Bill > HB2050

This bill modifies the "Senior Citizen Property Tax Relief Credit" or "circuit breaker" tax credit by increasing the maximum upper limit and property tax credit amounts. Specifically, it increases the maximum upper limit from $27,500 to $38,200 for single filers and from $30,000 to $42,200 for homeowners who own and occupy their residence for the entire year. The bill also increases the maximum property tax credit from $1,100 to $1,550 for actual property tax paid or from $750 to $1,055 for rent constituting property taxes paid. These changes will take effect for tax years beginning on or after January 1, 2025, with the maximum upper limits adjusted annually for inflation thereafter.