Senior Housing Income Tax Credit
- Is 65 years of age or older at the end of 2024;
- Has federal adjusted gross income (AGI) that is less than or equal to $75,000 if filing a single return, or less than or equal to
$150,000$125,000 if filing a joint return; and - Has not claimed the senior property tax exemption for the 2024 property tax year.
The amount of the credit is:
-
$1,000$800 for a qualifying senior filing a single return with federal AGI that is $25,000 or less. For every $500 of federal AGI above $25,000, the amount of the credit is reduced by$10.$8. $1,000 for a qualifying senior filing a joint return with another individual who is not a qualifying senior with federal AGI that is $50,000 or less. For every $500 of AGI above $50,000, the amount of the credit is reduced by $10.$2,000 for a qualifying senior filing a joint return with another qualifying senior with federal AGI that is $50,000 or less. For every $500 of AGI above $50,000, the amount of the credit is reduced by $10.- $800 for 2 taxpayers filing a joint return with federal AGI that is $25,000 or less. For every $500 of federal AGI above $25,000, the amount of the credit is reduced by $4.
- $400 for each taxpayer, in the case of 2 taxpayers who share the same primary residence, may legally file a joint return but actually file separate returns, and both claim the credit. For every $500 of federal AGI above $25,000, the amount of the credit is reduced by $4.
Notwithstanding the income-based reductions in the allowable credit amount, a taxpayer who also qualifies for a property tax and rent assistance grant or heat assistance grant during calendar year 2024 is eligible to receive the full credit amount.
(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)