Massachusetts H3198 amends senior tax credit limits and assessed valuation caps for residences.
Massachusetts H3198 modifies the income and credit limits for senior tax credits, adjusting them based on the cost-of-living for taxable years starting after January 1, 2024. The bill also sets a cap on the assessed valuation of residences eligible for these credits at $1,500,000. These changes aim to ensure that the tax credit system remains fair and reflective of current economic conditions for senior citizens.
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