Introduced
by
To allow a property tax credit for persons over the age of 65 on that portion of their annual property tax bill which exceeds 3% of the household income. The maximum credit available would be initially capped at $1200, but would be permitted to rise annually with the rate of inflation. Present law allows a similar tax break for property taxes which exceed 3.5% of household income, and makes no allowance for adjusting the $1200 cap upwards with the inflation rate.
Referred to the Committee on Tax Policy
