Department of Finance and Administration
Legislative Impact Statement
Bill: HB1032 Amendment Number: H1
Bill Subtitle: TO INCREASE THE AMOUNT OF THE HOMESTEAD PROPERTY TAX CREDIT.
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Basic Change :
Sponsors: Reps. L. Fite, Beck, Bentley, Brooks, K. Brown, Cozart, Eubanks, Evans, K.
Ferguson, C. Fite, V. Flowers, Fortner, G. Hodges, Holcomb, Hollowell, Lundstrum, Lynch, M.
McElroy, McNair, Nicks, Ray, R. Scott Richardson, Rose, Rye, Scott, M. Shepherd, Springs,
Tosh, Wardlaw, and Warren
Sens. Hickey, J. Boyd, J. Bryant, Caldwell, L. Chesterfield, A. Clark, Crowell, J. Dismang, J.
English, Flippo, S. Flowers, K. Hammer, Hester, Hill, Irvin, B. Johnson, M. Johnson, G. Leding,
F. Love, R. Murdock, J. Payton, C. Penzo, J. Petty, Rice, Stone, G. Stubblefield, D. Sullivan, C.
Tucker, and D. Wallace
House Amendment No. 1 --- HB1032-H1 (engrossed H3/01/23) provides that HB1032 would be
effective for assessment years beginning on or after January 1, 2023.
Original Bill --- HB1032 increases the Homestead Property Tax Credit from $375 to $425. The
Homestead Property Tax Credit reduces the amount of real property taxes due on a property owner's
qualified homestead for each assessment year. To claim the credit, a property owner registers with the
county assessor and provides proof of eligibility for the credit.
Revenue Impact :
CY2024 Total Impact of Increased Tax Credits - $34M
CY2025 Total Impact of Increased Tax Credits - $34.8M
Taxpayer Impact :
A homeowner that receives the Homestead Property Tax Credit will receive a credit of $425 against
their real property tax liability.
Resources Required :
None.
Time Required :
Adequate time is provided for implementation.
Procedural Changes :
None.
Other Comments :
None.
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3/2/2023 8:12 AM 1
 Department of Finance and Administration
Legislative Impact Statement
Bill: HB1032 Amendment Number: H1
Bill Subtitle: TO INCREASE THE AMOUNT OF THE HOMESTEAD PROPERTY TAX CREDIT.
------------------------------------------------------------------------------------------------ ---------------------------------------
Legal Analysis :
None.
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3/2/2023 8:12 AM 2


Statutes affected:
Old version HB1032 Original - 12-14-2022 08:25 AM: 26-26-1118(a)
Old version HB1032 V2 - 3-1-2023 09:22 AM: 26-26-1118(a)
HB 1032: 26-26-1118(a)
Act 315: 26-26-1118(a)