State Senator Richard Ross and Representative Daniel Winslow announced two informational seminars on the Senior Circuit Breaker Tax Credit. The seminars are set to take place in Norfolk and Wrentham on March 13th. One session will take place at the Council on Aging in Norfolk at 11 a.m. and a second session will take place at the Council on Aging in Wrentham at 12:30 p.m. They will be joined by Brian Lynch of the Massachusetts Department of Revenue.
Senator Richard Ross (R-Wrentham) and Representative Daniel Winslow (R-Norfolk) announced an informational seminar on the Senior Circuit Breaker Tax Credit will be held at the Plainville Council on Aging in Plainville on February 13, 2013 at 1 pm. Ross and Winslow will be joined by Brian Lynch of the Massachusetts Department of Revenue.
“The Senior Circuit Breaker is an excellent program that delivers much-needed relief for Massachusetts residents,” said Ross. “This informational session offers a chance for local seniors to learn how they can take advantage of that savings.”
Winslow said, "Our senior citizens are most vulnerable to the regressive effects of taxation, since many of them depend on a fixed income to survive. I am pleased to team with Senator Ross in the important work of creating options for seniors to reduce their tax burdens."
The Senior Circuit Breaker is a tax credit for senior citizens whose property payments exceed 10% of their annual income. Eligible seniors will receive a dollar credit on their Massachusetts tax return for every dollar that their total property tax, water and sewer bills exceed 10% of their income. A maximum $1000 credit is available. Additionally, if the taxpayer hasn’t claimed the tax credit in the past, (s) he may claim it for the previous three years.
To be eligible, taxpayers, 65 years or older, must own or rent their residence in Massachusetts and have 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 assessed at $705,000 or less, (s) he is not 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.