By Bob Katzen

The Senate 39-0, approved a package that provides $590 million in tax relief.

Key provisions of the Senate package include raising the Earned Income Tax Credit from 30 percent of the federal credit to 40 percent of the federal credit; raising the cap on the rental deduction from $3,000 to $4,000; increasing from $1 million to $2 million the value of a person’s estate that is exempt from the the state’s estate/death tax that a person is required to pay following their death before distribution to any beneficiary; increasing from $1,200 to $2,400 the maximum senior circuit breaker credit; increasing the statewide cap for the Dairy Tax credit from $6 million to $8 million; and doubling the credit for lead paint abatement to $3,000 for full abatement and $1,000 for partial abatement.

The package also provides that student loan payment assistance offered by employers will not be treated as a taxable salary and gives cities and towns the option to adopt a local property tax exemption for real estate that is rented to a person below a certain area-dependent income level.

(A “Yes” vote is for the $590 million tax reduction package.)

Sen. Patricia Jehlen Yes

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.