SPONSOR: Rowland
Currently, certain senior citizens and disabled individuals are eligible to apply for a tax credit on real estate taxes or rent they have paid. Renters may claim a credit of up to $750 provided their income is equal to or less than $27,500. Homeowners may claim a credit of up to $1,100 provided their income is equal to or less than $30,000.
This bill changes the amount of the credit for renters from $750 to $1,000 and the income threshold from up to $27,500 to $34,500. Additionally, this bill changes the amount of the credit for homeowners from up to $1,100 to $1,500 and the income threshold from $30,000 to $40,000.
Statutes affected: