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1.609 -Refundable State Tax Credit Against Property Taxes for Seniors ("Circuit Breaker")
| Item | Description | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|---|---|---|---|---|---|
| 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 $1,030 for TY13, $1,050 for TY14, and $1,070 for TY15. Income limits and the maximum credit are adjusted for inflation over a 1999 base year; the assessed home valuation base year is 2004. See "Appendix A" for current year values. The credits may not be sold or transferred to another taxpayer, but are refundable. Origin: M.G.L. c. 62, S. 6 (k) Estimate: $77.6 |
63.9 | 68 | 70.6 | 74 | 77.6 |
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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