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A 7652

Relates to the real property tax circuit breaker credit

2025 Regular Session Introduced by Steve Stern

Bill A 7652 enhances the real property tax circuit breaker credit, providing financial relief to low to moderate-income homeowners facing rising property taxes.

REFERRED TO WAYS AND MEANS
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Bill Summary · A 7652

Summary of Bill A 7652: Real Property Tax Circuit Breaker Credit

Bill Number: A 7652
Title: Relates to the real property tax circuit breaker credit
Status: Referred to Ways and Means
Introduced: April 04, 2025
Classification: Bill

Purpose and Intent

Bill A 7652 aims to enhance the real property tax circuit breaker credit, which serves as a financial relief mechanism for eligible property owners. The primary intent of this legislation is to provide assistance to homeowners, particularly those with low to moderate incomes, by reducing their property tax burden. This is especially significant in areas where property taxes have increased substantially, making homeownership less affordable.

Key Provisions

While the specific text of the bill is not provided, typical provisions in similar legislation may include:

  • Eligibility Criteria: Establishing or modifying the income thresholds that determine eligibility for the circuit breaker credit.
  • Credit Amounts: Adjusting the maximum credit amount available to eligible homeowners, potentially increasing it to reflect current economic conditions.
  • Application Process: Streamlining the application process to make it easier for homeowners to apply for and receive the credit.
  • Funding Mechanism: Outlining how the program will be funded, including potential sources of revenue or budget allocations.

Who Would Be Affected

The bill primarily affects:

  • Homeowners: Individuals and families who own property and meet the eligibility criteria for the circuit breaker credit.
  • Local Governments: Municipalities that collect property taxes and may need to adjust their budgets or tax rates in response to changes in the credit program.
  • Low to Moderate Income Residents: Those who are most likely to benefit from the financial relief provided by the circuit breaker credit.

Procedural Aspects

  • Legislative Action: The bill was introduced on April 04, 2025, and has been referred to the Ways and Means Committee for further consideration.
  • Related Bills: This bill is related to prior-session bills A 8333, A 6516, and A 3442, which may have addressed similar issues regarding property tax relief.

Conclusion

Bill A 7652 represents a legislative effort to provide financial relief to homeowners facing high property taxes. By enhancing the real property tax circuit breaker credit, the bill seeks to alleviate the financial strain on low to moderate-income households, ensuring that homeownership remains accessible. As the bill moves through the legislative process, further details will emerge regarding its specific provisions and potential impacts.

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

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