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Special tax credits are available from the federal government and the state of Massachusetts to help Massachusetts residents save money at tax time. These tax credits can lower the amount of tax you owe or, for some programs, give you a cash payment even if you don't owe any taxes. Several of these programs offer substantial tax credits or payments to those who are eligible and it could be worthwhile to see if you may claim any of them.
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Tax Credits
- FEDERAL AND MASSACHUSETTS -
Click on a program name for more information:
The Earned Income Credit (also called the Earned Income Tax Credit) is a federal program that provides a tax credit and frequently a cash payment to low-to-moderate income workers who qualify. Massachusetts has its own state version of this program available to workers who are eligible for the federal EIC.
The Child Tax Credit is a federal program that provides a tax credit and sometimes a cash payment to parents or caretakers who qualify.
The 2008-2009-2010 housing tax credits offer tax incentives to help revitalize the housing market and prevent foreclosures, including a first-time homebuyer tax credit, a repeat homebuyer tax credit, and a property tax deduction for homeowners who do not itemize deductions.
Education tax credits are federal tax credits that help offset the costs of college tuition, fees, and other education related expenses.
The Circuit Breaker Tax Credit is a state income tax credit for certain Massachusetts residents age 65 or older who paid rent or real estate taxes during the tax year.
Real estate tax exemptions are deductions from the amount of property taxes homeowners must pay to the city or town where they live. Real estate tax exemptions are given to eligible homeowners to help them pay their property tax bills.
The Lead Paint Removal Credit is a state income tax credit for Massachusetts residential property owners who cover or remove lead paint hazards on their property. The maximum tax credit is $1500 per residential unit for full deleading, or $500 per residential unit for interim control measures.
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