Joint Committee on Revenue

An Act closing an unfair tax loophole

Currently, hedge fund managers have a lower tax rate than many of those who earn much less due to a tax loophole they are able to exploit.  This bill would close this loophole by reclassifying this type of income and taxing it accordingly.

An Act protecting senior citizens from third party tax collection

The legislation would protect senior homeowners by preventing the sale of their tax liens to third-party collectors.  Other tools remain for municipalities to collect property taxes but the use of third-party debt collectors often use tactics that confuse and intimidate elderly homeowners.

An act increasing the property tax deferral for seniors

This legislation proposes increasing the local option cap to $80,000. Certain homeowners 65 years of age and older currently have the option to defer paying their property taxes.  Under existing law, this is a local option that is capped at the maximum allowance under the senior circuit breaker for a single person who is not head of household ($57,000 for t/y 2016).  Given the high cost-of-living in MA, this is low & penalizes "house rich & cash poor” seniors living on fixed incomes which exceed the threshold.

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