Bill > S00857

This bill creates an enhanced real property tax circuit breaker credit. The key provisions are: 1. Establishes a new personal income tax credit, called the "Enhanced real property tax circuit breaker credit," for qualified taxpayers who are residents of a city with a population over one million and have occupied the same residence for at least 6 months of the taxable year. 2. Defines "household gross income" to include various types of income and sets limits on certain losses that can be included. 3. Provides a sliding scale for the credit amount based on the household gross income and the excess of real property taxes over a percentage of the household gross income. 4. Imposes certain eligibility requirements, such as the residence not being wholly exempt from real property taxation. 5. Requires the tax commissioner to prepare an annual report with statistical information on the credits granted. 6. Applies various procedural and administrative provisions of the tax law to this new credit. The bill is intended to provide financial relief to eligible taxpayers in high-cost areas through an enhanced property tax credit.