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2006 Budget Session
HB 122 would have simplified and expanded a current state program that provides a tax credit to eligible homeowners.
Under the current program, homeowners qualify for the tax credit at two levels: if the assessed value of their home and property is less than $3,900 they qualify for a credit of $1,460 times the mill levy, and if the assessed value of their home and property is more than $3,900 but less than $5,850, they qualify for a credit of $590 times the mill levy.
HB 122 would have changed the eligibility criteria from the two levels of maximum home value to a single maximum of the median assessed value of homes in the same county. The amount of the credit would have been increased to $2000 of assessed value times the mill levy.
HB 122 would have appropriated $8 million from the general fund to pay for the tax credits.
The House Revenue Committee did not take any recorded action on HB 122, and the bill was not heard on the floor of the House before the deadline for floor action passed.