Bill
S 1147
Overview: S 1147, "Creates an enhanced real property tax circuit breaker credit", was referred to the Budget and Revenue committee on March 26, 2025.Purpose and Intent: The bill ai
Overview: S 1147, "Creates an enhanced real property tax circuit breaker credit", was referred to the Budget and Revenue committee on March 26, 2025.
Purpose and Intent: The bill aims to provide enhanced property tax relief to eligible homeowners by creating a new "real property tax circuit breaker credit" program. The intent is to help offset the burden of rising property taxes, particularly for low- and middle-income households.
Key Provisions:
- Establishes a refundable tax credit for eligible homeowners based on their property tax payments and household income
- Credit amount phases out as income increases, with a maximum credit of $1,000 per household
- Eligibility is limited to homeowners with household incomes below 400% of the federal poverty level
- Credit can be claimed on an annual state income tax return
Affected Parties and Impacts: The bill would provide direct financial relief to low- and middle-income homeowners struggling with high property tax burdens. It could help improve housing affordability and stability for these households.
Procedural and Timeline Considerations: The bill has been referred to the Budget and Revenue committee for further consideration. If passed by the legislature and signed into law, the new tax credit program would take effect for the 2026 tax year.
Compiled from official sources — confirm details with the bill’s official record.
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