Introduced by Sen. Jim Ananich (D) on July 31, 2013, to grant a state income tax credit to teachers and public safety personnel who buy and move into a home in a run-down area that has been repossessed by the federal Housing and Urban Development agency and sold at a steep discount. Under a federal “Good Neighbor Next Door Program,” such purchase discounts are available only to these government employees. The bill would allow these buyers to cut their state income tax liability by the amount they owe each year in property tax. If the property tax amount is higher than their income tax liability the difference could not be “refunded,” however.
Referred to the Senate Finance Committee on July 31, 2013.