Modifying provisions relating to the additional property tax credit for elderly persons and including applicability provisions

This bill modifies the eligibility for and the calculation of the amount of the property tax credit under Code chapter 425, subchapter II.23(1)(a), but not to exceed $1,000.23(1)(a) as if the claimant was an eligible claimant for a credit under that provision; and (2) the difference between the actual amount of property taxes due on the homestead during the applicable fiscal year minus the actual amount of property taxes due on the homestead based on a full assessment during the first fiscal year for which the claimant filed for a credit calculated under the Code chapter and if the claimant has filed for the credit for each of the subsequent fiscal years after the first credit claimed. The bill modifies the eligibility for and calculation of the credit under current law available to claimants who have reached the age of or more by limiting the credit to owners whose homestead value is $500,000 or less, by striking the maximum income level of 250 percent of the federal poverty level, and by imposing the credit calculation under current law for claimants years of age and over to all claimants years of age and older. The bill applies to claims under Code chapter 425, subchapter II, filed on or after January 1, 2024.