Thursday, March 9, 2023
I want to share information about a tax credit program designed for Massachusetts seniors, aged 65 and older; “The Circuit Breaker Tax Credit.” This income tax credit was designed by the Legislature to lessen some of the financial burdens of housing costs. I want to help you determine your eligibility and benefits.
It’s called the Circuit Breaker Tax Credit because it is “triggered,” like an electrical circuit breaker when property payments exceed 10% of a senior citizen’s annual income. Seniors will receive a dollar credit on their Massachusetts state income taxes for every dollar that the total of their property tax, water and sewer bills exceed 10% of their income, up to the $1,200 maximum credit amount for the tax year 2022.