AB 350

Under this bill, for claims filed in 2018 and thereafter, the homestead tax credit

maximum property taxes or rent constituting property taxes that a claimant may use

in calculating his or her credit are increased from $1,460 to $1,976, the maximum

income is increased from $24,680 to $33,389, and the threshold income is increased

from $8,000 to $10,902. The maximum credit is also increased from $1,168 to $1,581.

Under the formula as calculated under the bill, as a claimant's income exceeds

$10,902, the credit is phased out until the credit equals zero when income exceeds

$33,389. Under this bill, using the formula in the bill (80 percent of the property

taxes accrued or rent constituting property taxes accrued) for claimants whose

household income is $10,902 or less, the credit that may be claimed ranges from $10

to $1,581. Also under the bill, the homestead tax credit formula factors are all

indexed for inflation for taxable year 2018 and beyond.