Expands residential and senior tax exemptions in Massachusetts by increasing income thresholds and exemption amounts.

This bill amends Massachusetts tax laws to expand residential and senior tax exemptions. It raises the income threshold for residential exemptions from $35,000 to $50,000. For seniors, it increases the exemption amount from $4,000 to $8,000 and raises the income limit from $6,000 to $60,000 for single filers and from $7,000 to $75,000 for married filers. The bill also increases the percentage of the exemption that can be applied to income from 5% to 10% and raises the cap on the exemption amount from 20% to 40% of the exemption.

Expands residential and senior tax exemptions in Massachusetts by increasing income thresholds and exemption amounts.

This bill amends Massachusetts tax laws to expand residential and senior tax exemptions. It raises the income threshold for residential exemptions from $35,000 to $50,000. For seniors, it increases the exemption amount from $4,000 to $8,000 and raises the income limit from $6,000 to $60,000 for single filers and from $7,000 to $75,000 for married filers. The bill also increases the percentage of the exemption that can be applied to income from 5% to 10% and raises the cap on the exemption amount from 20% to 40% of the exemption.