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.

The bill does not include a provision for a maximum credit of six hundred dollars ($600) for tax years starting on or after January 1, 2022, as previously stated.

Additionally, the bill 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), ensuring that these figures are not less than those of the previous tax year. The adjustments will be rounded up to the nearest five dollar ($5.00) increment. This act is set to take effect upon passage.

Statutes affected:
27: 44-33-9