SECTION 1. Clause (ii) of paragraph (3) of subsection (k) of section 6 of chapter 62 of the General Laws, as appearing in the 2022 Official Editon, is hereby amended by inserting after the figure “$600,000” the following words:- for taxable years beginning before January 1, 2025.
SECTION 2. Paragraph (4) of said subsection (k) of said chapter 6 of said chapter 62, as so appearing, is hereby amended by inserting after the word “2005”, the second time it appears, the following words:- and before January 1, 2025.
SECTION 3. Said paragraph (4) of said subsection (k) of said chapter 6 of said chapter 62, as so appearing, is hereby further amended by inserting after the second sentence the following sentence:- For a taxable year beginning on or after January 1, 2025, the income and credit limits in this subsection shall be increased by amounts equal to such income and credit limits multiplied by the cost-of-living adjustment for the calendar year in which such taxable year begins, and the assessed valuation of the residence in this subsection shall not exceed $1,500,000.
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