Chapter
330
2006 -- S 2219 SUBSTITUTE A
Enacted 07/04/06
A N A
C T
RELATING TO TAXATION
- PROPERTY TAX RELIEF
Introduced By: Senators
Felag, Badeau, Ciccone, McBurney, and Doyle
Date Introduced: January
31, 2006
It is enacted
by the General Assembly as follows:
SECTION
1. Section 44-33-9 of the General Laws in Chapter 44-33 entitled "Property
Tax
Relief" is hereby amended to read as follows:
44-33-9.
Computation of credit. -- The amount of any claim made pursuant to this
chapter
is determined as follows: (1) For any taxable year, a claimant is entitled to a
credit
against
his or her tax liability equal to the amount by which the property taxes
accrued or rent
constituting
property taxes accrued upon the claimant's homestead for the taxable year
exceeds a
certain
percentage of the claimant's total household income for that taxable year,
which
percentage
is based upon income level and household size. The credit is computed in
accordance
with the
following table.
Income
Range 1 Person 2 or More Persons
less
than $6000 3% 3%
$6001-9000
4% 4%
$9001-12000
5% 5%
$12001-15000
6% 5%
$15001-30000
6% 6%
(2) The maximum amount of the credit granted under this chapter will be as
follows:
Year
Credit Maximum
Commencing
July 1977 $55.00
Commencing
July 1978 $150.00
Commencing
July 1979 $175.00
Commencing
July 1980 $200.00
Commencing
on July 1997 $250.00
and
subsequent years
Commencing
July 2006 $300.00
Commencing
July 2007 and subsequent years, the credit shall be increased, at a
minimum,
to the maximum amount to the nearest five dollars ($5.00) increment within the
allocation
of five one-hundredths of one percent (0.05%) of net terminal income derived
from
video
lottery games up to a maximum of five million dollars ($5,000,000) until a
maximum credit
of
five hundred dollars ($500) is obtained pursuant to the provisions of section
42-61-15. In no
event
shall the exemption in any fiscal year be less than the prior fiscal year.
SECTION
2. This act shall take effect upon passage.
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LC01121/SUB A
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