AB 1227

This bill creates a refundable income tax credit equal to 75 percent of the property taxes paid on the principal dwelling of an individual who is at least 65 years of age if the individual’s annual household income is no more than $24,500 and the assessed value of the individual’s principal dwelling is no more than $300,000. An individual who claims a credit under the bill may not claim the school property tax credit, the veterans and surviving spouses property tax credit, the farmland preservation credit, or the homestead credit.

Because the credit is refundable, if the amount of the claim for which a claimant is eligible exceeds the claimant’s tax liability, the difference will be paid to the claimant by check.