SB 615 – Modifies provisions of the Homestead Preservation Exemption Tax Credit Program

• Sponsor: Callahan
• LR Number: 2531S.01I
• Committee: Ways & Means
• Last Action: 3/1/2007 - Second Read and Referred S Ways & Means Committee
• Journal Page: S387
• Effective Date: August 28, 2007

Current Bill Summary

SB 615 - This act requires the director of the Department of Revenue to calculate the levels of appropriation necessary to set the homestead exemption limit anywhere between one hundredth of one percent and five percent for reassessment years and one hundredth of one percent and two and a half percent for non-reassessment years. In doing so, the General Assembly could appropriate sufficient funds to offset any increase in property tax liability experienced by eligible taxpayers in a given year.

JASON ZAMKUS