HB 4921 Summary

• Replaces the term "total household resources" with "household income" throughout the Income Tax Act of 1967, specifically in sections addressing homestead property tax credits and heating fuel cost credits.

• Increases the household income threshold for property tax credit reduction from $41,000 to $91,000, and adjusts credit reduction schedules accordingly to provide more generous credits for middle-income households.

• Removes a $135,000 taxable value cap that previously made homeowners ineligible for property tax credits, allowing property owners with higher-value homesteads to claim credits.

• Simplifies the definition of "household income" by eliminating specific deductions for net business losses, rental/royalty losses, and net operating loss carrybacks that previously increased taxable resources.

• Effective January 1, 2016; applies to homestead property tax credits, rental property credits, and home heating fuel cost credits for eligible claimants.