Post Content

Elderly woman outside home

If you are 65 years or older at the close of the taxable year and your principal residence is in Massachusetts, you may be eligible for the Senior Circuit Breaker, a refundable credit against personal income taxes.  First, you have to meet income thresholds:

For single taxpayers you can’t make more than $55,000 in tax year 2013, $69,000 for a head of household and $82,000 for married couples.

Next, the assessed value of your home, before you take any residential exemptions but after any amount that’s abated may not exceed $700,000.

For homeowners, the credit is based on any property tax payments after an abatement or exemption that may exceed 10% of your total income.  The maximum credit for tax year 2013 is $1,030, all fully refundable.

Seniors can also claim the credit if they rent a residence.

Taxpayers who are eligible for the Senior Circuit Breaker must file Schedule CB with the 2013 state tax return, even if they don’t pay any taxes or have a need to file a tax return.

In tax year 2011, the most complete year for statistics, more than 86 thousand Massachusetts seniors took advantage of the tax credit, receiving nearly $67 million dollars in credits. The average Senior Circuit Breaker Credit that went into their pocket was $774.

Check out the new Schedule CB for this year.

 

Written By:


Communications Intern at the Department of Revenue

Tags: , , , , ,

Recent Posts

Multi-agency investigation in two states leads to charges posted on Nov 19

Earlier this year, the Massachusetts Illegal Tobacco Commission, chaired by DOR Commissioner Amy Pitter, released a report on the illicit tobacco trade which recommends that teaming up with federal, state and local law enforcement can be a successful model for combatting such criminal activity. And   …Continue Reading Multi-agency investigation in two states leads to charges

Top priority: protecting the taxpayer and the Commonwealth’s revenue posted on Oct 8

With identity theft on the rise, the Massachusetts Department of Revenue is taking new steps to combat the problem and protect taxpayers. In some cases, this means asking taxpayers to take a quiz before getting their state refund check. DOR is teaming up with LexisNexis   …Continue Reading Top priority: protecting the taxpayer and the Commonwealth’s revenue

Thinking about the next step in your career? posted on Oct 3

Thinking about the next step in your career?

Dust off that resume! The Department of Revenue is holding a Diversity Career Fair and your next job could be right around the corner. DOR has a number of exciting employment opportunities now available and will have more openings throughout the year.  Whether you’re looking   …Continue Reading Thinking about the next step in your career?