SB 715 - This act authorizes a taxing jurisdiction to grant a property tax credit to eligible taxpayers residing in such taxing district, provided such taxing jurisdiction has adopted an ordinance authorizing such credit, or a petition in support of such credit is submitted to and approved by the voters, as described in the act. Eligible taxpayers are defined as residents who: 1) are at least 65 years of age; 2) are the owner of record of or have a legal or equitable interest in a homestead; 3) have an income of less than $65,000 if filing single, married filing separate, or head of household, or $130,000 if filing married combined; and 4) are liable for the payment of real property taxes on such homestead.
The amount of the property tax credit shall be equal to the difference between the real property tax liability on the homestead in a given year minus the real property tax liability on such homestead in the year in which the eligible taxpayer turned 65.
A credit granted pursuant to this act shall be applied when calculating the eligible taxpayer's property tax liability for the tax year. The amount of the credit shall be noted on the statement of tax due sent to the eligible taxpayer by the county collector.
This act is substantially similar to a provision in SS#2/SCS/SB 649 (2022).
JOSH NORBERG