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2008 -- H 7275 | |
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LC00917 | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2008 | |
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A N A C T | |
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RELATING TO TAXATION -- PROPERTY TAX RELIEF | |
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Introduced By: Representative Peter F. Kilmartin | |
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Date Introduced: January 29, 2008 | |
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Referred To: House Finance | |
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It is enacted by the General Assembly as follows: | |
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SECTION 1. Section 44-33-9 of the General Laws in Chapter 44-33 entitled "Property |
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Tax Relief" is hereby amended to read as follows: |
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44-33-9. Computation of credit. -- The amount of any claim made pursuant to this |
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chapter shall be determined as follows: (1) For any taxable year, a claimant is entitled to a credit |
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against his or her tax liability equal to the amount by which the property taxes accrued or rent |
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constituting property taxes accrued upon the claimant's homestead for the taxable year exceeds a |
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certain percentage of the claimant's total household income for that taxable year, which |
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percentage is based upon income level and household size. The credit shall be computed in |
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accordance with the following table: |
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Income Range 1 Person 2 or More Persons |
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less than $6000 3% 3% |
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$6001-9000 4% 4% |
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$9001-12000 5% 5% |
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$12001-15000 6% 5% |
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$15001-30000 6% 6% |
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Commencing July 1, 2008 |
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$15001 – 32000 6% 6% |
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Commencing July 1, 2009 |
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$15001 – 33000 6% 6% |
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Commencing July 1, 2010 |
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$15001 – 34000 6% 6% |
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Commencing July 1, 2011 |
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$15001 – 35000 6% 6% |
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(2) The maximum amount of the credit granted under this chapter will be as follows: |
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Year Credit Maximum |
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Commencing July 1977 $ 55.00 |
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Commencing July 1978 $150.00 |
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Commencing July 1979 $175.00 |
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Commencing July 1980 $200.00 |
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Commencing on July 1997 $250.00 |
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and subsequent years |
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Commencing on July 2006 $300.00 |
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Commencing July |
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minimum, to the maximum amount to the nearest five dollars ($5.00) increment within the |
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allocation of five one-hundredths of one percent (0.05%) of net terminal income derived from |
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video lottery games up to a maximum of five million dollars ($5,000,000) until a maximum credit |
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of five hundred dollars ($500) is obtained pursuant to the provisions of section 42-61-15. In no |
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event shall the exemption in any fiscal year be less than the prior fiscal year. |
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SECTION 2. This act shall take effect upon passage. |
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LC00917 | |
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EXPLANATION | |
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BY THE LEGISLATIVE COUNCIL | |
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OF | |
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A N A C T | |
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RELATING TO TAXATION -- PROPERTY TAX RELIEF | |
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This act would increase the income limit for persons claiming the property tax credit thus |
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increasing the amount of the credit available. |
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This act would take effect upon passage. |
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LC00917 | |
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