- Budget Development
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- Appendix A
- Appendix D
1.609 -Refundable State Tax Credit Against Property Taxes for Seniors ("Circuit Breaker")
|1.609||Refundable State Tax Credit Against Property Taxes for Seniors ("Circuit Breaker")
Seniors are eligible for a tax credit to the extent that their property taxes - or 25% of rent - exceed 10% of their income. Income limits and a cap on the maximum assessed value of the filer's primary residence apply. The maximum credit is also adjusted annually for inflation. The maximum base credit was $385 for tax year (TY) 2001, $790 for TY02, $810 for TY03, $820 for TY04, $840 for TY05, $870 for TY06, $900 for TY07, $930 for TY08, $960 for TY09, $970 for TY10, $980 for TY11 and $1,000 for TY12.
Income limits and the maximum credit are adjusted for inflation over a 1999 base year; however, chapter 136 of the Acts of 2005 increased the assessed home valuation to $600,000 and set its base year to 2004. The credit may not be sold or transferred to another taxpayer, but are refundable.
Origin: M.G.L. c. 62, S. 6 (k); Ch. 136 of the Acts of 2005.
|IRC||Federal Internal Revenue Code (26 U.S.C.)|
|U.S.C||United States Code|
|M.G.L.||Massachusetts General Laws|
|Rev. Rul.; C.B.||Revenue Ruling; Cumulative Bulletin of the U.S. Treasury|
|ESTIMATES||All estimates are in $ millions.|
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