SPONSOR: Allen
Currently, a tax credit is offered to eligible senior citizens and disabled individuals for a portion of the real estate taxes or rent they have paid for the year. The credit is for a maximum of $750 for renters and $1,100 for owners who occupied their home. The actual credit is based on the amount of real estate taxes or rent paid and total household income.
Beginning January 1, 2026, the tax credit for renters shall be increased to $1,055. For homeowners, the tax credit shall be increased to $1,550. Beginning January 1, 2027, these totals shall be increased annually for inflation.
This bill also increases the maximum upper limits of qualifying income for both renters and homeowners. Beginning January 1, 2026, the following maximum upper limits shall be established:
(1) For an unmarried renter, $38,200; for a married renter, $41,000; and
(2) For an unmarried homeowner, $42,200; for a married homeowner, $48,000.
Beginning January 1, 2027, these totals shall be increased annually for inflation.
This bill also gives qualifying taxpayers a larger reimbursement of the tax credit by increasing the incremental phase out from $300 to $495.
This bill is the same as HB 1134 (2023) and similar to HB 135 (2023).
Statutes affected: