HB0632 Scheve, May

P R E F I L E D

HB 632 -- Circuit Breaker

This bill provides for 4 additional years of annual increases in the "maximum upper limit" and the "minimum base" used to determine eligibility for and the amount of an income tax credit for property taxes paid by low and moderate-income senior citizens. Annual increases of $500 in the program's maximum income eligibility standard are slated under current law to expire on December 31, 1992. This bill extends the annual increases through December 31, 1997. Annual increases in the "minimum base" income level, below which taxpayers receive a full rather than partial credit for the property taxes they pay, are also due to cease after December 31, 1992. This bill extends such annual increases through December 31, 1997.

The bill will become effective January 1, 1996, and apply to taxable years beginning after December 31, 1995.