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Rep. Ross, Department of Revenue to discuss circuit breaker in Plainville
Wed Jan 16, 2008, 04:56 PM EST
State Representative Richard Ross (R-Wrentham), Co-Chair of the Elder Affairs Caucus, along with a representative from the Massachusetts Department of Revenue, will be at the Plainville Senior Center on Tuesday, Jan. 29 at 12:45 p.m. to discuss the Senior Circuit Breaker Tax Credit.
The Circuit Breaker tax credit is available to qualified seniors, who own or rent their homes, when they file their 2007 Massachusetts state income tax return before the April 2008 deadline.
The tax credit, which could save qualified seniors up to $900 on their 2007 property taxes, is called the Circuit Breaker because it's "triggered," like an electrical circuit breaker, when property tax payments exceed 10 percent of a senior's annual income.
In order to qualify for the credit, taxpayers must be 65 years or older, have an annual income of $48,000 or less for a single filer, $60,000 or less for a head of household or $72,000 or less for joint filer, and the assessed value of the taxpayer's home cannot exceed $772,000.
Circuit Breaker tax worksheets and the 2007 Massachusetts Resident Income Tax Form 1, which contains all tax schedules and instructions, will be provided at the briefing.
"I encourage all interested and eligible taxpayers to attend the briefing to learn more about the Senior Circuit Breaker Property Tax Credit as well as other schedules, deductions and credits that are new for the 2007 tax year," said Ross.
If you are unable to attend the meeting, contact Ross's office for more information. He can be reached at 617-722-2305, fax at 617-722-2598, via email at Richard.Ross@state.ma.us or via postage mail at Room 237, State House, Boston, MA 02133.
