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Lawmakers hear bill to restore $500 primary-residence credit for homes held in trust
Summary
Sen. Mark Weber told the House Finance and Taxation Committee a drafting oversight left homes held in trust ineligible for a $500 primary-residence credit; the bill would apply retroactively for trust-held homes for tax years 2024 and 2025.
Senator Mark Weber, sponsor of the measure, told the House Finance and Taxation Committee that a drafting oversight left many trust-held homes ineligible for a $500 primary-residence credit passed two years ago. "If you recall, two years ago, we passed a bill that would give the primary residence credit of $500," Weber said, adding the exclusion of trust-held homes was unintended.
The bill presented to the committee would allow homeowners whose residences are held in trust to qualify for the $500 credit retroactively for tax years 2024 and 2025. Weber said roughly 2,500…
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