The Senior Circuit Breaker Tax Credit
I wanted to tell you about a simple tax benefit that could save Massachusetts seniors up to $980 on their taxes this year.
The program is called the Senior Circuit Breaker Tax Credit, and it is available for eligible seniors whose property taxes or rent payments are excessively high.
The formula is simple. If a senior's property tax plus 50% of their water/sewer bill is more than 10 percent of their income, they qualify. For seniors who rent, if 25 percent of their rent is more than 10 percent of their income, they qualify.
It's an excellent program that could benefit seniors greatly this tax season.
If you'd like more information, you can watch the program above which I recorded with Department of Revenue spokesman Brian Lynch, which is airing on WACA-TV.
I would also encourage everyone interested in learning more about it to visit massresources.org/circuit-breaker-tax-credit.html.
Thank you for reading, and good luck this tax season.