Bill > HB666

This bill modifies provisions related to the "circuit breaker" property tax credit for certain vulnerable persons. It increases the maximum upper limit and minimum base amounts for eligibility, and adjusts the credit calculation based on income and property taxes or rent paid. For tax years ending on or before December 31, 2023, the maximum upper limit is $27,500, and the credit is based on property taxes up to $1,100 or rent up to $750. For tax years beginning on or after January 1, 2024, the maximum upper limit is adjusted annually for inflation and is now $38,200 for individuals and $41,000 for married couples, and the credit is based on property taxes up to $1,550 or rent up to $1,055. The bill also requires the Department of Revenue to notify taxpayers who may qualify for the credit but have not applied.