Bill > S1360

This bill proposes to amend Massachusetts General Laws Chapter 62 by adding a new subsection that allows individuals aged 65 or older to claim a tax credit for the cost of prescription drugs purchased during the tax year, with a maximum credit of $2,000 per year. This credit is intended to provide financial relief for seniors' healthcare expenses. Importantly, if a taxpayer's prescription drug costs are fully covered by insurance, including plans administered by the Executive Office of Elder Affairs, they can still receive the tax credit for their premium or deductible costs. Furthermore, if the calculated tax credit exceeds the total tax liability, the taxpayer will be eligible for a refund of the difference.