Thanks to an increased deduction included in last year's tax cut package, Massachusetts renters can claim an extra $50 on their tax returns in 2024 and beyond. But some experts and activists say the benefit doesn't do much to help struggling renters.
This tax season, hundreds of thousands of renters in Massachusetts got a little something extra when they filed their returns.Thanks to the tax bill passed by State House lawmakers and signed into law by Gov. Maura Healey last fall, renters can claim an extra $50 on their tax returns in 2024 and beyond. The additional cash is due to an increased renter’s tax deduction in
"The rental deduction expansion benefits 880,000 residents, many of whom are from lower-income households, and is just one of many tools we are using to provide relief from the high cost of housing," Hand said in a statement. She added the administration — which has continued to push forThe benefit perhaps sounds bigger than it is. The deduction allows renters to write off half their previous year's rent when they file taxes — up to a certain limit.
"There are people for whom $50 is a big difference — are they going to be able to have dinner? But those people don't pay income taxes, so they don't get the $50," he said.In fact, when it initially took effect in 1981 , it didn't have a limit. At a time when,, the median gross rent in Massachusetts was just $255 a month, tenants could write off half of everything they paid.“We wanted to give the renters something,” Francis Faulkner, a leader of the group that pushed Prop.
Policy experts note that, either way, a several-hundred-dollar deduction for renters is probably not going to move the needle much on the larger issue of housing affordability, especially when monthly rents cost thousands of dollars. And too large an increase could actually put upward pressure on rents, Horowitz said.generous and you could deduct $25,000, it would get built into rents," Horowitz said."Landlords know, and they're driving up their prices.
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