Rhode Island House Bill H7208

Rhode Island 2024 Regular Session

• Introduced: 1/17/24
• Refer: 1/17/24

Caption

Increases the income range up to fifty thousand dollars ($50,000) and tax credit up to eight hundred fifty dollars ($850), for elderly and disabled persons who own or rent their homes.

Impact

The amendments proposed by HB 7208 are expected to positively impact the financial situation of elderly and disabled property owners and renters. By aligning the income thresholds with inflation and making the tax credits more accessible, the bill supports economic stability within these communities. This change holds potential benefits in enhancing the quality of life and reducing financial strain due to housing costs, which often disproportionately affect these groups.

Summary

House Bill 7208, introduced in January 2024, proposes amendments to existing property tax relief measures. This bill specifically seeks to increase the income eligibility threshold for claiming tax credits on property taxes to fifty thousand dollars ($50,000) per year. Additionally, it raises the maximum tax credit available to qualifying individuals—those who are elderly or disabled—up to eight hundred fifty dollars ($850). The bill aims to provide more substantial financial relief to lower-income households in these vulnerable categories, thereby facilitating better housing affordability and support.

Contention

There are likely points of contention surrounding the enactment of HB 7208. Critics might argue that increasing tax credits without corresponding state revenue adjustments could create budgetary pressures. Concerns may also arise about the sustainability of such tax reliefs, particularly as the population demographics evolve, with growing numbers of elderly and disabled individuals requiring support. Some legislators may express worries about the long-term implications on state funding for other critical services, which could lead to debates during legislative discussions.