1.609 -Refundable State Tax Credit Against Property Taxes for Seniors ("Circuit Breaker")
Item | Description | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
---|---|---|---|---|---|---|
1.609 | Refundable State Tax Credit Against Property Taxes for Seniors ("Circuit Breaker")
Seniors are eligible for a tax credit to the extent that their property taxes - or 25% of rent - exceed 10% of their income. Income limits and a cap on the maximum assessed value of the filer's primary residence apply. The maximum credit is also adjusted annually for inflation. The maximum base credit was $385 for tax year (TY) 2001, $790 for TY02, $810 for TY03, $820 for TY04, $840 for TY05, $870 for TY06, $900 for TY07, $930 for TY08, $960 for TY09, $970 for TY10, $980 for TY11, $1,000 for TY12 and $1,030 for TY13. Income limits and the maximum credit are adjusted for inflation over a 1999 base year; however, chapter 136 of the Acts of 2005 increased the assessed home valuation to $600,000 and set its base year to 2004. The credits may not be sold or transferred to another taxpayer, but are refundable. Origin: M.G.L. c. 62, S. 6 (k); Ch. 136 of the Acts of 2005. Estimate: $72.0 |
63.9 | 67.5 | 67.5 | 69.7 | 72 |
Key:
ORIGIN | |
IRC | Federal Internal Revenue Code (26 U.S.C.) |
---|---|
U.S.C | United States Code |
M.G.L. | Massachusetts General Laws |
Rev. Rul.; C.B. | Revenue Ruling; Cumulative Bulletin of the U.S. Treasury |
ESTIMATES | All estimates are in $ millions. |
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