2018 -- S 2195

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LC004129

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2018

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A N   A C T

RELATING TO TAXATION - PROPERTY TAX RELIEF

     

     Introduced By: Senators Lynch Prata, Coyne, Gallo, Lombardi, and Conley

     Date Introduced: February 01, 2018

     Referred To: Senate Finance

     It is enacted by the General Assembly as follows:

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     SECTION 1. Section 44-33-9 of the General Laws in Chapter 44-33 entitled "Property

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Tax Relief" is hereby amended to read as follows:

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     44-33-9. Computation of credit.

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     The amount of any claim made pursuant to this chapter shall be determined as follows:

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     (1) For any taxable year, a claimant is entitled to a credit against his or her tax liability

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equal to the amount by which the property taxes accrued or rent constituting property taxes

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accrued upon the claimant's homestead for the taxable year exceeds a certain percentage of the

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claimant's total household income for that taxable year, which percentage is based upon income

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level and household size. The credit shall be computed in accordance with the following table:

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Income Range 1 Person 2 or More Persons

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less than $6000 3% 3%

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$6001-9000 4% 4%

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$9001-12000 5% 5%

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$12001-15000 6% 5%

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$15001-30000 35000 6% 6%

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     (2) The maximum amount of the credit granted under this chapter will be as follows:

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Year Credit Maximum

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Commencing July 1977 $55.00

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Commencing July 1978 $150.00

 

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Commencing July 1979 $175.00

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Commencing July 1980 $200.00

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Commencing on July 1997 and subsequent years $250.00

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Commencing on July 2006 $300.00

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     Commencing July 2007 and subsequent years, until June 30, 2019 the credit shall be

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increased, at a minimum, to the maximum amount to the nearest five dollars ($5.00) increment

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within the allocation of five one-hundredths of one percent (0.05%) of net terminal income

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derived from video lottery games up to a maximum of five million dollars ($5,000,000) until a

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maximum credit of five hundred dollars ($500) is obtained pursuant to the provisions of ยง 42-61-

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15. In no event shall the exemption in any fiscal year be less than the prior fiscal year.

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Commencing July 2019 $750.00

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     SECTION 2. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO TAXATION - PROPERTY TAX RELIEF

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     This act would amend the law on property tax relief extended to elderly and/or disabled

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persons by eliminating the lowest income range of six thousand dollars ($6,000), increasing the

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income range from thirty thousand dollars ($30,000) to thirty-five thousand dollars ($35,000) and

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increasing the maximum credit amount for property tax relief to seven hundred fifty dollars

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($750). In addition, it would eliminate the credit derived from video lottery terminals.

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     This act would take effect upon passage.

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