2019 -- S 0436 | |
======== | |
LC000801 | |
======== | |
STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2019 | |
____________ | |
A N A C T | |
RELATING TO TAXATION -- PROPERTY TAX RELIEF | |
| |
Introduced By: Senator Erin Lynch Prata | |
Date Introduced: February 27, 2019 | |
Referred To: Senate Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Section 44-33-9 of the General Laws in Chapter 44-33 entitled "Property |
2 | Tax Relief" is hereby amended to read as follows: |
3 | 44-33-9. Computation of credit. |
4 | The amount of any claim made pursuant to this chapter shall be determined as follows: |
5 | (1) For any taxable year, a claimant is entitled to a credit against his or her tax liability |
6 | equal to the amount by which the property taxes accrued or rent constituting property taxes |
7 | accrued upon the claimant's homestead for the taxable year exceeds a certain percentage of the |
8 | claimant's total household income for that taxable year, which percentage is based upon income |
9 | level and household size. The credit shall be computed in accordance with the following table: |
10 | Income Range 1 Person 2 or More Persons |
11 | less than $6000 3% 3% |
12 | $6001-9000 4% 4% |
13 | $9001-12000 5% 5% |
14 | $12001-15000 6% 5% |
15 | $15001-30000 35000 6% 6% |
16 | (2) The maximum amount of the credit granted under this chapter will be as follows: |
17 | Year Credit Maximum |
18 | Commencing July 1977 $55.00 |
19 | Commencing July 1978 $150.00 |
| |
1 | Commencing July 1979 $175.00 |
2 | Commencing July 1980 $200.00 |
3 | Commencing on July 1997 and subsequent years $250.00 |
4 | Commencing on July 2006 $300.00 |
5 | Commencing July 2007 and subsequent years, until June 30, 2020 the credit shall be |
6 | increased, at a minimum, to the maximum amount to the nearest five dollars ($5.00) increment |
7 | within the allocation of five one-hundredths of one percent (0.05%) of net terminal income |
8 | derived from video lottery games up to a maximum of five million dollars ($5,000,000) until a |
9 | maximum credit of five hundred dollars ($500) is obtained pursuant to the provisions of ยง 42-61- |
10 | 15. In no event shall the exemption in any fiscal year be less than the prior fiscal year. |
11 | Commencing on July 2020 $750.00 |
12 | SECTION 2. This act shall take effect upon passage. |
======== | |
LC000801 | |
======== | |
| LC000801 - Page 2 of 3 |
EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO TAXATION -- PROPERTY TAX RELIEF | |
*** | |
1 | This act would amend the law on property tax relief extended to elderly and/or disabled |
2 | persons by eliminating the lowest income range of six thousand dollars ($6,000), increasing the |
3 | income range from thirty thousand dollars ($30,000) to thirty-five thousand dollars ($35,000) and |
4 | increasing the maximum credit amount for property tax relief to seven hundred fifty dollars |
5 | ($750). In addition, it would eliminate the credit derived from video lottery terminals. |
6 | This act would take effect upon passage. |
======== | |
LC000801 | |
======== | |
| LC000801 - Page 3 of 3 |