Utah 2023 Regular Session

Utah House Bill HB0260

Introduced
1/23/23  
Refer
2/7/23  
Report Pass
2/9/23  
Engrossed
2/17/23  
Refer
2/17/23  
Report Pass
2/24/23  

Caption

Property Tax Income Requirements

Impact

If enacted, HB 0260 would amend existing statutes related to homeowner's and renter's tax credits, thus directly impacting state laws that govern property tax relief. The modifications to income limits reflect a strategic effort to align these credits with the cost of living, ensuring that assistance scales appropriately with financial realities faced by residents. This could lead to increased participation in the tax relief programs and ultimately support housing stability for those who qualify, particularly in light of rising living costs.

Summary

House Bill 0260 is a legislative proposal aimed at modifying certain provisions within the Property Tax Act of Utah. The primary focus of this bill is to increase the income limits for claimants eligible for both homeowner's and renter's credits. By adjusting these income thresholds, the bill seeks to extend financial relief to a broader demographic, particularly benefiting households with lower to moderate incomes. The adjustments proposed would not only serve to alleviate financial burdens but also allow for a more equitable approach to property taxation in the state.

Sentiment

General sentiment around HB 0260 appears to be supportive, particularly among advocates for affordable housing and economic equity. Lawmakers discussing the bill emphasize the necessity of increasing access to housing assistance programs. However, there may be opposing views regarding the budgetary implications of increased tax credits and how these changes would affect state revenue. Advocates claim the adjustments serve a critical social purpose, while opponents may raise concerns over the strain on the state's financial resources.

Contention

Notable points of contention may arise concerning the long-term fiscal impacts of these tax credit expansions on state funding and programs. While proponents argue for enhanced support for vulnerable populations, opponents might question whether the state can sustain these expanded credits amidst budget constraints. Additionally, there could be debates surrounding the retrospective application of the proposed changes, particularly how they would affect previous fiscal years and the implications for future budgeting.

Companion Bills

No companion bills found.

Previously Filed As

UT SB0250

Property Tax Income Requirements

UT HB0020

Property Tax Code Recodification

UT SB0197

Property Tax Amendments

UT HB0401

Property Tax Relief Amendments

UT SB0224

Property Tax Relief Modifications

UT HB0454

Property Tax Requirements

UT HB0066

Property Tax Relief Amendments

UT HB0444

Income Tax Revisions

UT HB0060

State Tax Amendments

UT SB0081

Property Tax Deferral Revisions

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