HB 1467 -- Senior Tax Relief
This bill changes the qualifications for and the amount of credit
allowed under the senior citizen/disabled person property tax
credit, commonly known as circuit breaker. The bill renames the
program the Senior Citizens' Homestead Tax Relief Act.
The bill also:
(1) Increases from $750 to $800 the maximum amount of property
(2) Increases from $25,000 to $25,500 the maximum income allowed
to claim the credit and indexes the new amount by the increase in
the Consumer Price Index in increments of $50; and
(3) Increases from $13,000 to $13,300 the minimum base and
indexes the new amount by the increase in the Consumer Price
Index in increments of $50. The minimum base is the maximum
level of income at which the taxpayer receives as a credit all
property taxes paid up to the maximum of $750.