The bill revises the Elderly Homeowner and Renter Income Tax Credit by updating the definition of household income, increasing the maximum credit amount from $1,150 to $1,400, and modifying the phaseout thresholds for the credit. It introduces an inflationary adjustment mechanism that will allow the gross household income amounts to be adjusted annually based on an inflation factor, ensuring that the credit remains relevant over time. Additionally, the bill repeals certain sections of previous legislation that are no longer applicable.

Key changes include the adjustment of the household income threshold from $12,600 to $14,100, and the revision of the percentage of credit allowed for various income brackets, particularly for those earning between $35,000 and $50,000. The bill also clarifies the computation of the tax credit for claimants who own or rent their homestead, ensuring that the credit is calculated based on property taxes billed or rent-equivalent taxes paid. The act is set to take effect immediately upon passage and will apply retroactively to income tax years beginning after December 31, 2024.

Statutes affected:
LC Text: 15-30-2337, 15-30-2340
HB0831_1(1): 15-30-2337, 15-30-2340
HB0831_1(10): 15-30-2337, 15-30-2340
HB0831_1(2): 15-30-2337, 15-30-2340
HB0831_1(3): 15-30-2337, 15-30-2340
HB0831_1(4): 15-30-2337, 15-30-2340
HB0831_1(5): 15-30-2337, 15-30-2340
HB0831_1(6): 15-30-2337, 15-30-2340
HB0831_1(7): 15-30-2337, 15-30-2340
HB0831_1(8): 15-30-2337, 15-30-2340
HB0831_1(9): 15-30-2337, 15-30-2340
HB0831_1: 15-30-2337, 15-30-2340
HB0831_2(1): 15-30-2337, 15-30-2340
HB0831_2(2): 15-30-2337, 15-30-2340
HB0831_2(3): 15-30-2337, 15-30-2340
HB0831_2(4): 15-30-2337, 15-30-2340
HB0831_2(5): 15-30-2337, 15-30-2340
HB0831_2: 15-30-2337, 15-30-2340
HB0831_X(1): 15-30-2337, 15-30-2340
HB0831_X(10): 15-30-2337, 15-30-2340
HB0831_X(2): 15-30-2337, 15-30-2340
HB0831_X(3): 15-30-2337, 15-30-2340
HB0831_X(4): 15-30-2337, 15-30-2340
HB0831_X(5): 15-30-2337, 15-30-2340
HB0831_X(6): 15-30-2337, 15-30-2340
HB0831_X(7): 15-30-2337, 15-30-2340
HB0831_X(8): 15-30-2337, 15-30-2340
HB0831_X(9): 15-30-2337, 15-30-2340
HB0831_X: 15-30-2337, 15-30-2340