BOSTON (AP) — Gov. Charlie Baker unveiled a $48.5 billion state budget proposal Wednesday for the 2023 fiscal year that administration officials say includes no new broad-based tax increases but instead recommends a handful of tax cuts.

The new spending plan comes a day after Baker delivered his final State of the Commonwealth address. After two terms in office, the Republican governor has decided not to run for reelection this year.

Baker outlined some of the proposed tax cuts in the speech.

One would eliminate income taxes for the lowest paid 230,000 taxpayers in the state. Another would give renters a bigger tax break on their monthly payments. The rent deduction is currently 50% of rent but capped at $3,000 a year. Baker’s plan would increase that cap to $5,000.

The proposal would also double the tax break for children and dependents, allowing more than 700,000 Massachusetts families to keep a total of $167 million.

The plan would also double the maximum allowed credit for senior homeowners from $1,170 to $2,340.

The state’s stabilization fund — also known as the “rainy day” fund — is expected to grow to an all-time high of about $6.6 billion by the end of the new fiscal year, according to budget writers, giving the state an added bit of protection in the event of a future economic downturn.

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The budget also includes spending aimed at reducing health care costs for an additional 34,000 low-income seniors and disabled adults, making child care more affordable and lowering the cost of housing in part by reducing a tenant’s share of rent from 40% to 30% under the Massachusetts Rental Voucher Program.

The spending plan also seeks to increase access to mental health programs by creating a centralized Behavioral Health Help Line available 24 hours to all Massachusetts residents. The help line will provide live support, clinical assessment, and connection to the right mental health and addiction treatment in real time.

A handful of so-called outside sections that don’t directly address state spending are also included in the budget, including a plan that would allow the sale of lottery products in Massachusetts by remote methods such as debit cards. The prohibition on the use of credit cards to buy lottery products would remain in effect.

The budget now heads to lawmakers.

Both the Democratic-controlled House and Senate will draft and pass their own versions of the spending plan before coming up with a single compromise budget to send back to Baker for his signature.

Baker at that point can issue vetoes if he wants. Democrats have large enough majorities in both chambers to override any vetoes if they want.

The goal is to have the new budget wrapped up and in place before by the end of the current fiscal year on June 30.