This bill amends the Income Tax Act of 1967 by updating the provisions related to tax credits for property taxes and rental credits for homesteads. Key changes include the adjustment of the percentage of total household resources that determines eligibility for tax credits, specifically changing the thresholds from 3.5% and 3.2% to a consistent 3.2% for all tax years after 2018. The bill also introduces new credit percentages for senior citizens based on their total household resources, with specific percentages outlined for various income brackets, ensuring that those with lower incomes receive a higher percentage of credit.

Additionally, the bill clarifies eligibility criteria for various claimants, including those who are disabled, blind, or veterans, and specifies the documentation required to support claims. It establishes that only one claimant per household can receive the credit, with exceptions for blind spouses filing jointly. The bill also mandates that the total credit cannot exceed the property tax due and payable, and it includes provisions for proportional calculations for claims based on occupancy duration. Overall, the amendments aim to streamline the process and ensure equitable tax relief for eligible claimants.

Statutes affected:
House Introduced Bill: 206.522, 206.530