2015 House Bill 4370 ↩

House Roll Call 376: Passed

To earmark $600 million in state income tax revenue to road repairs starting in 2020, and smaller amounts starting in 2018. This would reduce the rate of increase in other state spending. Also, to raise the household income limit on eligibility for a "homestead property tax credit" that homeowners and renters can claim on their state income tax, from $50,000 to $60,000. Also, to slightly increase the value of the credit; raise the maximum credit amount from $1,200 to $1,500; reduce the "property taxes as a percentage of household resources" limit used in calculating the amount of a taxpayer's credit; and index these dollar amounts to inflation. The homestead credit reduces a person's state income tax liability based their principle residence property tax payments. The bill is intended to offset around $200 million of the $600 million of gas tax and vehicle registration tax hikes included in a House road funding proposal.