MA 2007 Tax Credits: Lead Paint, Septic, Seniors and More: Massachusetts Tax Credits (2007) For Individuals and Families
Residential real estate deals in Massachusetts can lead to the repair or replacement of failed cesspool or septic systems (Title V). They can also involve issues dealing with lead paint abatement. These are examples of only a couple of tax credits (cesspool or septic/sewer or lead paint) which may be available to you.
For seniors, the DOR publication, Tips for Seniors and Retirees: Deductions, Exemptions and 2007 “Circuit Breaker” Tax Credit, is a useful resource for understanding how the 2007 “Circuit Breaker” Tax Credit works.
The Massachusetts Department of Revenue lists Tax Credits (2007) for Individuals and Families and includes: a description of the credit, calculation of the credit, where to calculate the credit, whether the credit is refundable or not refundable, and if there if carryover is permitted. Credits to consider (this is not tax advice) include but are not limited to:
Brownfields Credit for Rehabilitation of Contaminated Property, Earned Income Credit (EIC), Economic Opportunity Area Credit (EOAC), Film Incentive Credit, Full Employment Credit, Historic Rehabilitation Credit, Home Energy Efficiency Heating Credit Carryover to 2007, Lead Paint Removal Credit, Limited Income Credit (LIC), Massachusetts Low Income Housing Credit, Medical Device Tax Credit, Real Estate Tax Credit for Persons Age 65 and Older (known as the Circuit Breaker Credit), Repair or Replacement of Failed Cesspool or Septic System Credit (Title V), Solar Wind and Energy Credit, and Taxes Paid to Other Jurisdictions Credit.
Additionally, the DOR Web Services for Income (WSI) is a website where individuals and tax professionals can use many online services related to personal income taxes.
