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Sponsor proposes broad primary-residence credit covering trusts, co-owners for 2024 relief
Summary
Senate Bill 2298 would enact a broad-based homestead/primary-residence credit (including trusts, corporations and contracts for deed) and create a taxable-valuation reduction equivalent to $200,000 true-and-full value for 2025 onward; sponsor requested due-pass consideration and the committee closed the hearing without action.
Senator Tim Mathern introduced Senate Bill 2298 to create a broad-based primary-residence tax credit that would apply to all homeowners who occupy a property as their primary residence, without age or income limits. “This bill is a broad based homestead tax credit without any age, income, or status restrictions,” Mathern told the Senate Finance and Taxation Committee.
The bill would make trusts, corporations, life estates and contracts for deed eligible for the primary-residence credit and would allow…
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