Increasing the maximum income, maximum property taxes, and threshold income under the homestead tax credit and indexing the credit for inflation. (FE)

What it would have done

Summary by the Legislative Reference Bureau, the Legislature's nonpartisan drafting office. It's their wording, not ours.

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.

Who's behind it

22 lawmakers are its authors⁠. All 22 are Democrats.

7 more lawmakers signed on in support⁠.

What it would cost

State agencies filed a cost estimate. Each opens as a PDF from the Legislature.

• Fiscal Estimate From DOR