This bill amends the existing laws regarding the elderly exemption tax credit by increasing the income and asset thresholds required for eligibility. Specifically, it raises the minimum net income for single individuals from $13,400 to $23,300 and for married couples from $20,400 to $35,500. Additionally, the asset limit is increased from $35,000 to $60,900, excluding the value of the person's residence and certain land. The bill also introduces a provision for annual adjustments to these thresholds based on the Consumer Price Index, ensuring that the amounts remain relevant over time.

Furthermore, the bill clarifies the conditions under which elderly exemptions can be granted, including residency requirements and the duration of property ownership. It establishes that municipalities that have adopted the elderly exemption provisions will not need to re-adopt them following updates to the threshold amounts, which can only be increased, not decreased. The changes will take effect for the 2027 tax year, with the act itself becoming effective on July 1, 2026.

Statutes affected:
Introduced: 72:39-a, 72:39-b
As Amended by the House: 72:39-a, 72:39-b
HB1296 text: 72:39-a, 72:39-b