top of page

Tax relief bill highlights

Here's a summary of the bipartisan $1.1B tax relief package we approved in the House this week. Notably it includes relief for parents, caregivers, renters, and seniors with some business-friendly changes to the capital gains tax and estate tax designed to bring our laws more in line with other states. The bill will now move to the Senate.


• Estate Tax Reform: Doubles the estate tax threshold to $2M and removes the "cliff effect" provision.

• Senior Circuit Breaker Credit: Doubles the credit from $1,200 to $2,400.

• Short-term Capital Gains Tax: Lowers the short-term capital gains tax rate to 5 percent over 2 years

• Child & Dependent Tax Credit: Boosts the credit to $600 per dependent and eliminates cap

• Rental Deduction Cap: Increases the rental deduction cap from $3,000 to $4,000.

• Earned Income Tax Credit (EITC): Increases EITC from 30 percent to 40 percent of federal credit.

• Chapter 62F: Maintains existing trigger law and adjusts credit to be an equal amount per taxpayer



bottom of page