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Bill Summary · LC 1860

Summary of LC 1860: Provide income tax relief for property taxes paid

Overview

  • Bill number: LC 1860
  • Title: Provide income tax relief for property taxes paid
  • Status: Draft Died in Process (LC)
  • Introduced: November 22, 2024
  • Classification: bill
  • Subjects: Housing, Revenue, State, Senior Citizens (Retirement), Taxation (Individual Income, Property)

Purpose and Intent

  • The bill is intended to provide income tax relief for property taxes paid. While the exact mechanism is not specified in the available information, the aim appears to offset or reduce state income tax liability for individuals who pay property taxes. Given the subject grouping, the measure may particularly affect seniors and retirees.

Key Provisions (as described)

  • Core concept: Provide income tax relief tied to property taxes paid by taxpayers.
  • Mechanism details: The specific method (e.g., tax credit, deduction, cap, eligibility criteria, phase-out, allocated beneficiaries) is not provided in the summary. The full text would define how much relief is available, who qualifies, and under what conditions.
  • Target groups: Indications in the subject area suggest a potential emphasis on homeowners and senior/retired individuals, but exact eligibility is not specified here.

Who Would Be Affected

  • Property owners who pay property taxes would be primary beneficiaries.
  • Senior citizens and retirees may be especially impacted given the bill’s subject and classification.
  • State tax revenue and administration would be affected to the extent relief reduces income tax collections or changes filing requirements.

Procedural Timeline and Status

  • Drafter Assigned: December 11–22, 2024 (multiple drafting steps noted)
  • Draft Ready/Delivery: December 23–24, 2024 (Draft Ready for Delivery; Draft in Assembly)
  • Draft Delivered to Requester: January 7, 2025
  • Died in Process: January 15, 2025 (final status)
  • The progression shows typical drafting, review, and delivery steps, culminating in no further action as of the latest status.

Fiscal/Policy Notes

  • Specific fiscal impact (cost to state, potential offsetting revenue impacts) cannot be determined without the full text. If enacted, the bill could reduce net income tax revenue for individuals who pay property taxes, with possible implications for budget planning and property tax policy.

Additional Context

  • The available information focuses on the bill’s intent and status rather than detailed statutory language. For a complete understanding, the full bill text would be needed to assess eligibility, calculation methods, caps, sunset provisions, and administration.

Compiled from official sources — confirm details with the bill’s official record.

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