Are You Aware Of Some New Laws That Took Effect In MA?
Bay State residents take heed: Since January 1st, some new laws have been implemented throughout Massachusetts and we have a preview as to what you can expect as these new enactments are hot off the presses from The State House in Boston. And there is quite a bit of optimism in this crop of measures that have been in effect for the past few weeks.
For starters, Governor Maura Healey's administration quickly began work on creating a tax relief plan. A bill was later signed back in October, marking the first major tax cuts in the state in over 20 years. The measure is expected to provide $561 million for tax relief for the 2024 fiscal year and will grow to a total of over $1 billion by 2027. In this case, we are looking towards a positive outcome as saving money is always a good thing.
There is also a major bump in the child and dependent tax credit for an eligible youngster as families must meet proper guidelines to receive this benefit which goes up from $180 to $310 in 2023, and then to $440 next year, with no child or dependent cap. This move will which will benefit over 565,000 families statewide.
In addition, the bill will raise the earned income tax credit, lowers short-term capital gains taxes, and contains a number of reforms which increases housing supply and makes shelter more affordable. I would say: "It's about time"
Two years ago, Massachusetts residents voted in favor of “A Law Relative to Regulation of Dental Insurance,” which regulates rates and requires companies to spend about 83% of premiums on members dental expenses and quality improvements, instead of using these funds for administration expenses. This law would also require insurance companies to refund any excess premium to the customer.
We also have some good news for western Massachusetts hunters! Archery season for deer and wild turkey will now open two weeks earlier in Statewide Wildlife Management Zones 1 though 9 as this will align the starting date of archery season with Zones 10 to 14. This measure will take effect around the first full week of October and ends on the Saturday after Thanksgiving.
BOTTOM LINE: It's a win-win situation for residents and capital city politicians> A refreshing way to pass along some optimism in any way, shape or form!
(Some information obtained in this article courtesy of 22News, WWLP-TV in Springfield, Massachusetts)
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Gallery Credit: Stacker