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Join a timely conversation on Massachusetts’ housing affordability crisis and the policy tools needed to boost production. Featuring leaders from business, government, and research, this event explores what it will take to move housing forward across the Commonwealth.
07/15/2026
11:30am - 1:00pm
Hybrid | Greater Boston Chamber of Commerce
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October 28, 2022
The Greater Boston Chamber of Commerce appreciates recent comments made by key legislators in both branches that a final bill will likely make it to the Governor’s desk before the end of the year. As healthy state revenues continue to exceed expectations and federal resources remain available, we hope measures that bolster the state’s economic competitiveness and support our workforce remain priorities for the Legislature as it negotiates a final bill for passage.
The Chamber recognizes that the provisions of chapter 62F complicated the state’s envious fiscal situation and that one-time, temporary tax relief will likely be released this year. The short-term relief is welcome, but a one-time refund should not replace long-term policy improvements supported unanimously by both the House and Senate that make Massachusetts a more affordable place to live and do business. Many provisions of the underlying economic development bills contain meaningful policy changes that improve the state’s competitiveness and help retain desperately needed workers and employers in Massachusetts.
As you know, employers and businesses placed a high priority on tax reform this year, recognizing that their employees would benefit from increasing the renters’ deduction and raising the dependent care credit in an economic climate confronting high inflation. The Earned Income Tax Credit is widely embraced because it is a sensible investment in both taxpayers and the broader economy. And our estate tax structure, without reform, means property owners and family-owned businesses in Massachusetts face the lowest exemption level in the country, despite having some of the highest property values. Crucially, many of these tax reforms target those that may not realize significant relief under chapter 62F.
Importantly, the state can afford these policy changes and improvements. Revenues greatly exceeded benchmarks again in September, and the Legislature prioritized a record level of savings in the Rainy Day Fund to weather unforeseen revenue disruptions. An additional $1.2 billion in federal funds that must be spent by 2024 remain from ARPA as well. In comparison, the tax reform measures adopted by both branches represent critical long-term relief to taxpayers with a modest impact to state revenues and would reinforce that our economic health is a priority for the Commonwealth.
Competitiveness is an increasingly significant factor for both employees and employers when determining where to locate. Remote work environments mean employers have access to talent across state lines, and workers can relocate more easily without leaving their positions. For those employers and workers that do not have options for remote work, a high cost of living puts Massachusetts at a disadvantage to lower cost states. While some of these costs are unavoidable, we believe the Legislature supported an economic development bill that made targeted progress in areas that improve our business environment. The Chamber hopes this legislation, including the complete tax reform package adopted by both branches, is enacted this year.
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