Section 6 of Chapter 62 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by adding the following subsection: -
(M) A credit shall be allowed against the tax liability imposed by this chapter to a taxpayer who has reached the age of sixty-five or more for the cost incurred by the taxpayer during the tax year for the purchase of prescription drugs. The credit shall not exceed two thousand dollars per tax year. Said taxpayer whose prescription drug costs are fully covered by an insurance plan, or the prescription drug insurance plan administered by the Executive Office of Elder Affairs, shall receive the tax credit for their premium or deductible costs. If the credit provided in this section reduces the tax to zero, the taxpayer shall be entitled to a refund equal to the amount of the credit exceeded the amount of tax due.
The information contained in this website is for general information purposes only. The General Court provides this information as a public service and while we endeavor to keep the data accurate and current to the best of our ability, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.