HB 4111 Summary

• Amends the Income Tax Act of 1967 to modify property tax credit calculations for non-senior citizens, changing the threshold from 3.5% to 3.2% of total household resources starting in the 2018 tax year.

• Establishes a tiered property tax credit system for senior citizens with household resources between $21,000 and $30,000, with credit percentages ranging from 96% down to 60% based on income level.

• Adds new subdivision (f) creating an enhanced property tax credit for eligible servicemembers, veterans, and eligible widows/widowers with 100% disability ratings who rent a homestead, allowing them to claim 20% of annual rent paid as a credit up to 100% of property taxes owed.

• Maintains existing provisions for blind and disabled individuals, paraplegics, hemiplegics, and quadriplegics to claim full property tax credits based on homestead taxable value thresholds.

• Limits total annual credits across the Income Tax Act and natural resources environmental protection act to not exceed the claimant's total property tax liability for that year.