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. Key changes include an increase in the income range for eligibility from a maximum of $35,000 to $50,000, as well as an increase in the maximum tax credit from $600 to $850 for tax years beginning on or after January 1, 2026. Additionally, the bill stipulates that the income range and 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 do not decrease from the previous year.

The bill also specifies that for tax years starting on or after January 1, 2023, the adjustments to the income range and maximum credit will be compounded annually and rounded to the nearest five-dollar increment. This legislative change aims to provide greater financial relief to eligible individuals by aligning the tax credit system with inflation and increasing the thresholds for assistance. The act will take effect upon passage.

Statutes affected:
27: 44-33-9