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 | |
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Introduced By: Senators Ujifusa, Mack, Gu, Ciccone, Lawson, Kallman, Miller, | |
Date Introduced: January 12, 2024 | |
Referred To: Senate 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% 5% |
14 | $12001-15000 6% 5% |
15 | $15001-35000 50000 6% 6% |
16 | (2) The maximum amount of the credit granted under this chapter will be as follows: |
17 | Year Credit Maximum |
18 | Commencing July 1977 $ 55.00 |
19 | Commencing July 1978 $150.00 |
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1 | Commencing July 1979 $175.00 |
2 | Commencing July 1980 $200.00 |
3 | Commencing on July 1997 and subsequent years $250.00 |
4 | Commencing on July 2006 $300.00 |
5 | Commencing July 2007 and subsequent tax years ending on or before December 31, 2021, |
6 | the credit shall be increased, at a minimum, to the maximum amount to the nearest five dollars |
7 | ($5.00) increment within the allocation of five one-hundredths of one percent (0.05%) of net |
8 | terminal income derived from video lottery games up to a maximum of five million dollars |
9 | ($5,000,000) until a maximum credit of five hundred dollars ($500) is obtained pursuant to the |
10 | provisions of § 42-61-15. In no event shall the exemption in any fiscal year be less than the prior |
11 | fiscal year. |
12 | For tax years beginning on or after January 1, 2022, the maximum credit shall be six |
13 | hundred dollars ($600). |
14 | For tax years beginning on or after January 1, 2025, the maximum credit shall be eight |
15 | hundred fifty dollars ($850). |
16 | For tax years beginning on or after January 1, 2023, the income range provided pursuant |
17 | to subsection (1) of this section and the maximum credit granted pursuant to subsection (2) of this |
18 | section shall be adjusted by the percentage increase in the Consumer Price Index for all Urban |
19 | Consumers (CPI-U) as published by the United States Department of Labor Statistics determined |
20 | as of September 30 of the prior calendar years. Said adjustment shall be compounded annually and |
21 | shall be rounded up to the nearest five dollar ($5.00) increment. In no event shall the income range |
22 | or the maximum credit in any tax year be less than the prior tax year. |
23 | SECTION 2. This act shall take effect upon passage. |
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LC003667 | |
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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 increase the income range up to fifty thousand dollars ($50,000) and tax |
2 | credit up to eight hundred fifty dollars ($850), for elderly and disabled persons who own or rent |
3 | their homes. |
4 | This act would take effect upon passage. |
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