TO CREATE AN INCOME TAX CREDIT FOR TAXPAYERS SIXTY-FIVE AND OLDER IN AN AMOUNT EQUAL TO THE TAXPAYER'S PROPERTY TAX PAYMENT ON A HOMESTEAD.

Fiscal Impact Statement Bill: HB1438 Bill Subtitle: TO CREATE AN INCOME TAX CREDIT FOR TAXPAYERS SIXTY-FIVE AND OLDER IN AN AMOUNT EQUAL TO THE TAXPAYER'S PROPERTY TAX PAYMENT ON A HOMESTEAD. --------------------------------------------------------------------------------------------------------------------------------------- Sponsor: Rep. Cavenaugh Basic Change: HB1438 creates a refundable income tax credit for a taxpayer who is 65 years of age or older. The credit is equal to the real property tax paid by the taxpayer during the tax year on the taxpayer's homestead, excluding any amounts paid by the taxpayer for delinquent property tax or penalties. The tax credit is effective for tax years beginning on or after January 1, 2025. Fiscal Impact: FY2026 - $202 Million General Revenue Reduction FY2027 - $185 Million General Revenue Reduction [ Fiscal impact estimate is based on data kept by the Assessment Coordination Division of the Department of Finance and Administration (ACD) for taxpayers registered for the 65 and over homestead tax credit. The 2025 tax year homestead credit increases to $500 for taxes to be paid in 2026 and income tax credits being claimed in FY2027 and after w