Details

Title	Massachusetts Department of Revenue Tax Talk
Highlights	There is implicit recognition that some tax codes discourage brownfield redevelopment.   Massachusetts provides a state income tax credit for certain expenses associated with brownfields redevelopment.                       There is implicit recognition that property and income taxes are particularly burdensome to elderly homeowners.   Massachusetts offers income tax credits to the elderly for real estate taxes or rent paid on principal residences
Description	The State of Massachusetts offers a number of tax benefits for elderly homeowners. Three specific benefits are listed on the Department of Revenue’s Web site as Topic 105: Credit for Real Estate Taxes Paid for Persons Age 65 and Older (also know as the "Circuit Breaker"); Topic 307: Tax Credit Provisions of the Brownfields Act; and Topic 331: Rental Deductions. The state provides a tax credit of up to $750 for eligible senior citizens who have paid residential property taxes. The taxpayer must be 65 years of age or older, have an income that does not exceed $61,000, have property not exceeding $412,000 in value, and occupy the property as his or her principal residence. Taxpayers can be owners or renters. Taxpayers can deduct as a credit any amount of property tax payments or a portion of their rent payment that exceeds 10 percent of their income up to the $750 limit. The Department also describes the income calculations and other qualifications on the Web site. Massachusetts also offers a tax credit for certain amounts spent on rehabilitating contaminated brownfields located in economically distressed areas. Topic Number 307 describes some of the conditions under which a taxpayer can benefit from this credit. The state also provides a direct benefit to renters in Massachusetts. They provide a deduction of up to $3000 or one-half of the rent paid on their principal residence. Site accessed in September 2002.
Publication Date	2002
Organization	State of Massachusetts, Department of Revenue
Web Location	http://www.dor.state.ma.us/help/Guides/abate_amend/personal/PIT_Issuesmain.htm

Notice: The contents of this record reflect the views of the author and/or promulgating municipality, and should not be construed as representing the views or policies of the U.S. Department of Housing and Urban Development or U.S. HUD's Office of Policy Development and Research. No attempt has been made by U.S. HUD or its contractors to verify the accuracy, currency, or validity of the record contents presented herein.