Bill > H2677

This bill proposes to amend Chapter 59 of the General Laws by adding a new section that allows cities and towns, if they accept its provisions, to establish a program offering property tax credits to residents aged 65 and older. To qualify, individuals must be at least 65 years old, have been a resident for 10 years or more, have paid property taxes for 10 years or more, use the property as their primary residence, and have no one under the age of six or attending school staying in the residence for more than 60 days during the fiscal year. The bill also sets income limits for eligibility: $50,000 or less for single individuals and $60,000 or less for married individuals, with an asset limit of $75,000 or less, excluding the primary residence and one registered motor vehicle. The credit amount is calculated by multiplying the total tax due by the proportion of the town's budget spent on schools, divided by 10, with a doubling of this credit for those with incomes under $18,000 annually. This credit is in addition to any other property tax exemptions or abatements a senior may be entitled to, and participation ends if the homeowner moves permanently or sells the property. The bill defines "income" as adjusted gross income for federal tax purposes, with certain adjustments for retirement account distributions.