2024 -- S 2063

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LC003667

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2024

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A N   A C T

RELATING TO TAXATION -- PROPERTY TAX RELIEF

     

     Introduced By: Senators Ujifusa, Mack, Gu, Ciccone, Lawson, Kallman, Miller,
Valverde, Murray, and Pearson

     Date Introduced: January 12, 2024

     Referred To: Senate Finance

     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 Tax

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Relief" is hereby amended to read as follows:

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     44-33-9. Computation of credit.

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     The amount of any claim made pursuant to this chapter shall be determined as follows:

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     (1) For any taxable year, a claimant is entitled to a credit against his or her tax liability

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equal to the amount by which the property taxes accrued or rent constituting property taxes accrued

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upon the claimant’s homestead for the taxable year exceeds a certain percentage of the claimant’s

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total household income for that taxable year, which percentage is based upon income level and

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household size. The credit shall be computed in 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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     $15001-35000 50000 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 and subsequent years $250.00

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     Commencing on July 2006 $300.00

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     Commencing July 2007 and subsequent tax years ending on or before December 31, 2021,

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the credit shall be increased, at a minimum, to the maximum amount to the nearest five dollars

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($5.00) increment within the allocation of five one-hundredths of one percent (0.05%) of net

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terminal income derived from video lottery games up to a maximum of five million dollars

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($5,000,000) until a maximum credit of five hundred dollars ($500) is obtained pursuant to the

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provisions of § 42-61-15. In no event shall the exemption in any fiscal year be less than the prior

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fiscal year.

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     For tax years beginning on or after January 1, 2022, the maximum credit shall be six

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hundred dollars ($600).

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     For tax years beginning on or after January 1, 2025, the maximum credit shall be eight

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hundred fifty dollars ($850).

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     For tax years beginning on or after January 1, 2023, the income range provided pursuant

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to subsection (1) of this section and the maximum credit granted pursuant to subsection (2) of this

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section shall be adjusted by the percentage increase in the Consumer Price Index for all Urban

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Consumers (CPI-U) as published by the United States Department of Labor Statistics determined

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as of September 30 of the prior calendar years. Said adjustment shall be compounded annually and

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shall be rounded up to the nearest five dollar ($5.00) increment. In no event shall the income range

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or the maximum credit in any tax year be less than the prior tax year.

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     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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     This act would increase the income range up to fifty thousand dollars ($50,000) and tax

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credit up to eight hundred fifty dollars ($850), for elderly and disabled persons who own or rent

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their homes.

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     This act would take effect upon passage.

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