2021 -- H 5681 | |
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LC001784 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2021 | |
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A N A C T | |
RELATING TO TAXATION -- PROPERTY TAX RELIEF | |
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Introduced By: Representatives Ruggiero, Craven, Potter, Shanley, Carson, Vella- | |
Date Introduced: February 24, 2021 | |
Referred To: House Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Section 44-33-9 of the General Laws in Chapter 44-33 entitled "Property Tax |
2 | Relief" is hereby amended to read as follows: |
3 | 44-33-9. Computation of credit. |
4 | The amount of any claim made pursuant to this chapter shall be determined as follows: |
5 | (1) For any taxable year, a claimant is entitled to a credit against his or her tax liability |
6 | equal to the amount by which the property taxes accrued or rent constituting property taxes accrued |
7 | upon the claimant's homestead for the taxable year exceeds a certain percentage of the claimant's |
8 | total household income for that taxable year, which percentage is based upon income level and |
9 | household size. The credit shall be computed in accordance with the following table: |
10 | Income Range 1 Person 2 or More Persons |
11 | less than $6000 3% 3% |
12 | $6001-9000 4% 4% |
13 | $9001-12000 5%6% 5% |
14 | $12001-15000 6% 5% |
15 | $15001-30000 6% 6% |
16 | $31001-40000 6% |
17 | (2) The maximum amount of the credit granted under this chapter will be as follows: |
18 | Year Credit Maximum |
19 | Commencing July 1977 $55.00 |
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1 | Commencing July 1978 $150.00 |
2 | Commencing July 1979 $175.00 |
3 | Commencing July 1980 $200.00 |
4 | Commencing on July 1997 and subsequent years $250.00 |
5 | Commencing on July 2006 2021 $300.00 750.00 |
6 | Commencing July 2007 and subsequent years, the credit shall be increased, at a minimum, |
7 | to the maximum amount to the nearest five dollars ($5.00) increment within the allocation of five |
8 | one-hundredths of one percent (0.05%) of net terminal income derived from video lottery games |
9 | up to a maximum of five million dollars ($5,000,000) until a maximum credit of five hundred |
10 | dollars ($500) is obtained pursuant to the provisions of ยง 42-61-15. In no event shall the exemption |
11 | in any fiscal year be less than the prior fiscal year. |
12 | SECTION 2. This act shall take effect upon passage. |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO TAXATION -- PROPERTY TAX RELIEF | |
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1 | This act would provide a state-funded tax credit for home owners, renters and the disabled |
2 | who are housing cost-burdened subject to age and income limitations. |
3 | This act would take effect upon passage. |
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