If enacted, HB 7816 would modify the definitions and eligibility criteria for receiving property tax relief under Chapter 44-33 of the General Laws of Rhode Island. It specifically includes individuals receiving federal disability benefits among the definitions of 'disabled.' This change would expand the pool of beneficiaries eligible for relief, potentially impacting the local economy by allowing these individuals to allocate resources towards other necessities rather than overwhelming property tax obligations.
Summary
House Bill 7816 focuses on property tax relief for certain demographics in Rhode Island. Specifically, it proposes amendments to existing state laws regarding property taxes to provide financial relief to homeowners and renters who are 65 years or older, as well as those who are disabled. The bill is intended to help alleviate the financial burden of property taxes for these vulnerable populations, acknowledging the additional challenges they face.
Contention
There may be points of contention surrounding HB 7816, particularly regarding the bill's fiscal implications for local governments. Discussion may arise concerning whether the expanded definitions could lead to significant revenue losses for municipalities that rely heavily on property taxes. Additionally, the bill's supporters argue that the financial support is essential for enhancing quality of life for senior citizens and disabled individuals, while opponents may question the sustainability of such relief measures in the context of overall state revenue.
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.
Excluding social security payments from household income and expanding eligibility related to increased property tax homestead property tax refund claims.
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.).