Section 1 of the bill creates a refundable income tax credit (credit) that is available for the income tax year commencing on January 1, 2022, for a qualifying senior, which means an individual who: • Is 65 years of age or older at the end of 2022; • Has federal adjusted gross income (AGI) that is less than or equal to $75,000; and
• Has not claimed a homestead property tax exemption for the 2022 property tax year. The amount of the credit is $1,000 for a qualifying senior with federal AGI that is $25,000 or less. For every $500 of AGI above $25,000, the amount of the credit is reduced by $10. Section 2 requires the property tax administrator to provide reports from counties related to taxpayers who are eligible for and actually claim the homestead property tax exemption.
