February 27, 2023

Governor Healey’s Tax Proposal

Today, Governor Healey announced the details of a tax relief proposal that she plans to file in conjunction with her Fiscal Year (FY) 2024 budget proposal on March 1st. The tax package, which has an FY 2024 budget impact of $742 million and an annualized impact of $986.5 million, shares key elements with House and Senate tax bills from 2022 and follows through on the Governor’s campaign promise to more than double the child and dependent tax credit. The content and framing of the plan is also consistent with the income and estate tax proposals recommended by the Foundation earlier in the month.