) – Increases the credit’s cap from $10 million to $57 million for calendar year 2023 and sets the cap at $30 million beyond calendar year 2023.
Joint Filing Requirement (24) – Requires married individuals who file jointly for their federal taxes to also file jointly for Massachusetts state taxes.
Local Property Tax Exemption (3) – Provides municipalities the option to establish a property tax exemption for landlords renting those households at or below 200% area median income (AMI).
Low-Income Housing Tax Credit (23, 30, 41) – Increases the cap for the LIHTC from $40 million to $60 million.
Pass-Through Entity (PTE) Study (44) – Charges the Department of Revenue to study the impact the high-earner income surtax has on PTEs.
Rental Deduction Cap (4) – Increases the rental deduction cap from $3,000 to $4,000.
Senior Circuit Breaker Tax Credit (17) – Increases cap from $750 to $1,500. With Consumer Price Index (CPI) adjustments, seniors are eligible for property tax credits of up to $2,400.
Single Sales Factor Apportionment (27-29, 31, 35) – Shifts state tax apportionment from 3-factor to single sales factor apportionment for determining tax liability for all industries.
Short Term Capital Gains Rate (8) – Lowers the tax rate for short term capital gains from 12% to 8.5%.
Stabilization Fund (1) – Increases the cap of stabilization fund from 15% of that year’s budgeted revenues to 25.5%.
Student Loans – Employer Repayment (7) – Allows individuals to deduct employer student loan repayment assistance from their income tax liability.
Other tax changes: Lead Paint Abatement (9 & 10), Title V Septic Credits (12-16), Dairy Farmer Tax Credit (18, 32), Locally Produced Cider and Wine Tax Rates (38, 39), Property Tax Reduction for Volunteer Services (2), Quarterly Tax Credit Payment Study (43).
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