Showing posts with label Circuit breaker. Show all posts
Showing posts with label Circuit breaker. Show all posts

Friday, September 20, 2019

"We know that education drives opportunity"

From the Milford Daily News, articles of interest for Franklin:

"Massachusetts would invest a new $1.5 billion in its public education system over the next seven years under a long-awaited consensus school finance reform bill that House and Senate leaders rolled out Thursday and expect to hit the Senate floor in two weeks.

State Rep. Alice Pesich, D-Wellesley, and state Sen. Jason Lewis, D-Winchester, co-chairs of the Education Committee that has been working for months to develop the legislation, said a focus of the bill is providing resources to low-income students.

“I think it’s fair to say that if this bill passes into law, we will have the strongest and most progressive education funding system in terms of how we reflect the needs of low-income students,” Lewis said. “However, we realize that even with all those changes in the increased Chapter 70 aid that districts will receive, that there’s more that we can and must do to support the needs of all school districts and all students across the state, whether they are in rural districts, suburban districts, Gateway Cities or others.”

The bill, dubbed the Student Opportunity Act and unanimously endorsed Thursday by the Education Committee, would increase Chapter 70 aid to local schools by $1.4 billion, and House Speaker Robert DeLeo said it does not involve plans for additional taxes."
Continue reading the article online (subscription may be required)
https://www.milforddailynews.com/news/20190919/lawmakers-unveil-15b-seven-year-education-bill


Below, please find links to information regarding the Student Opportunity Act:
Student Opportunity Act Overview
 
Student Opportunity Act Fact Sheet
 
Student Opportunity Act Question & Answer

Student Opportunity Act Joint Announcement

Student Opportunity Act Bill Text: Senate Bill 2348




"We know that education drives opportunity" (Joint Committee on Education photo)
"We know that education drives opportunity" (Joint Committee on Education photo)

Thursday, January 28, 2016

In the News: possible school calendar changes, senior circuit breaker, class of 1966 reunion

From the Milford Daily News, articles of interest for Franklin

While Franklin schools will have their regular February and April vacations in the 2016-2017 school year, the School Committee will consider if that will continue in the future.
The committee voted at its meeting Tuesday night on a 2016-2017 calendar that would have school begin before Labor Day and end on June 16. It also decided to convene a subcommittee that would examine the calendar situation for upcoming years.
Continue reading the article online (subscription may be required)
http://www.milforddailynews.com/news/20160127/franklin-school-committee-mulls-vacation-changes


State Sen. Richard Ross, R-Wrentham, state Sen. Karen Spilka, D-Ashland, and state Rep. Jeffrey Roy, D-Franklin, will host an informational seminar on the senior circuit breaker tax credit at 10 a.m. Feb. 10 at the Franklin Senior Center, 10 Daniel McCahill St. 
The senior circuit breaker is a tax credit for senior citizens whose property payments account for more than 10 percent of their annual income. Eligible seniors will receive a $1 credit on their Massachusetts tax return for every dollar that their total property tax, water and sewer bills exceed 10 percent of their income. A maximum of $1,070 credit is available. Additionally, if the taxpayer has not claimed the tax credit in the past, it may be claimed for the previous three years.

Continue reading the article online (subscription may be required)
http://www.milforddailynews.com/news/20160127/franklin-seniors-to-learn-about-circuit-breaker-tax-credit


The Franklin High School Class of 1966 will celebrate the 50th anniversary of its graduation June 3-5. 
Celebration activities will include attending the graduation ceremony of the Class of 2016 on Friday, June 3, and continue will additional gatherings after the graduation that evening through Sunday.
Continue reading the article online (subscription may be required)
http://www.milforddailynews.com/news/20160128/franklin-high-school-class-of-1966-to-hold-reunion

Saturday, February 16, 2013

Upcoming DOR Senior Circuit Breaker Info Sessions

Note: Franklin is scheduled for one of these meetings, March 13 at 2:00 PM at the Senior Center.


Sent to you by Steve Sherlock via Google Reader:

via Commonwealth Conversations: Revenue by Edward Peters on 2/15/13

DOR has had a great turnout for our early series of information sessions for seniors. These sessions are short presentations to educate taxpayers 65 and older about the benefits of the Senior Circuit Breaker Tax Credit.

For tax year 2012, the credit is worth as much as $1,000 for eligible taxpayers 65 and older who either own or rent their home. The credit is refundable, meaning that if a taxpayer does not have an offsetting state tax liability, or has a liability that is smaller than the credit, they receive a check from the Commonwealth for either the entire credit or for the portion left after taxes are paid.

Seniors who live in public or subsidized housing are not eligible for the credit.
We hope to see you there!

Date/Time Location/Address Phone
February 20, 10:30 a.m. Concord COA, 1276 Main St. 978-318-3020
February 20, 12:30 p.m. Acton COA, 50 Audubon Dr. 978-929-6652
February 21, 10:30 a.m. Merrimac COA, 100 East Main St. 978-346-9549
February 21, 12:30 p.m. Ipswich COA, 25 Green St. 978-356-6650
February 25, 10:00 a.m. Natick COA, 117 East Central St. 508-647-6540
February 25, 11:30 a.m. Needham COA 83 Pickering St. 781-455-7555
February 25, 1:00 p.m. Wellesley COA, 219 Washington St. 781-235-3961
February 27, 1:00 p.m. Wayland COA, 41 Cochituate Rd. 508-358-2990
March 6, 10:00 a.m. Attleboro COA, 25 South Main St. 774-203-1906
March 6, 1:00 p.m. N. Attleboro COA, 204 Elm St. 508-699-0131
March 7, 1:00 p.m. Waltham COA, 488 Main St. 781-899-7228
March 13, 11:00 a.m. Norfolk COA, 28 Medway Branch Rd. 508-528-4430
March 13, 12:30 p.m. Wrentham COA, 400 Taunton St. 508-384-5425
March 13, 2:00 p.m. Franklin COA, 10 Daniel McCahill St. 508-520-4945


Things you can do from here:

Saturday, October 1, 2011

Senior Circuit Breaker Tax Credit increases to $980 for 2011

 
 

Sent to you by Steve Sherlock via Google Reader:

 
 

via Commonwealth Conversations: Revenue by Robert Bliss on 9/30/11

Bliss for Blog IMG_9679_resized

Posted by:

Robert Bliss, Director of Communication, Department of Revenue

The Department of Revenue published yesterday the Technical Information Release that presents the new income, valuation and credit amounts for the Senior Circuit Breaker Tax Credit for tax year 2011.

The $980 maximum value of this credit for tax year 2011 is $10 more than the previous year.

There is no other refundable state tax credit that puts more money into the wallets of taxpayers 65 and older than the Senior Circuit Breaker Tax Credit. In tax year 2009, the most recent tax year for which complete information is available, 80,566 taxpayers received $61.1million in cash or credits used to lower income tax payments, an average of $759 per taxpayer. 

The circuit breaker tax credit is based upon the actual real estate taxes -- or rent -- paid by a taxpayer who is eligible to claim the credit.

It is equal to the amount by which the taxpayer's property tax payments in the current tax year, including water and sewer charges but excluding any abatement or exemption granted, exceeds 10 percent of the taxpayer's total income, provided that the credit does not exceed the maximum credit amount for tax year 2011 of $980.

A taxpayer's total income may not exceed $52,000 for a single individual who is not head of a household, $65,000 for a head of household, and $78,000 for a married couple filing jointly.

The maximum assessed valuation of a residence may not exceed $729,000, which is down from last year's maximum valuation of $764,000, reflecting a decline in the valuation of homes.

The credit also works for renters. It is equal to the amount by which 25 percent of the rent actually paid during the taxable year exceeds 10 percent of the taxpayer's total income, with the credit capped at $980.

How does this credit work in practice? Take the example of a married couple with an annual income of $60,000 and $8,000 in property tax and water and sewer bills for their home. Ten percent of their income is $6,000 and their combined property tax and water and sewer bills total $8,000, which is $2,000 more than 10 percent of their income, so they qualify for the maximum credit of $980.

For a married couple filing jointly that rents, take the example of a married couple with a $28,000 income who pay $12,000 annually in rent. Ten percent of their income is 2,800, which is $200 less than 25 percent of their rent, so they qualify for a credit of $200.

If you are eligible, you can go back three years and claim the credit retroactively. If you owe tax, the credit is deducted from the amount owed. And if you don't owe tax, the state cuts you a check. It's worth taking a few minutes to do the math on this.

Historic information on the number and amount of credits issued to taxpayers in each of the Commonwealth's 351 cities and towns over the years is published on DOR's web page. Click on the link that says Senior Circuit Breaker Usage Report.

 

 


 
 

Things you can do from here:

 
 

Saturday, February 26, 2011

Franklin residents gain with the Senior Circuit Breaker

The MA Dept of Revenue released numbers on the Senior Circuit Breaker program for all communities in the Commonwealth on Friday. Franklin does well with this credit. There has been steady growth in the number of filers, total credit received, and as a result the average credit per filer. The data released covers the tax years from 2001 through 2009. Now that the data is available, I'll watch to see when each new year is added to the table and update the numbers.



Tax Year Number of Filers Amount of Credit Claimed Average Credit
2001 87  $28,251  $325
2002 109  $66,448  $610
2003 150  $90,818  $605
2004 171  $107,020  $626
2005 202  $122,377  $606
2006 234  $158,800  $679
2007 248  $173,524  $700
2008 302  $217,429  $720
2009 324  $240,692  $743


Of the 335 communities where residents did receive the credit Franklin ranked 90th in the total number of filers. Franklin ranked 89th in total credit received but dropped to 175th in average credit received.


What is the Senior Circuit Breaker?
No other refundable tax credit equals the Senior Circuit Breaker Tax Credit for putting money into the wallets of average taxpayers 65 and older. In tax year 2009, more than 77,000 senior taxpayers who were either homeowners or renters received credits of nearly $60 million. 
Yet it is safe to say that many eligible taxpayers have never heard of the credit. If you are reading this and have older relatives or friends who might benefit, pass on the word. The maximum credit, after all, is worth $970 in the coming tax year. 
The Department of Revenue has just released the rules and regulations for the Senior Circuit Breaker Tax Credit in tax year 2010. The credit is based on the actual property tax or rent paid by the eligible taxpayer who is either living in their own home or paying rent. 
A taxpayer's total income may not exceed $51,000 for a single individual; $64,000 for a head of household; or $77,000 for married couples filing a joint return. The assessed valuation of a residence may not exceed $764,000. Many taxpayers 65 and over fall within these limits. 
The credit is equal to the amount by which the taxpayer's property tax payments in the current tax year, including water and sewer charges but excluding any abatement or exemption, exceeds 10 percent of the taxpayer's total income. 
The credit also works for renters. It is equal to the amount by which 25 percent of the rent actually paid during the taxable year exceeds 10 percent of the taxpayer's total income, with the credit capped at $970.

For additional info on the credit, check the State website here

To view (or download) the data from the state, check the web page here

The table of Franklin's data is also posted as a Google document and can be found here. I pulled from each year, the data specific for Franklin to make this table. The info in this table drove the chart and table found above.

Related post on credits or abatements for seniors
http://franklinmattersweekly.blogspot.com/2010/03/fmw-59-week-ending-3710.html


Franklin, MA

Monday, October 20, 2008

"not 'welfare' - it is an entitlement"

GHS
Posted Oct 20, 2008 @ 12:41 AM
Last update Oct 20, 2008 @ 12:44 AM

Worried about seniors living paycheck to paycheck this winter, area senior center directors say they are making an all-out effort to help them.

Now, more than ever, it is crucial that struggling seniors take advantage of programs they are entitled to, said Bellingham Outreach Coordinator Sheila Ronkin: tax abatements, fuel and food assistance, and circuit breakers.

"It was very important before the economy fell apart, but now, some of these folks live really threadbare lives. Without some help, they're not going to have enough heat or food. Even folks more well-heeled may not be able to buy Christmas presents or birthday presents for their loved ones," said Franklin Senior Center Director Karen Alves.

Many seniors don't realize they qualify for tax credits or other assistance, so they don't even bother to apply, Alves said. But that is a mistake.

Through the state's circuit breaker program, seniors can get up to $900 a year in real estate tax abatements if they pay more than 10 percent of their gross income in taxes, and that includes water and sewer fees, Alves said.

So if a senior makes $30,000 a year, pays $3,000 in real estate tax, plus $500 for water and sewer ($3,500 in taxes), they can get $500 back from the state, she said.

Read the full article in the Milford Daily News here

Reblog this post [with Zemanta]