Official summary
2008 General Session Summary for HB0092
Bill No.:
HB0092
Drafter:
MQ
LSO No.:
08LSO-0339
Effective Date:
Enrolled Act No.:
Chapter No.:
Prime Sponsor:
Joint
Revenue Interim Committee
Catch Title:
Property
tax refund program.
Subject:
Recreates
the property tax refund program.
Summary/Major Elements:
Former property tax refund
program was repealed effective January 1, 2008.
This Bill re-creates the old
program.
Requires an applicant to have
been a resident for 5 years, have a limited income which does not exceed 2/3 of
the median gross household income for that county or the state, and have total
household assets of less than $50,000 per adult member (with some exceptions
which do not count toward the $50,000).
The amount of the refund will
not exceed of the applicant's prior year's property tax.
Any amount received is
reduced by the dollar amount received for the veterans tax exemption, any home
owner's tax credit, or any property tax deferral.
Appropriates funds for the
reimbursement of counties.
Comments:
Act is repealed effective January 1, 2015.
Final action on this bill was
not taken at the time this summary was prepared. Should changes be made
to the bill upon final passage, an updated summary will be transmitted to
all legislators.