Today, the House Committee on Ways and Means released their tax relief proposal. The plan includes 7 major provisions and carries a fiscal impact of $654 million in FY 2024. When fully-phased in after 3 years, the annualized cost of the proposal is $1.1 billion.

Though significantly larger, the proposal builds off the tax relief packages passed by the House and Senate in 2022, as well as Governor Healey’s $987 million tax package.