Massachusetts Governor Maura Healey recently announced that the senior population across the state could qualify for greater tax breaks.
BOSTON - Massachusetts Governor Maura Healey recently announced that the senior population across the state could qualify for greater tax breaks.
Over 100,000 eligible Bay State residents will be able to save money following Healey’s signing of the tax credit changes earlier in October. These developments for seniors were part of the larger overall tax cuts signed by the Governor, which totaled $1 billion.
Healey noted the intent is to make Massachusetts a more affordable place to live for senior citizens.
The Senior Circuit Breaker Tax Credit has now been doubled to $2,400 for low-income senior residents, while the Senior Property Tax Volunteer Program has risen by $500 to $2,000. The latter sets out to allow seniors to dwindle down their property tax.
Family members who tend to senior citizens are also gaining extra benefits through the law, as the Child and Family Tax Credit has been expanded. The cap of two dependents has been eliminated and the credit per child, disabled adult, or senior will go up from $180 to $310 this year. Starting in 2024, that same credit will rise to $440 permanently.
The Estate Tax threshold was also increased from $1 million to $2 million. Healey’s administration claimed the change was meant to reflect other states’ guidelines, to make Massachusetts a more suitable place to retire, and to allow more generational wealth to be passed on.
For more information, visit mass.gov.
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