Additionally, it covers the annual update of the Senior Circuit Breaker credit. The maximum amount of the credit is $2,820 for tax year 2025.
There is a segment providing guidance on recent MA legislation, including new business credits and changes to preexisting credits, including Climatetech Tax Incentive Program (CTIP) and Live Theater Tax Credit.
The MA DOR also has two new initiatives this year. First is a filing and withholding requirement for the sale of real estate where the gross sales price is $1 million or more. Although withholding is only required for non-residents, a return must be submitted for every sale or exchange of MA real estate when the gross sales price is $1 million or more. To help the withholding agent, each seller must complete a Transferor’s Certification Form. The withholding agent will use this information to file the return.
The second initiative is the Motor Vehicle Insurers Annual Information Return (MVIAIR). This is an informational return for motor vehicle insurers who make a payment to a repair shop for service or repair of a vehicle in Massachusetts.
The DOR has issued regulations and detailed FAQ pages on their website for both initiatives.