The bill amends Section 44-33-9 of the General Laws in Chapter 44-33, which is titled "Property Tax Relief." It revises the computation of the tax credit available to claimants based on their property taxes accrued or rent constituting property taxes accrued in relation to their total household income. The amendment includes an increase in the income range for the tax credit calculation, where for households with an income between $15,001 and $35,000, the upper limit is raised to $50,000. Additionally, the bill outlines a schedule for the maximum amount of the credit, which is set to increase to $850 for tax years beginning on or after January 1, 2025.

The bill also stipulates that for tax years beginning on or after January 1, 2023, 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). These adjustments will be compounded annually and rounded up to the nearest five-dollar increment, with the provision that they will not be less than the prior tax year. The act is designed to provide increased property tax relief for elderly and disabled persons who own or rent their homes and will take effect upon passage.

Statutes affected:
7208: 44-33-9