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 clarifies that individuals eligible for the property tax or rent rebate program as of December 31, 2012, will continue to be eligible even if their household income exceeds the limit due to a Social Security cost-of-living adjustment, with this eligibility expiring on December 31, 2016. Additionally, the bill introduces a new provision that extends similar eligibility for individuals as of December 31, 2024, allowing them to remain eligible under the same conditions, but with an expiration date of December 31, 2028.

The bill also makes several adjustments to the language regarding income sources, ensuring that various forms of income, such as pensions, Social Security benefits, and unemployment insurance, are clearly defined. Notably, it deletes the previous expiration date for the 2012 eligibility clause and replaces it with a new provision that extends eligibility for an additional eight years. This change aims to provide continued financial support to senior citizens who may be affected by cost-of-living adjustments in their Social Security benefits. The act is set to take effect immediately upon passage.