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DIGEST OF INTRODUCED BILL
Tax credit for low income elderly homeowners. Provides a property tax credit to homestead owners who are at least 65 years of age and who have adjusted gross incomes of less than $30,000. Provides that the credit for an individual with no adjusted gross income is equal to one-half of the net property tax bill on the individual's homestead, and provides that the credit is phased out as the individual's adjusted gross income approaches $30,000. Provides that the property tax credit is payable from the property tax replacement fund. Appropriates money from the property tax replacement fund to pay for the property tax credits.