The Department of Revenue has approved a 2011 penalty schedule for those who are able to afford the purchase of health insurance but fail to do so. The Massachusetts Health Care Reform Act of 2006 requires most adults 18 and over with access to affordable insurance to obtain it, and requires DOR to announce a penalty schedule for individuals who do not comply with the law.
In all but two instances, the penalties will remain the same as for tax year 2010.
However, in the case of individuals ages 18 to 26 whose income exceeds $32,496, the penalty will increase $6 per month, to $864 annually; while in the case of individuals age 27 and older whose income exceeds $32,496, the penalty will increase $8 per month, to $1,212 annually.
The penalties are pegged to half the cost of the least expensive health plan available that is approved by the Health Connector Authority.
Individuals whose income is less than 150 percent of Federal Poverty Line (FPL) or $16,248 pay no penalty, while those between 150 percent and 300 percent of FPL will pay the same penalties as last year, since the cost of Commonwealth Care insurance for them has not risen.
EITC – Helping Low and Moderate Income Families in MA posted on Jan 29
EITC, also known as the Earned Income Tax Credit, has been helping low to moderate income families in Massachusetts and across the country for over 40 years. In recent months, Governor Charlie Baker and members of the Legislature have worked hard to ensure that working …Continue Reading EITC – Helping Low and Moderate Income Families in MA
DOR Homepage gets a facelift posted on Jan 14
Today, DOR unveiled a brand new homepage intended to making it easier for taxpayers to find what they’re looking for when it comes to filing and paying their state taxes. DOR’s communications team used consumer insights and online analytics to better understand how taxpayers use the site, …Continue Reading DOR Homepage gets a facelift
Did You Know Home Heating Oil is Mass Sales Tax Exempt? posted on Jan 14
In preparation for the winter months, we want to remind you that home heating oil is exempt from Massachusetts sales tax. This winter season, DOR wants you to be prepared. Here’s what you need to know when purchasing your home heating oil: Who is exempt …Continue Reading Did You Know Home Heating Oil is Mass Sales Tax Exempt?