The bill amends Section 44-33-9 of the General Laws in Chapter 44-33, titled "Property Tax Relief," to enhance tax credits for elderly and disabled individuals who own or rent their homes. The income range for eligibility is increased to a maximum of fifty thousand dollars ($50,000), and the maximum tax credit is raised to eight hundred fifty dollars ($850) for tax years beginning on or after January 1, 2026.

Additionally, the bill provides that for tax years starting on or after January 1, 2022, the maximum credit will be six hundred dollars ($600). It also stipulates that starting from January 1, 2023, both the income range and the maximum credit will be adjusted annually based on the percentage increase in the Consumer Price Index for all Urban Consumers (CPI-U), with adjustments rounded up to the nearest five dollar increment. This adjustment aims to maintain the value of the tax relief in line with inflation. The act will take effect upon passage.

Statutes affected:
27: 44-33-9