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Moore co-sponsors legislation for home heating tax deductions
December 10, 2007 ... With home heating costs consistently escalating throughout the Commonwealth, Sen. Richard T. Moore, D-Uxbridge, has signed onto legislation filed by Sen. Michael Knapik, R-Westfield, to allow taxpayers to claim a home heating fuel deduction. “Given the increasing cost of fuel, it is critical that we do what we can as a state to assist our low and moderate income constituents,” said Moore. “After all, the meaning of “commonwealth” is that we help those of our fellow citizens in need, and I can think of few more essential needs this winter than keeping warm.” Recent studies have stated that rising energy costs are expected to result in an increase of nearly $1,000 in home heating bills this winter. The legislation will seek to ease the hardship of rising heating costs by allowing individuals to apply for this specific tax deduction. The legislation would offer a deduction up to $800, which can only be used for the cost of home heating oil, natural gas, propane, electric and wood fuel purchased to heat the home between November 1, 2007 and March 21, 2008. Should a taxpayer not use the entire $800, they may take the remainder in taxable year 2008 for purchases made in 2008 through March 21, 2008. The deduction will help individuals who make less than $50,000 a year and families with incomes up to $75,000 a year. Similar legislation, was passed in 2005, and recently expired. The Massachusetts HEAT Plan, which the law was referred to as, outlined a heating tax deduction which allowed income-eligible taxpayers to claim a home heating fuel deduction when filing their income taxes up to a maximum of $800 for eligible heating fuel costs. |
