Healey-Driscoll Administration Celebrates Tax Cut Savings for Seniors and Their Families
A 100% increase in the Senior Circuit Breaker Tax Credit, the largest ever in Massachusetts, will benefit 100,000+ seniors
BOSTON – Today, Governor Maura T. Healey and Lieutenant Governor Kim Driscoll visited the Northborough
“When I ran for office, I committed to keeping our seniors in Massachusetts by making this state more affordable, and this tax credit a necessary step towards achieving this goal,” said Governor Healey. “These tax cuts will bring much needed relief to the seniors throughout the state and will support them as they continue to thrive here.”
“These tax cuts are permanent. They’re here to help seniors save more money year after year,” said Lieutenant Governor Driscoll. “As a former Mayor, it is important to deliver much needed relief so people can stay in Massachusetts. We’re thrilled to continue meeting folks across the state to share how these tax cuts will benefit them.”
"Thank you, Governor Healey and Lieutenant Governor Driscoll, for coming to Northborough to highlight this much needed relief for our seniors, like doubling the Senior Circuit Breaker Tax Credit," said Chair of the Northborough Select Board Mitch Cohen. "I am excited to continue building on this work with the board and continue helping our seniors alongside the Healey-Driscoll Administration."
Provisions of the tax cuts package that will save seniors money include:
Senior Circuit Breaker Tax Credit – Doubles the credit, from $1,200 to $2,400 for low-income seniors to help minimizes their taxes.
Senior Property Tax Volunteer Program: Increases from $1,500 to $2,000 the maximum that municipalities may allow for seniors to reduce from their property tax to minimize the impact of property taxes.
Child and Family Tax Credit – Family members who care for the seniors in their life will also benefit from the expanded Child and Family Tax Credit. It eliminates the two-dependent cap and increases the credit from $180 per dependent child, disabled adult, or senior to $310 for 2023 and to $440 on a permanent basis, starting in 2024. An estimated 565,000 families will benefit, and this will be the most generous universal child and dependent tax credit in the county.
Estate Tax: Increases the threshold from $1 million to $2 million with a credit that mitigates the cliff effect. This change brings Massachusetts more in line with other states, allows seniors pass on generational wealth, and makes it more attractive to retire and age in Massachusetts.
Last week’s tax bill signing, included necessary support for our families through the expansion of the Child & Dependent Tax Credit, various rental deduction, shorten the capital gain tax and much more. On Thursday, Governor Healey and Lieutenant Governor Driscoll visited Gardner Elementary School and the Haverhill YMCA to celebrate the nation’s most generous Child and Family Tax Credit. Additional visits will be planned in the coming days to celebrate relief for businesses, residents, and more.
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