Massachusetts H3127 provides tax relief for rent-burdened individuals and families by allowing a deduction for 50% of their rent.
Massachusetts H3127 amends the tax code to provide tax relief for rent-burdened individuals and families. It allows eligible taxpayers, whose household income does not exceed 100% of the area median income, to deduct up to 50% of their rent from their taxable income. This deduction is subject to a maximum limit of $4,100 for single individuals, heads of household, or spouses, with an additional adjustment for inflation based on the cost-of-living. The deduction applies to taxable years beginning on or after January 1, 2022.
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