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| 4 | 4 | | |
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| 5 | 5 | | 2025 -- H 5194 |
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| 6 | 6 | | ======== |
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| 7 | 7 | | LC000541 |
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| 8 | 8 | | ======== |
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| 9 | 9 | | S T A T E O F R H O D E I S L A N D |
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| 10 | 10 | | IN GENERAL ASSEMBLY |
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| 11 | 11 | | JANUARY SESSION, A.D. 2025 |
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| 12 | 12 | | ____________ |
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| 13 | 13 | | |
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| 14 | 14 | | A N A C T |
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| 15 | 15 | | RELATING TO TAXATION -- PROPERTY TAX RELIEF |
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| 16 | 16 | | Introduced By: Representatives Cotter, Spears, Donovan, Speakman, Fogarty, Bennett, |
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| 17 | 17 | | Dawson, Casimiro, Morales, and Potter |
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| 18 | 18 | | Date Introduced: January 24, 2025 |
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| 19 | 19 | | Referred To: House Finance |
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| 20 | 20 | | |
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| 21 | 21 | | |
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| 22 | 22 | | It is enacted by the General Assembly as follows: |
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| 23 | 23 | | SECTION 1. Section 44-33-9 of the General Laws in Chapter 44-33 entitled "Property Tax 1 |
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| 24 | 24 | | Relief" is hereby amended to read as follows: 2 |
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| 25 | 25 | | 44-33-9. Computation of credit. 3 |
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| 26 | 26 | | The amount of any claim made pursuant to this chapter shall be determined as follows: 4 |
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| 27 | 27 | | (1) For any taxable year, a claimant is entitled to a credit against his or her tax liability 5 |
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| 28 | 28 | | equal to the amount by which the property taxes accrued or rent constituting property taxes accrued 6 |
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| 29 | 29 | | upon the claimant’s homestead for the taxable year exceeds a certain percentage of the claimant’s 7 |
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| 30 | 30 | | total household income for that taxable year, which percentage is based upon income level and 8 |
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| 31 | 31 | | household size. The credit shall be computed in accordance with the following table: 9 |
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| 32 | 32 | | Income Range 1 Person 2 or More Persons 10 |
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| 33 | 33 | | less than $6000 3% 3% 11 |
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| 34 | 34 | | $6001-9000 4% 4% 12 |
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| 35 | 35 | | $9001-12000 5% 5% 13 |
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| 36 | 36 | | $12001-15000 6% 5% 14 |
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| 37 | 37 | | $15001-35000 50000 6% 6% 15 |
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| 38 | 38 | | (2) The maximum amount of the credit granted under this chapter will be as follows: 16 |
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| 39 | 39 | | Year Credit Maximum 17 |
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| 40 | 40 | | Commencing July 1977 $ 55.00 18 |
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| 41 | 41 | | Commencing July 1978 $150.00 19 |
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| 42 | 42 | | |
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| 43 | 43 | | |
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| 44 | 44 | | LC000541 - Page 2 of 3 |
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| 45 | 45 | | Commencing July 1979 $175.00 1 |
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| 46 | 46 | | Commencing July 1980 $200.00 2 |
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| 47 | 47 | | Commencing on July 1997 and subsequent years $250.00 3 |
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| 48 | 48 | | Commencing on July 2006 $300.00 4 |
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| 49 | 49 | | Commencing July 2007 and subsequent tax years ending on or before December 31, 2021, 5 |
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| 50 | 50 | | the credit shall be increased, at a minimum, to the maximum amount to the nearest five dollars 6 |
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| 51 | 51 | | ($5.00) increment within the allocation of five one-hundredths of one percent (0.05%) of net 7 |
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| 52 | 52 | | terminal income derived from video lottery games up to a maximum of five million dollars 8 |
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| 53 | 53 | | ($5,000,000) until a maximum credit of five hundred dollars ($500) is obtained pursuant to the 9 |
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| 54 | 54 | | provisions of § 42-61-15. In no event shall the exemption in any fiscal year be less than the prior 10 |
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| 55 | 55 | | fiscal year. 11 |
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| 56 | 56 | | For tax years beginning on or after January 1, 2022, the maximum credit shall be six 12 |
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| 57 | 57 | | hundred dollars ($600). 13 |
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| 58 | 58 | | For tax years beginning on or after January 1, 2026, the maximum credit shall be eight 14 |
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| 59 | 59 | | hundred fifty dollars ($850). 15 |
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| 60 | 60 | | For tax years beginning on or after January 1, 2023, the income range provided pursuant 16 |
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| 61 | 61 | | to subsection (1) of this section and the maximum credit granted pursuant to subsection (2) of this 17 |
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| 62 | 62 | | section shall be adjusted by the percentage increase in the Consumer Price Index for all Urban 18 |
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| 63 | 63 | | Consumers (CPI-U) as published by the United States Department of Labor Statistics determined 19 |
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| 64 | 64 | | as of September 30 of the prior calendar years. Said adjustment shall be compounded annually and 20 |
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| 65 | 65 | | shall be rounded up to the nearest five dollar ($5.00) increment. In no event shall the income range 21 |
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| 66 | 66 | | or the maximum credit in any tax year be less than the prior tax year. 22 |
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| 67 | 67 | | SECTION 2. This act shall take effect upon passage. 23 |
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| 68 | 68 | | ======== |
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| 69 | 69 | | LC000541 |
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| 70 | 70 | | ======== |
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| 71 | 71 | | |
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| 72 | 72 | | |
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| 73 | 73 | | LC000541 - Page 3 of 3 |
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| 74 | 74 | | EXPLANATION |
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| 75 | 75 | | BY THE LEGISLATIVE COUNCIL |
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| 76 | 76 | | OF |
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| 77 | 77 | | A N A C T |
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| 78 | 78 | | RELATING TO TAXATION -- PROPERTY TAX RELIEF |
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| 79 | 79 | | *** |
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| 80 | 80 | | This act would increase the income range up to fifty thousand dollars ($50,000) and tax 1 |
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| 81 | 81 | | credit up to eight hundred fifty dollars ($850), for elderly and disabled persons who own or rent 2 |
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| 82 | 82 | | their homes. 3 |
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| 83 | 83 | | This act would take effect upon passage. 4 |
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| 84 | 84 | | ======== |
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| 85 | 85 | | LC000541 |
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| 86 | 86 | | ======== |
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