Chapter 330

2006 -- S 2219 SUBSTITUTE A

Enacted 07/04/06

 

A N  A C T

RELATING TO TAXATION - PROPERTY TAX RELIEF

          

     Introduced By: Senators Felag, Badeau, Ciccone, McBurney, and Doyle

     Date Introduced: January 31, 2006

 

It is enacted by the General Assembly as follows:

 

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

Tax Relief" is hereby amended to read as follows:

 

     44-33-9. Computation of credit. -- The amount of any claim made pursuant to this

chapter is determined as follows: (1) For any taxable year, a claimant is entitled to a credit

against his or her tax liability equal to the amount by which the property taxes accrued or rent

constituting property taxes accrued upon the claimant's homestead for the taxable year exceeds a

certain percentage of the claimant's total household income for that taxable year, which

percentage is based upon income level and household size. The credit is computed in accordance

with the following table.

     Income Range                                                   1 Person                   2 or More Persons

     less than $6000                                                        3%                             3%

     $6001-9000                                                              4%                             4%

     $9001-12000                                                            5%                             5%

     $12001-15000                                                          6%                             5%

     $15001-30000                                                          6%                             6%

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

     Year                                                                          Credit Maximum

     Commencing July 1977                                                            $55.00

     Commencing July 1978                                                            $150.00

     Commencing July 1979                                                            $175.00

     Commencing July 1980                                                            $200.00

     Commencing on July 1997                                                        $250.00

     and subsequent years

     Commencing July 2006                                                             $300.00

     Commencing July 2007 and subsequent years, the credit shall be increased, at a

minimum, to the maximum amount to the nearest five dollars ($5.00) increment within the

allocation of five one-hundredths of one percent (0.05%) of net terminal income derived from

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

of five hundred dollars ($500) is obtained pursuant to the provisions of section 42-61-15. In no

event shall the exemption in any fiscal year be less than the prior fiscal year.

 

     SECTION 2. This act shall take effect upon passage.

     

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LC01121/SUB A

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