SS/SCS/SB 756 - Current law authorizes a property tax credit for certain seniors who are eligible for Social Security retirement benefits. This act modifies the definition of "eligible credit amount" and adds a definition of "initial credit year". This act also modifies the definition of "eligible taxpayer" by providing that a taxpayer shall be 62 years of age or older, rather than eligible for Social Security retirement benefits. This act also provides that an ordinance authorizing a property tax credit that is adopted by a county shall not preclude such ordinance from being subsequently amended or superseded by a petition adopted pursuant to the act.
This act also provides that the real property tax liability for the eligible taxpayer's initial credit year shall be increased to reflect the real property tax liability attributable to any new construction and improvements made to the taxpayer's homestead in addition to any property tax liability owed to a taxing jurisdiction that has annexed the taxpayer's homestead subsequent to the taxpayer's initial credit year.
Finally, this act requires that a county granting a tax credit shall notify each political subdivision within such county of the total credit amount applicable to such political subdivision by no later than November 30th of each year.
This act is substantially similar to HCS/HBs 2432, 2482 & 2543 (2024) and HB 2435 (2024), and is similar to SB 880 (2024) and HB 1856 (2024).
JOSH NORBERG