HSB 706

This bill relates to the taxation of mobile homes and manufactured homes. The bill modifies income threshold amounts applicable to the reduced square footage tax rates applicable to mobile homes and manufactured homes. These amounts are currently adjusted for inflation. For the year beginning July 1, 2024, the annual tax is not imposed on an owner with an annual income of less than $13,048, and an owner with an annual income between $13,408 and $25,328 pays the annual tax at one of five reduced rates. The bill provides that the tax is not imposed on an owner with an annual income of less than $40,000, does not provide a reduced rate, and does not adjust the $40,000 threshold for inflation. The bill applies to taxes due and payable for fiscal years beginning on or after July 1, 2025.