Bill > SB1045

This bill clarifies who qualifies as an "owner" for the purpose of claiming a property tax credit on their homestead, which is their primary residence. Previously, an owner was defined as a natural person who owned or was purchasing a homestead, or a tenant-stockholder in a cooperative housing corporation. This bill expands that definition to include individuals who have placed their homestead into a revocable trust or a qualified personal residence trust, meaning they can still be considered owners for tax credit purposes even if legal title is held by the trust. The bill also makes a minor technical change to the definition of "income" by replacing "a person" with "an individual" in several instances, ensuring consistency in language.