SB 1019 - For all tax years beginning on or after January 1, 2021, this act authorizes a tax credit for certain senior citizens and disabled individuals who experience an increase in the property tax liability on a homestead owned by such taxpayer. To be eligible, the taxpayer shall be at least sixty-five years old or be disabled and have an income equal to or less than $125,000, adjusted annually for inflation, and shall own a homestead, as defined in the act. The tax credit authorized by this act shall be equal to the amount by which the property tax liability exceeds the homestead exemption limit. The homestead exemption limit shall be the property tax liability of the taxpayer in the 2020 calendar year or the calendar year in which the taxpayer first becomes eligible for a tax credit under the act, whichever is later. To receive the tax credit, taxpayers shall apply to the Department of Revenue, and such application shall include the taxpayer's age, address, and copies of receipts indicating payment of property tax for the homestead for the three prior tax years.
A taxpayer shall not claim a tax credit under this act if such taxpayer has claimed the Senior Citizen Property Tax Relief Credit (Circuit Breaker) for the same tax year.
The tax credit authorized under this act shall be refundable, but shall not be transferred, sold, or assigned.
This act shall sunset on August 28, 2026, unless reauthorized by the General Assembly.
JOSH NORBERG