Massachusetts residents will see their income taxes reduced in 2019. While it amounts to hundreds of millions of dollars collectively, it's probably not much to individuals.
The state income tax rate will be reduced slightly to 5.05 percent. The cut could cost the state about $175 million statewide.
"Massachusetts relies on income tax disproportionately," said Eileen McAnneny, president of the Massachusetts Taxpayer Foundation. "We get more than half our tax revenue on any given year from income tax. So it does have an impact."
But the average taxpayer probably won't notice a difference in their paycheck.
A single person with a $50,000 income who rents a home, and has no children, would experience a $20 tax savings from the reduction of the tax rate from the cut, according the the state Department of Revenue.
A married couple with a $100,000 income who own a home, and have two children under 12, would save $39.
The income tax rate automatically drops each year Massachusetts meets revenue thresholds.
The decreases will continue until the rate hits 5 percent. That could happen as early as 2020.
