Bill > S01244

This bill creates the middle class circuit breaker tax credit, which allows a credit against personal income tax equal to 70% of the amount by which a taxpayer's net real property tax or real property tax equivalent exceeds the taxpayer's maximum real property tax. The bill also establishes a tax reform study commission to provide the governor and legislature with a long-term plan for reforming the state and local tax systems and make recommendations on changes to the definitions of income used in various property tax relief programs.