Relates to increasing the maximum real property tax circuit breaker tax credit

2 Co-sponsors

• Ruth Hassell-Thompson
• Antoine M. Thompson

Title of bill

An act to amend the tax law, in relation to increasing the maximum real property tax circuit breaker credit

Purpose or general idea of bill

To enable elderly and moderate income homeowners and renters to receive a real property tax credit or rebate that is reflective of current living costs and trends. The "circuit breaker" credit has not been increased since 1987.

Summary of specific provisions

In accordance with various provisions of the state tax law, the bill doubles the allowable "circuit breaker" tax credit for homeowners and renters.

Justification

Tax credits or rebates are provided to homeowners and renters who are paying a disproportionate amount on housing expenses in relation to their household income. The current tax credit/rebate is not proportionate to existing cost of living expenses, as it has not been increased since 1987. Individuals may file for a "circuit-breaker" credit on their annual income Tax Form IT-214, and may also qualify for a rebate without paying income tax.

Prior legislative history

2008 - S.4774 - Died in Committee 2006 - S.7470 - Died in Committee

Fiscal implications

This measure reduces state revenues by approximately $32 million annually.

Effective date

This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2011.