Natick Council on Aging to Host Senior Circuit Breaker Tax Credit Informational Seminar

Editor's Note: Originally this post ran stating that people who make less than $705,000 per year are not eligible for the Senior Circuit Breaker Tax Credit. That is incorrect. You are ineligible if you make MORE than $705,000. This has been corrected below.

The following is from a press release from the office of Senator Richard Ross.

Senator Richard J. Ross (R-Wrentham), Senator Karen Spilka (D-Ashland) and Representative David P. Linsky (D-Natick) are pleased to announce an informational seminar on the Senior Circuit Breaker Tax Credit will be held at the Council on Aging in Natick on February 25, 2013 at 10:00 a.m. They 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 Senator Ross. “This informational session offers a chance for local seniors to learn how they can take advantage of that savings.”

“I encourage all Natick seniors to attend this informative session, which will provide them with the knowledge and tools they need to navigate the Senior Circuit Breaker, a crucial program providing financial relief to help eligible seniors remain in their homes, greatly improving their quality of life” said Senator Spilka.  

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“We want to make sure seniors can stay in their homes. Programs like the Circuit Breaker can help ease some of the burdens property taxes can generate,” stated Representative Linsky. “This is an informative program where constituents can learn if they qualify for the Circuit Breaker tax credit.”

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 more, (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.

Please contact the office of Senator Ross with any questions or concerns at (617) 722-1555 or Richard.Ross@masenate.gov.