The Massachusetts House on Monday unveiled a sweeping economic development bill that includes $523.5 million in proposed tax breaks. Among the highlights:
• Increasing the state’s child and dependent care credit from $180 per dependent to $310, while eliminating the $360 cap on total credits. It would affect more than 700,000 families.
• Increasing the deduction renters can claim from $3,000 to $4,000, allowing them to save more on their tax bill. It would affect 881,000 taxpayers.
• Increasing the state’s Earned Income Tax Credit from 30 percent of the federal credit to 40 percent, helping roughly 396,000 taxpayers
• Increasing the threshold on the state’s estate tax from $1 million to $2 million, and taxing estates only above that new threshold. It’s estimated to save 2,500 taxpayers a total of $207 million a year.