“Connecticut is one of the wealthiest states in the wealthiest country in the world,” said Emily Byrne, Connecticut Voices’ executive director. The Senate leader isn’t alone in this argument.Ĭonnecticut Voices for Children, a New Haven-based policy group that has argued for progressive state tax reform for years, endorsed a capital gains surcharge last December during its annual budget forum, projecting this could generate as much as $300 million per year. It’s a way “to make sure the income tax is going to continue as a healthy revenue generator.” Both the administration and Comptroller Sean Scanlon have warned of global economic uncertainty going forward.Ī capital gains surcharge on wealthy families “is a way of once again trying to build more equity into the system,” or ensuring the relief passed last year doesn’t go away if finances slip. Lamont’s budget office is projecting the current fiscal year will close with $968 million left over, a 4% surplus. Most of the promised funds still aren’t being shared with communities.Īnd while state government enjoyed a staggering $4.3 billion surplus in 2021-22 - equal to nearly one-fifth of the General Fund - and a $1.9 billion surplus last fiscal year, the black ink is retreating.Ĭonnecticut is tied with Wyoming for the highest levels of _ in the country as of 2021.ĭo you know the answer? Play this week's news quiz to find out. In fact, they could be a key to ensure that tax relief lasts for a while.Īs state government struggled with a sluggish economy and frequent deficits between 20, a state income tax credit that offsets a portion of local property tax burdens for middle class households was chiseled down from $500 to $100, costing families hundreds of millions of dollars annually.Ī landmark initiative to share more than $300 million per year in state income tax receipts with municipalities was passed with much fanfare in 2015 - then almost immediately cut and suspended due to deficits. See detailed information on Lead paint removal credit.Looney said the same middle-class tax relief the Lamont administration is touting this year is one of the main reasons why higher taxes on Connecticut households that don’t have to work makes sense. Bringing it into interim control (pending full compliance) according to Section 197b.Fully comply with the Massachusetts Lead Law, or. ![]() You can get a tax credit if you own residential property in Massachusetts and paid for deleading (removing or covering lead paint) it in order to: ![]() It does not need to be a principal residence located in Massachusetts. You only qualify for this credit if the property is residential and located in Massachusetts. See detailed information on No Tax Status and Limited Income Credit. Married filing separate taxpayers do not qualify for either NTS or LIC. If you do not qualify for No Tax Status (NTS), but your Massachusetts AGI still doesn't exceed certain amounts, you may qualify for the Limited Income Credit (LIC), which may reduce your tax significantly. Except for Line 4, these are generally federal allowable deductions. If your Massachusetts Adjusted Gross Income (AGI) doesn't exceed certain amounts for the taxable year, you qualify for No Tax Status (NTS) and are not required to pay any Massachusetts income tax, but still need to file a tax return.Īdjusted gross income is gross income reduced by certain business expenses and other deductions claimed on Massachusetts Schedule Y, Lines 1 to 10, such as allowable employee business expenses, alimony paid or student loan interest, etc. See business-related credits you may be able to claim on your personal income tax return. Submit a letter from your employer along with the return, which verifies that you didn't work in Massachusetts.Īs a nonresident, you may also qualify for certain personal income tax credits, which can reduce the amount of tax you owe. If your employer mistakenly withheld Massachusetts income tax, file a Massachusetts Nonresident/Part-Year Resident Return, Form 1-NR/PY, to request a refund. Use Schedule R/NR – Resident/Nonresident Worksheet to adjust your income, deductions, and exemptions. ![]() Nonresidents use Form 1-NR/PY - Massachusetts Nonresident or Part-Year Resident Income Tax Return. You're a nonresident if you are neither a full-year nor a part-year resident. Your Massachusetts tax treatment is based on your residency status and not the type of visa you hold. If you're a nonresident of Massachusetts, you must file a Massachusetts Income Tax Return if you received Massachusetts source income in excess of your personal exemption multiplied by the ratio of your Massachusetts source income to your total income, or your gross income was more than $8,000 – whether received from sources inside or outside Massachusetts.
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