SECTION 1. Paragraph (2) of subsection (k) of section 6 of chapter 62 of the General Laws, as appearing in the 2014 Official Edition, is hereby amended by striking out, in line 494,  the figure “10” and inserting in place thereof the following figure:- 8.

SECTION 2.  Said subsection (k) of said section 6 of said chapter 62, as so appearing, is hereby further amended by striking out paragraph (3) and inserting in place thereof the following paragraph:-

(3) The credit shall be available only if the taxpayer’s total income does not exceed $40,000 for a single individual who is not the head of a household, $50,000 for a head of household and $60,000 for spouses filing a joint return.

SECTION 3.  Said subsection (k) of said section 6 of said chapter 62, as so appearing, is hereby further amended by striking out paragraph (4) and inserting in place thereof the following paragraph:-

(4) For a taxable year beginning on or after January 1, 2005, the income and credit limits in this subsection shall be increased by amounts equal to such income and credit limits multiplied by the cost-of-living adjustment for the calendar year in which such taxable year begins. If any such increase in an income limit is not a multiple of $1,000, such increase shall be rounded to the next lowest multiple of $1,000. If the increase in the credit limit is not a multiple of $10, such increase shall be rounded to the next lowest multiple of $10.