Bill > S1353

This bill expands the senior circuit breaker tax credit, a program designed to provide relief to eligible seniors on their property tax burden. Specifically, it amends existing law to allow individuals who are 65 years or older, not claimed as a dependent by another taxpayer, and who own or rent their principal residence in the commonwealth, to claim a credit. This credit is calculated as the amount by which their real estate tax payment, or the portion of their rent that represents real estate tax, exceeds 8% of their total income. The bill also sets a maximum credit amount of $1,000.