Download this document in MS Word format


AutoFill Template

H.566

Introduced by   Representative Milkey of Brattleboro

Referred to Committee on

Date:

Subject:  Taxation; property tax; income tax; property tax rebates

Statement of purpose:  This bill proposes to increase property tax rebates for lower income taxpayers.

AN ACT RELATING TO INCREASE IN PROPERTY TAX REBATES

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1.  32 V.S.A. § 6066(a)(3) and (b) are amended to read:

(3)  a claimant whose household income does not exceed $47,000.00 shall also be entitled to a credit against the claimant’s tax liability under chapter 151 of this title equal to the amount by which the property taxes for the municipal fiscal year which began in the taxable year upon the claimant’s housesite owned on December 31 of the taxable year, reduced by the adjustment amount determined under subdivisions (1) and (2) of this subsection, exceeds a percentage of the claimant’s household income for the taxable year as follows:

If household income (rounded to              then the taxpayer is entitled

to the nearest dollar) is:                            credit for the reduced property tax in

                                                               excess of this percent of that income:

$0 – 4,999.00 9,999.00                                                           3.5 1.0

$5,000.00 - 9,999.00      $10,000.00 – 14,999.00                   4.0 3.0

$10,000.00 - 24,999.00  $15,000.00 – 19,999.00                   4.5 4.0

$25,000.00 - 47,000.00  $20,000.00 – 29,999.00                   5.0 4.5

$30,000.00 – 50,000.00                                                                5.0

In no event shall the credit exceed the amount of the reduced property tax.

(b)  An eligible claimant who rented the homestead on the last day of the taxable year, whose household income does not exceed $47,000.00, and who submits a certificate of rent constituting property taxes shall be entitled to a credit against the claimant’s tax liability under chapter 151 of this title equal to the amount by which the rent constituting property taxes upon the claimant’s housesite exceeds a percentage of the claimant’s household income for the taxable year as follows:

If household income (rounded to              then the taxpayer is entitled

the nearest dollar) is:                                to credit for rent constituting property

                                                               tax paid in excess of this percent of

                                                               that income:

$0 – 4,999.00 9,999.00                                                           3.5 1.0

$5,000.00 - 9,999.00     $10,000.00 – 14,999.00                    4.0 3.0

$10,000.00 - 24,999.00 $15,000.00 – 19,999.00                    4.5 4.0

$25,000.00 - 47,000.00  $20,000.00 – 29,999.00                   5.0 4.5

$30,000.00 – 50,000.00                                                                5.0

In no event shall the credit exceed the amount of the rent constituting property tax.

Sec. 2.  EFFECTIVE DATE

This act shall apply to claims related to property tax years 2006 and after.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us