Bill > H7700

This bill, amending existing property tax relief laws, aims to increase financial assistance for elderly and disabled individuals who own or rent their homes by expanding the income range considered for tax credits to $50,000 and raising the maximum tax credit to $850. The legislation modifies Section 44-33-9 of the General Laws, which outlines how tax credits are calculated. Specifically, it extends the upper limit of the income bracket from $35,000 to $50,000 for determining the percentage of property taxes or rent constituting property taxes that can be credited against tax liability. Furthermore, it establishes a new maximum credit of $850 for tax years beginning on or after January 1, 2027, building upon previous increases that set the maximum at $600 for tax years beginning on or after January 1, 2022. The bill also includes provisions for future adjustments to both the income range and the maximum credit based on the annual percentage increase in the Consumer Price Index for all Urban Consumers (CPI-U), ensuring that these benefits keep pace with inflation, with the caveat that the income range and credit will not decrease from the prior year. This act is set to take effect immediately upon its passage.

Budget and Finance

https://status.rilegislature.gov/