HB772--CIRCUITBREAKER
SPONSOR: Allen
Currently,ataxcreditisofferedtoeligibleseniorcitizensand
disabledindividualsforaportionoftherealestatetaxesorrent
theyhavepaidfortheyear.Thecreditisforamaximumof$750
forrentersand$1,100forownerswhooccupiedtheirhome.The
actualcreditisbasedontheamountofrealestatetaxesorrent
paidandtotalhouseholdincome.
BeginningJanuary1,2026,thetaxcreditforrentersshallbe
increasedto$1,055.Forhomeowners,thetaxcreditshallbe
increasedto$1,550.BeginningJanuary1,2027,thesetotalsshall
beincreasedannuallyforinflation.
Thisbillalsoincreasesthemaximumupperlimitsofqualifying
incomeforbothrentersandhomeowners. BeginningJanuary1,2026,
thefollowingmaximumupperlimitsshallbeestablished:
(1)Foranunmarriedrenter,$38,200;foramarriedrenter,
$41,000;and
(2)Foranunmarriedhomeowner,$42,200;foramarriedhomeowner,
$48,000.
BeginningJanuary1,2027,thesetotalsshallbeincreasedannually
forinflation.
Thisbillalsogivesqualifyingtaxpayersalargerreimbursementof
thetaxcreditbyincreasingtheincrementalphaseoutfrom$300to
$495.
ThisbillisthesameasHB1134(2023)andsimilartoHB135
(2023).