CHICOPEE, Mass. (WWLP) – The Senate this weekend passed its version of a sweeping tax reform bill.
The Senate and the House must work out a version of tax reform that they both agree on.
Western Massachusetts taxpayers have been concerned about the impact of the proposed changes. Springfield CPA and Tax Attorney Paul Mancinone told 22News that big corporations will benefit the most from the tax reform.
But he said important individual itemized tax deductions seem safe.
“There will still be a mortgage interest deduction,” Mancinone told 22News. “There will still be a charitable contribution deduction. The property tax deduction will still be there, but limited to $10,000.”
Mancinone said the deduction for state income taxes is likely going away, which he calls a significant loss for Massachusetts and Connecticut taxpayers.
Watch the video above to hear what he had to say on the bill.