Bill No.: HB0092                  Drafter:  MQ

LSO No.:  08LSO-0339              Effective Date:

Enrolled Act No.:

Chapter No.:

Prime Sponsor:     Joint Revenue Interim Committee

Catch Title:       Property tax refund program.

Subject:       Recreates the property tax refund program.

Summary/Major Elements:

· Former property tax refund program was repealed effective January 1, 2008.

· This Bill re-creates the old program.

· Requires an applicant to have been a resident for 5 years, have a limited income which does not exceed 2/3 of the median gross household income for that county or the state, and have total household assets of less than $50,000 per adult member (with some exceptions which do not count toward the $50,000).

· The amount of the refund will not exceed ½ of the applicant's prior year's property tax.

· Any amount received is reduced by the dollar amount received for the veterans tax exemption, any home owner's tax credit, or any property tax deferral.

· Appropriates funds for the reimbursement of counties.

Comments:

· Act is repealed effective January 1, 2015.

• Final action on this bill was not taken at the time this summary was prepared.  Should changes be made to the bill upon final passage, an updated summary will be transmitted to all legislators.