Title
AN ACT CONCERNING RENTERS’ PROPERTY TAX RELIEF SUPPLEMENT for the purpose of requiring the Director of Finance to pay a Renters’ Property Tax Relief Supplement to certain residents who qualify for a certain payment under State law.
Background
The proposed legislation would require the Director of Finance to pay a Renters’ Property Tax Relief Supplement to certain residents who qualify for a payment from the State pursuant to the State “Renters’ Tax Credit Program”. The State payment to renters is modeled after the Homeowners’ Tax Credit (commonly referred to as the “Circuit Breaker”), and is based on the premise that a portion of rent paid by renters is attributable to property tax paid by the owner of the property. The purpose of the State payment is to return some of that money to renters in the same way it is returned to homeowners through the Circuit Breaker payment. Eligibility for the County supplement would be tied to eligibility for the State payment. The County supplement would be 50% of the State payment, which is capped at $750.