Bill > S1483

This bill amends the senior circuit breaker tax credit, a program designed to provide property tax relief to eligible seniors. Specifically, it modifies how the credit is calculated for taxpayers whose total income is very low, meaning it does not exceed 50 percent of the income limit set for the credit. For these individuals, the bill changes the calculation so that the amount of their real estate tax payment (or rent that counts as real estate tax) that can be credited is based on 8 percent of their total income, rather than the standard calculation, effectively increasing the potential credit for those with the lowest incomes. This change is set to take effect as of January 1, 2015.