Bill > S0027

This bill increases income eligibility and the maximum tax credit for property tax relief for elderly and disabled homeowners and renters. Specifically, the legislation raises the maximum income range for claiming the credit from $35,000 to $50,000, and increases the maximum tax credit from $600 to $850 for tax years beginning on or after January 1, 2026. The credit is designed to help offset property taxes or rent for low and moderate-income seniors and disabled individuals, with the credit amount varying based on household income and size. The bill also maintains an annual adjustment mechanism tied to the Consumer Price Index (CPI-U), which allows the income range and maximum credit to be automatically increased each year to keep pace with inflation. This ensures that the tax relief program continues to provide meaningful assistance to eligible residents as living costs rise over time, with a guarantee that the income range and credit amount will never be less than the previous year's levels.

Budget and Finance

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