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DIGEST OF HB1006 (Updated January 20, 2004 5:14 pm - DI 84)
Property tax deduction increases. Increases the deduction amount for the following: (1) elderly deduction; (2) blind or disabled deduction; (3) 10% disabled veteran's deduction; (4) 100% disabled or elderly veteran's deduction; (5) WWI surviving spouse deduction; (6) WWI veteran's deduction; (7) one and two family dwelling rehabilitation deduction; (8) 50 year old home rehabilitation deduction; and (9) residentially distressed area deduction. Allows a property owner to determine the year in which a five year residential rehabilitation period begins and allows a property owner to revive a deduction not taken for the assessment date in 2003 or an earlier year. Dedicates revenue generated by a 0.1% increase in the corporate adjusted gross income tax rate to 8.6% and a 0.1% increase in the utility receipts tax rate to 1.5% to freeze the property taxes of resident homeowners who are at least 65 years of age and whose adjusted gross income does not exceed $25,000. Makes an appropriation.
