Bill > SB0224

This bill modifies property tax relief provisions for homeowners and renters by updating income thresholds and credit amounts, effective January 1, 2025. For homeowners, the bill increases the maximum income threshold from $34,666 to $46,000 and raises the corresponding homeowner's credit amounts, such as increasing the credit for households with income between $0-$14,500 from $1,027 to $2,000. Similarly, for renters, the bill expands income thresholds to $46,000 and adjusts the percentage of gross rent allowed as a credit, with higher-income brackets receiving slightly lower credit percentages. The bill allows for annual cost-of-living adjustments based on changes in the consumer price index housing, using 2024 as the base year. The legislation maintains existing restrictions on claiming credits, such as prohibiting individuals who are claimed as dependents on another's tax return from receiving the credit. Payments for both homeowner's and renter's credits will continue to be made from the General Fund, and the bill is set to take effect on May 7, 2025, with retrospective operation for the 2025 tax year.

https://le.utah.gov/~2025/bills/static/SB0224.html