Massachusetts H3098 proposes a tax deduction for home heating oil costs exceeding $4.00 per gallon, up to $800, for taxable years 2025 and 2026.

Massachusetts H3098 amends Chapter 62 of the general laws to introduce a tax deduction for home heating oil costs exceeding $4.00 per gallon, up to a maximum of $800, applicable for taxable years 2025 and 2026. This deduction applies to costs incurred between November 1, 2025, and March 31, 2026. If a taxpayer does not fully utilize the $800 deduction in 2025, they may apply the remaining amount in 2026. The bill also mandates the commissioner of revenue to create rules and regulations to implement this deduction, including provisions for condominium and cooperative owners and renters.

Massachusetts H3098 proposes a tax deduction for home heating oil costs exceeding $4.00 per gallon, up to $800, for taxable years 2025 and 2026.

Massachusetts H3098 amends Chapter 62 of the general laws to introduce a tax deduction for home heating oil costs exceeding $4.00 per gallon, up to a maximum of $800, applicable for taxable years 2025 and 2026. This deduction applies to costs incurred between November 1, 2025, and March 31, 2026. If a taxpayer does not fully utilize the $800 deduction in 2025, they may apply the remaining amount in 2026. The bill also mandates the commissioner of revenue to create rules and regulations to implement this deduction, including provisions for condominium and cooperative owners and renters.