An Act updating and expanding the renter's income tax deduction
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill proposes to expand the existing renter’s income tax deduction in Massachusetts. It aims to provide greater financial relief to renters by increasing the amount they can deduct from their taxable income. The bill seeks to modernize and broaden the current deduction, potentially benefiting a larger segment of the rental population. The bill is currently under consideration by the House Committee on Ways and Means.
Key provisions
- Increases the amount of the renter’s income tax deduction.
- Expands the definition of ‘renter’ to include certain tenants.
- Clarifies the types of expenses that qualify for the deduction.
- Updates the calculation method for the deduction.
- Provides for a phase-in period for the expanded deduction.
- Allows renters to deduct expenses related to security deposits.
- Addresses potential issues with claiming the deduction.
- Specifies the timeframe for the deduction.
Who is affected
- Renters in Massachusetts
- Taxpayers
- Individuals with low to moderate incomes
Notable changes
- The bill expands the current renter’s income tax deduction.
- It clarifies eligibility criteria for renters.
- It potentially broadens the types of expenses that can be deducted.
Bill text
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Sponsors
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3 on record
Primary sponsor
Cosponsors
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