It’s the start of a new year and with that comes some new laws in Massachusetts. Here’s a look at some of the new laws that go into effect in 2024.
By Saqib Saleem Qureshi
Tax Relief Plan
When Governor Healey took office last year, her Administration quickly began work on creating a tax relief plan. A bill was later signed by Governor Healey in October, marking the first major tax cuts in the state in more than 20 years.
The bill is expected to provide $561 million for tax relief for the fiscal year 2024 and will grow to a total impact of more than $1 billion by 2027.
A few highlights of the law; a major bump in the child and dependent tax credit, increasing the refundable tax credit for a dependent child from $180 to $310 in 2023, and then to $440 next year, with no child or dependent cap, which will benefit more than 565,000 families.
In addition, the bill raises the earned income tax credit, lowers short-term capital gains taxes, and has a number of reforms to increase housing supply and make shelter more affordable
Dental Insurance Reform
In 2022, Massachusetts residents voted in favor of “A Law Relative to Regulation of Dental Insurance,” which will regulate dental insurance rates, requiring companies to spend at least 83% of premiums on members dental expenses and quality improvements, instead of using it for administration expenses. It would also require insurancers to refund any excess premium to the customer.
Archery deer and fall wild turkey season extended
Good news for western Massachusetts hunters! Archery season for deer and wild turkey season will now open two weeks earlier in Wildlife Management Zones 1-9. This will align the starting date of archery season with Zones 10-14. The archery season typically begins around the first full week of October and ends the Saturday after Thanksgiving.