Under a new $1 billion tax package signed by Massachusetts Governor Maura Healey, parents and caretakers can access what is termed the most generous Child and Family Tax Credit in the country, expanding the tax credit for dependents and eliminating previous limitations. This law anticipates that around 565,000 families will significantly benefit, particularly with the potential increase per dependent rising from $180 to an impressive $440, reflecting a steep governmental effort to support families financially.
As part of the upcoming changes in Massachusetts tax law, beginning in 2025, corporate taxes will undergo a major reform. The method for calculating multi-state company taxes will shift to a 'single sales factor' approach, which only accounts for in-state sales as opposed to employment numbers and property holdings. This shift aims to support large in-state operations, potentially benefiting companies based in Massachusetts and those with substantial offices in the state.
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