Creating a residential rebate program for residential owners and renters and making appropriations

This bill creates a residential rebate program for residential owners and renters. The bill creates a residential rebate fund (fund) under the control of the department of revenue (DOR). For each fiscal year specified in the eligibility period, there is appropriated from the taxpayer relief fund to the DOR to be credited to the fund, an amount sufficient to implement the bill. The bill defines “eligibility period” to mean each fiscal year commencing with the fiscal year beginning July 1, 2025, but before the fiscal year beginning July 1, 2030. The bill specifies a person owning a homestead qualifies to claim a residential rebate in the amount of $1,000 for each fiscal year of the eligibility period the person claimed the homestead credit under Code chapter 425. Only one rebate may be claimed for a particular homestead per fiscal year. The bill specifies a person renting a residence qualifies to claim an annual residential rebate in the amount of $500 if the residence is the person’s primary residence during a fiscal year during the eligibility period. The bill creates a process for persons renting to submit the application for the residential rebate. Not more than two rebates may be claimed for a particular rented residence per fiscal year and not more than one rebate may be claimed per familial household per fiscal year. By January following each fiscal year during the eligibility period, DOR shall make the authorized payment amount of $1,000 or $500, as applicable, to persons who qualify for the rebate.