This bill amends the Taxpayer Relief Act of June 27, 2006, specifically focusing on the definition of "income" as it pertains to senior citizens' property tax and rent rebate assistance. The amendment introduces new language that allows for the exclusion of certain payments from qualified plans under the Internal Revenue Code of 1986 if the recipient deposits all or a portion of the payment into another qualified plan within 60 days of receipt. This change aims to provide additional financial relief to eligible seniors by not counting these deposited amounts as part of their income.

The revised definition of "income" will take effect for calendar years beginning after December 31, 2026, ensuring that the new provisions are implemented in a timely manner. The bill also includes a provision that maintains eligibility for the property tax or rent rebate for individuals whose household income exceeds the limit solely due to a Social Security cost-of-living adjustment, with this eligibility expiring on December 31, 2016. Overall, the bill seeks to enhance the financial support available to senior citizens in Pennsylvania by refining the criteria for income assessment related to tax rebates.