The bill amends Section 44-33-9 of the General Laws in Chapter 44-33, titled "Property Tax Relief," to adjust the computation of credit for property tax relief. The amendment includes an insertion that changes the income range for a specific bracket from $15,001-$35,000 to $15,001-$50,000 for both one-person and two or more persons households. This allows for a broader range of claimants to be eligible for the credit based on their income level and household size. Additionally, the bill introduces a new maximum credit amount, increasing it to $850 for tax years beginning on or after January 1, 2025.

The bill also stipulates that for tax years beginning on or after January 1, 2023, the income range and the maximum credit granted will be adjusted annually based on the percentage increase in the Consumer Price Index for all Urban Consumers (CPI-U). This ensures that the relief provided by the credit does not diminish due to inflation. The adjustments will be rounded up to the nearest five-dollar increment and will not be less than the prior tax year. The act is set to take effect upon passage, indicating that the changes will be implemented immediately after the bill is enacted. The explanation provided by the Legislative Council clarifies that the act aims to increase the income range and tax credit for elderly and disabled persons who own or rent their homes.

Statutes affected:
7208: 44-33-9