SB 870 - This act reauthorizes the Homestead Preservation Act tax credit program which provided a property tax credit for qualified senior citizens and disabled individuals until it expired on August 28, 2010. This program is reauthorized beginning with the 2015 tax year and will sunset on December 31, 2024.
The act removes the exemption limit amount so that the entire increase in property tax liability for an eligible owner will be covered. The income limit for eligible owners is set at $100,000 for 2015, and will indexed to correlate to increases in the general price level. Homesteads with encumbrances will be ineligible for the tax credit.
This act is similar to HB 1131 (2014), SB 558 (2014), SB 39 (2013), and HB 1200 (2012).