Introduced
by
To increase the maximum homestead property tax credit against the state income tax, from $1,200 to $1,300.
Referred to the Committee on Finance
Substitute offered
To replace the previous version of the bill with one that replaces the previous bill with one that essentially provides a temporary refund of the of the higher property taxes a homebuyer payes compared to the previous owner (the Proposal A "pop up".
The substitute passed by voice vote
Passed in the Senate 32 to 5 (details)
To authorize an income tax credit for the increase in property taxes a home buyer pays under the Proposal A “pop up” compared to the previous owners “capped” taxable value. The tax credit would end Jan. 1, 2011, and would apply for principle residences bought starting April 1, 2008. The “pop-up” is where the state equalized value (market value) of newly-sold property becomes the basis for its property tax assessment, rather than the capped “taxable value” of the previous owner.
Referred to the Committee on Commerce
