{"id":868,"date":"2022-07-22T11:57:27","date_gmt":"2022-07-22T15:57:27","guid":{"rendered":"https:\/\/www.senatorwaltertimilty.com\/?p=868"},"modified":"2022-07-28T12:01:36","modified_gmt":"2022-07-28T16:01:36","slug":"timilty-backs-economic-bond-bill","status":"publish","type":"post","link":"https:\/\/www.senatorwaltertimilty.com\/timilty-backs-economic-bond-bill\/","title":{"rendered":"Timilty Backs Economic Bond Bill"},"content":{"rendered":"

Timilty Backs<\/strong> Economic Bond Bill <\/strong><\/h2>\n

$4.57 billion spending package includes tax relief, funding for health care, housing, <\/em>technology, tourism and other sectors strained by the\u00a0 COVID-19 pandemic<\/em><\/p>\n

\u00a0<\/strong>(BOSTON \u2013 07\/21\/2022) Two amendments filed by state Senator Walter F. Timilty (D-Milton) were adopted in the Massachusetts State Senate Economic Bond Bill securing a total of $5 million to be divided equally among each of the municipalities within his district.<\/p>\n

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\u201cThe inclusion of my two amendments into this legislation will help to alleviate the pressure that has been brought to bear on our cities and towns,\u201d said Timilty. \u201cMy amendments will enable the municipalities, that I am privileged to represent, to focus on so much more that solely economic development, which is vital. These amendments, among other things, will assist these communities in addressing essential capital projects which are oftentimes the keystone in spurring on economic development.\u201d<\/p>\n

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One amendment will allocate $1,000,000 for the purpose of immediate funds to promote local economic development. The second amendment will allocate $4,000,000 for long-term, capital-intensive investment projects.<\/p>\n

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\u201cThe communities within the Commonwealth have been focused for two years on maintaining crucial services while addressing the needs of our citizens, during the Covid-19 pandemic,\u201d added Timilty. \u201cI am proud that the state Senate took steps to improve the quality of life for our residents here in my district and throughout Massachusetts.\u201d<\/p>\n

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Overall, the legislation included a total spending package of $4.57 billion to promote economic development in the Commonwealth and give relief to residents facing the continued effects of the COVID-19 pandemic and economic turbulence. The bill includes a broad-based tax relief package that will result in permanently lower taxes for many households and hundreds of thousands of residents receiving rebates from the state. The bill targets investment to sectors such as health care, housing, early education, agriculture, and tourism, which have been impacted by economic uncertainty. The bill also pursues economic growth by investing in climate resiliency, public lands, and clean energy.<\/p>\n

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The following are highlights of the economic legislation:<\/p>\n

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Tax Relief<\/em><\/strong><\/p>\n

This legislation includes $501 million in comprehensive tax relief for lower-and middle-income families, children, seniors, and renters and $510 million in one-time payments to middle-income filers. Notably, $250 in direct relief payments, would be sent in September 2022 to all single-filing taxpayers who earned between $38,000 and $100,000 in 2021, and $500 would be sent to married couples who earned between $38,000 and $150,000 that same year. Businesses would see relief through an investment of $100 million in the state\u2019s Unemployment Compensation Fund.<\/p>\n

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The bill would further provide permanent tax relief by:<\/p>\n

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  • Increasing state matching of the earned income tax credit (EITC) from 30 per cent to 40 per cent of the federal credit, which supports low-income families<\/li>\n
  • Increasing existing child and dependent tax credits from $180 to $310 per child or dependent and removing the cap on the number of eligible children and dependents<\/li>\n
  • Increasing the rental deduction cap from $3,000 to $4,000, supporting renters<\/li>\n
  • Increasing the senior circuit breaker tax credit cap from $1,170 to $2,340, supporting senior citizens and individuals who care for them<\/li>\n
  • Increasing the Housing Development Incentive Program (HDIP) tax credit annual cap from $10,000,000 to $30,000,000, which helps Gateway Cities expand the diversity of available housing and promote neighborhood stabilization<\/li>\n
  • Exempting estates valued under $2,000,000 from the estate tax and eliminating the \u2018tax cliff\u2019 by establishing a uniform credit of $99,600<\/li>\n<\/ul>\n

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    Appropriations<\/em><\/strong><\/p>\n

    The bill invests $965 million for health and human services programs, including:<\/p>\n

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