Homeowners; Dept of Tax. to study implications of income tax credit based upon property taxes. (SJ81)

Introduced By

Sen. John Miller (D-Newport News)

Description

Study; income tax credits for certain homeowners based upon real property taxes and annual income; report. Directs the Joint Legislative Audit and Review Commission to study implications of a state income tax credit for homeowners with annual real property taxes exceeding a certain percentage of their annual incomes. In conducting its study, the Joint Legislative Audit and Review Commission shall (i) examine state constitutional and statutory issues regarding real property tax exemptions, (ii) study the effectiveness and efficiency of local real property tax relief programs, (iii) study thresholds for real property tax liability used by other states for triggering eligibility for state income tax credits or other state assistance, (iv) consider the percentage of annual income that annual real property taxes would have to exceed for purposes of determining eligibility for state income tax credits, (v) examine the ability of low and moderate income homeowners to pay real property taxes, and (vi) consider such other issues as it deems appropriate. Read the Bill »

Outcome

History