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Would Mass. lawmakers’ tax proposal help you? Here are the highlights.

Piles of 2012 tax returns to be sorted through were seen at the Department of Revenue in 2013 in Chelsea.The Boston Globe/Boston Globe

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.


Matt Stout can be reached at Follow him @mattpstout.