Representative Paul McMurtry and Senator Mike Rush announced that there will be an informational seminar on the Senior Circuit Breaker Tax Credit.
“This successful tax credit program is available to many of our seniors to take advantage of,” said Senator Mike Rush. “This credit can relieve some of the burdens of expensive property taxes and I encourage everyone to attend the seminar to learn firsthand the benefits of the program.”
The seminar will be held at the Endicott Estate in Dedham on Apr. 4, 2013 at 10 a.m. The presentation will be given by Brian Lynch of the Massachusetts Department of Revenue.
"Seniors deserve our attention and support to affordable alternatives to staying in their homes” Representative Paul McMurtry said. "This important seminar is worth attending."
The Senior Circuit Breaker is a tax credit given to seniors whose property payments exceed 10 percent of their annual income. Seniors who are eligible will receive "a dollar credit on their Massachusetts tax return for every dollar that their total property tax, water and sewer bills exceed 10 percent of their income."
A $1000 credit is the maximum available. And if the taxpayer hasn’t claimed the tax credit in the past, they will be able to claim the previous three years.
In order to be eligible for the credit, taxpayers, 65 years or older, must own or rent their residence in Massachusetts. They also need "an annual income of $53,000 or less for a single filer; $67,000 or less for a head of household; and $80,000 or less for joint filers." If a taxpayer’s property is $705,000 or less, they will not be eligible for the tax credit.
In 2011, the Circuit Breaker Tax Credit provided over $67 million in tax credits to more than 85,000 eligible taxpayers.