DE HB268

Establishes an "Elderly Property Tax Relief and Education Expense Fund" of $13,000,000 to provide school property tax credits for seniors age 65 and over who own and occupy their principal residence in Delaware.

Allows local school boards to authorize a credit of up to 50% of school property taxes (maximum $500) for qualified seniors, with eligibility requirements including 3 years of state domicile for those moving to Delaware after December 31, 2012.

Creates a new personal income tax credit in Title 30 equal to 40% of local school property taxes paid (maximum $400) for seniors age 65+ with income not exceeding $50,000 individually or $100,000 jointly, requiring 10 years of state domicile for those moving to Delaware after December 31, 2017.

Requires county tax receivers to report senior property tax credits to the Secretary of Finance within 90 days of property tax billing, with the state reimbursing allowable credits from the relief fund.

Sets phased effective dates beginning January 1, 2020, contingent on the Secretary of Finance confirming that Division of Revenue systems are ready to administer the new income tax credit by December 15, 2019.