Bill > S00275

This bill creates an enhanced real property tax circuit breaker credit. The key provisions are: 1. The bill 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 6 months of the taxable year, and are required or choose to file a state income tax return. 2. The credit amount is determined based on the household's gross income and the excess of real property taxes or the real property tax equivalent over a certain percentage of the household's gross income. The credit ranges from 15% to 5% of the excess taxes, with higher income thresholds receiving lower credit percentages. 3. The bill provides definitions for terms like "household," "household gross income," "residence," "qualifying real property taxes," and "real property tax equivalent." 4. The credit can only be claimed once per household per taxable year. Certain restrictions and requirements are outlined, such as limits on rental income, exclusions for those who are dependents, and the ability to file a claim for the credit even if no state income tax return is required. 5. The bill specifies that the administrative provisions of the tax law will apply to the new credit, and requires the tax department to prepare an annual report on the credits granted.