Senior Circuit Breaker Tax Credit Seminar Coming to Wayland

WAYLAND, MA - Are you eligible for the Senior Circuit Breaker Tax Credit? Do you even know what that is?

On Friday, March 4 at 9:30 a.m., State Sen. Richard Ross, Rep. Alice Peisch and Rep. Carmine Gentile will present an informational seminar in the Wayland Senior Center on the Senior Circuit Breaker Tax Credit.

Brian Lynch of the Massachusetts Department of Revenue will also attend the event, whcih is open to everyone.

“The Senior Circuit Breaker Tax Credit brings welcome relief to thousands of eligible seniors every year,” said Gentile. “Do not miss out! I urge everyone to attend this event to learn how you, a friend, or relatives may benefit.”

The Senior Circuit Breaker is a tax credit for senior citizens, ages 65 and older, whose property payments account for more than 10 percent 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 percent of their income. A maximum of $1,070 credit is available. Additionally, if the taxpayer has not claimed the tax credit in the past, (s)he may claim it for the previous three years.

“The Senior Circuit Breaker Tax Credit has proved to be a valuable option that allows many seniors to stay in their homes and I encourage any interested residents to attend. While I appreciate that not all seniors in our community are eligible based upon the current threshold for the assessed value of the property, I am currently working on legislation to readjust the threshold in order to expand this opportunity to more individuals in future years,” said Peisch.

To be eligible, taxpayers must own or rent their residence in Massachusettsand have an annual income of: $57,000 or less for a single filer; $71,000 or less for a head of household; and $85,000 or less for joint filers. Additionally, if a taxpayer’s property is assessed at $693,000, (s)he is not eligible for the tax credit.

“Every year we hold these seminars because many of our constituents are not aware of all of the
potential savings available to them,” said Ross. “With tax season already right around the corner, the Senior Circuit Breaker Tax Credit can offer a substantial amount of relief and assistance to seniors in need. I encourage all of my constituents who are eligible to attend this information session to learn how they can benefit from this essential program.”