Bill > S07540

This bill creates an enhanced real property tax circuit breaker credit. The key provisions are: 1. It establishes an "enhanced real property tax circuit breaker credit" for qualified taxpayers who are residents of a city with a population over one million, have occupied the same residence for at least six months of the taxable year, and are required or choose to file a tax return. 2. The credit amount is based on the excess of the taxpayer's "qualifying real property taxes" over a certain percentage of their "household gross income", with the percentage ranging from 2% to 3% depending on the income level. 3. The credit is available to eligible taxpayers with household gross income below $200,000, and excludes certain types of properties and individuals who can be claimed as dependents by others. 4. The bill outlines detailed definitions and rules for determining the credit, including how to handle situations where the taxpayer occupies multiple residences or shares a residence with non-household members. 5. The credit will be administered by the state tax department and the provisions of the tax law relating to procedure and administration will apply, with some exceptions.