Adopt the Property Tax Circuit Breaker Act

This bill proposes the Property Tax Circuit Breaker Act to offer financial relief to low-income individuals struggling to pay property taxes. It creates a refundable income tax credit for two groups: farmers with agricultural land and homeowners or renters with a federal adjusted gross income below $100,000 or $50,000, respectively. Eligible applicants must submit a form between January 1 and April 15 of 2025 and 2026, providing details about their property, income, and taxes paid. The Department of Revenue would calculate the credit amount based on specific income thresholds and property values, issuing certifications by December 31 of each year. A total funding cap of $74 million is set for each year, with any excess applications receiving proportional reductions.