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Legislative Year: 2024 Change
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Bill Detail: HB24-1052

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Title Senior Housing Income Tax Credit
Status House Committee on Finance Refer Amended to Appropriations (02/12/2024)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors M. Weissman (D)
R. Marshall (D)
Senate Sponsors C. Hansen (D)
C. Kolker (D)
House Committee Finance
Senate Committee
Date Introduced 01/10/2024
Summary

Legislative Oversight Committee Concerning Tax Policy.
Section 2 of the bill reinstates a refundable income tax credit (credit) that
was available for the income tax year commencing on January 1, 2022,
so that the credit is available for the income tax year commencing on
January 1, 2024, and is available in a different amount to joint-filers. The
credit is for a qualifying senior, which means a resident individual who:
  • Is 65 years of age or older at the end of 2024;
  • Has federal adjusted gross income (AGI) that is less than or
equal to $75,000 if filing a single return, or less than or
equal to $150,000 if filing a joint return; and
  • Has not claimed the senior property tax exemption for the
2024 property tax year.
The amount of the credit is:
  • $1,000 for a qualifying senior filing a single return 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.
  • $1,000 for a qualifying senior filing a joint return with
another individual who is not a qualifying senior with
federal AGI that is $50,000 or less. For every $500 of AGI
above $50,000, the amount of the credit is reduced by $10.
  • $2,000 for a qualifying senior filing a joint return with
another qualifying senior with federal AGI that is $50,000
or less. For every $500 of AGI above $50,000, the amount
of the credit is reduced by $10.
Notwithstanding the income-based reductions in the allowable credit
amount, a taxpayer who also qualifies for a property tax and rent
assistance grant or heat assistance grant during calendar year 2024 is
eligible to receive the full credit amount.
Section 1 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.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (02/13/2024) (most recent)  
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