The state legislature is working on a proposal, worth over $1 billion, to provide cash rebates and long-term tax relief to many residents as early as this fall.
Fall River State Representative Carole Fiola says the most immediate impact for taxpayers will be rebates that, if approved, could be issued by the end of September.
Fiola says a package of targeted, long-term tax relief is also up for debate. Among the items that will impact Fall River residents are tax credits for child care. Currently, state credits equal $180 per child, per year with a cap of $360. The new language will allow for more credit per child with no restrictions.
Other potential tax breaks include increasing the Earned Income Tax Credit for low-income workers and allowing a greater deduction for renters from $3,000 per year to $4,000.
If passed the tax relief measures will go into effect in January and taxpayers will be able to claim these credits on their 2023 tax returns in 2024.
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