SCS/SB 338 - This act creates the Homestead Exemption Tax Credit. The act: - Prohibits a claimant from receiving the homestead exemption credit in a year following the year in which the claimant received the property tax credit; - Extends homestead exemption credit to property owned in trust. The trust may receive a credit, provided the prior owner meets all other requirements and such owners income is imputed to the trust for purposes of determining qualification under the maximum upper limit; - Creates an exception to the disqualification for improvements made to property which exceed five percent of the prior years appraised value for improvements made to accommodate a disabled person for applications filed after 2005. The homestead exemption limit for claims filed in 2005 and 2006 shall be based on the increase in tax liability from 2004 to 2005. An eligible owner who otherwise satisfies the requirements for receiving a homestead exemption shall not apply for the credit more than once during the period ranging from April 1, 2005 to September 30, 2006. Current law bases the homestead exemption on the increase to tax liability from the prior year. The act moves this back an additional year. In the event collector of the county determines that an individual is ineligible prior to issuing the credit, the credit shall be void and any corresponding moneys shall lapse to the state to be credited to the general revenue fund. After 2005, the one-quarter of one percent distributed to the county assessment funds is terminated. JASON ZAMKUS