Chapter 285
2010 -- H 8018 SUBSTITUTE A
Enacted 06/25/10
A N A C T
RELATING TO
TAXATION -- PROPERTY SUBJECT TO TAXATION
Introduced By: Representatives Menard, Shallcross Smith, and Petrarca
Date Introduced: April 12, 2010
It is enacted by the
General Assembly as follows:
SECTION 1. Chapter 44-3 of the General Laws entitled
"Property Subject to Taxation" is
hereby amended by adding thereto the following section:
44-3-15.5.
Notwithstanding any provisions of this chapter or any
provision of the general or public laws to
the contrary, the town council of the town of
property owned and occupied for a period of five (5) years or
more by any person over the age of
sixty five (65) shall be eligible for a credit against
their owner occupied residential property in an
amount calculated in conformity with the following
guidelines.
(1) Measurement of
Income. – The income to be used shall be as has or would be
reported on State Form RI-1040H (RI Property Tax Relief Claim)
as “Total 20XX Household
Income.”
(2) Calculation of
Credit. – The annual credit to be applied shall be as determined by the
following income thresholds and credit amounts:
Total Household Age
Age Age Age
65
to 70 71 to 75 76 to 80 81 and Over
$25,000 and above
$600 $600 $600
$600
$20,000 to $24,999
$700 $800 $900
$1,000
$17,500 to $19,999
$800 $900 $1,000
$1,100
$15,000 to $17,499
$900 $1,000 $1,100
$1,200
$14,999 and below
$1,000 $1,100 $1,200
$1,300
(b) In order to
qualify for this credit, the applicant shall be a town resident who shall own
and reside on the real estate where the credit is to be
applied as of the time of the application for
the credit and also for a period of not less than five
(5) calendar years immediately preceding the
application.
(c) In order to
qualify for the credit established by this section, a person must be sixty-
five (65) years of age on or before December 31 of the
year preceding the year in which the tax is
due and payable.
(d) The credit
provided by this section shall be applied to the tax roll by the tax assessor
of the town of
shall apply on or before April 15 of each year, except for
the year of enactment, that date to be
determined by the tax assessor. Such application shall be in a
form prescribed by the tax assessor.
(e) This credit shall
be in addition to any and all other exemptions from taxation to which
such person may be otherwise entitled; provided, however,
that only one credit shall be permitted
for each parcel of property whether or not there be one
or more owners eligible for such credit.
(f) When property is
held in trust, the settler, beneficiary, and trust are not eligible for the
additional credit provided by this section. A trustee-occupier
of the residence would be eligible if
all other requirements are met.
SECTION 2. This act shall take effect upon passage.
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LC02383/SUB A
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