On January 31, the state legislature's revenue committee successfully voted bill H.3334 out of committee. If enacted, this legislation would allow members of state-chartered housing coops to take advantage of the renters tax deduction, so long as they do not also take the federal homeowners deduction.
The Massachusetts Association of Housing Cooperatives expects that the bill will primarily benefit people of low and moderate incomes, seniors, retirees, and those on fixed pensions, for whom this modest tax credit will mean a great deal.
The next go to the House Ways & Means Committee for consideration.
To see the full text of the bill, visit the Massachusetts Legislature's website.