Bill > A04744

This bill creates an enhanced real property tax circuit breaker credit. The key provisions are: 1. Establishes a credit for qualified taxpayers, who are resident individuals of a city with a population over one million, have occupied the same residence for at least 6 months of the taxable year, and are required or choose to file a return. 2. Defines "household gross income" to include various types of income received by members of the household, with limits on certain losses. 3. Provides a sliding scale for the credit amount based on the excess of qualifying real property taxes over a percentage of household gross income, ranging from 15% for incomes under $100,000 to 5% for incomes between $150,000 and $200,000. 4. Allows the credit to be claimed by one qualified taxpayer per household, with special rules for joint filers and combining the credit with other taxes. 5. Prohibits the credit in certain circumstances, such as if the household gross income exceeds $200,000 or the property is wholly exempt from real property taxation. 6. Establishes procedures for claiming the credit, including the ability to file a return if the taxpayer is not otherwise required to file. 7. Requires the tax department to report annually on the credits granted under this provision.