Revises statutes implementing certain property tax relief programs pursuant to recommendations promulgated by Stay NJ Task Force.
Individual income tax: property tax credit; credit for disabled veterans or widow or widower of disabled veterans who rent or lease a homestead; increase. Amends secs. 506, 520, 522 & 530 of 1967 PA 281 (MCL 206.506 et seq.).
Advanced homestead credit refund for seniors process and credit establishment provision
House Substitute for SB 300 by Committee on Taxation - Modifying income tax rates for individuals, increasing the standard deduction and the Kansas personal exemption, increasing the income limit for an income tax subtraction modification for social security income, increasing the extent of property tax exemption for residential property from the statewide school levy, decreasing the privilege tax normal tax rate, abolishing the local ad valorem tax reduction fund and the county and city revenue sharing fund, providing for certain transfers to the special city and county highway fund and decreasing the rate of ad valorem tax imposed by a school district.
Including homestead renters as eligible to participate in certain homestead property tax refund claims.
Including homestead renters as eligible to participate in certain homestead property tax refund claims.
In State funds formula, further providing for certification and calculation of minimum and maximum modifiers and for Property Tax Relief Reserve Fund, providing for senior citizen tax relief and further providing for State property tax reduction allocation.
Revises criteria to establish base year for homestead property tax reimbursement after relocation.