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Senate amendment would raise senior circuit‑breaker thresholds and create a first‑time homebuyer property tax deduction
Summary
An amended version of Senate Bill 392 would increase the income and assessed‑value thresholds for the 65-and‑older and disabled veterans circuit‑breaker credits, enlarge the deduction amounts and add a new limited first‑time homebuyer property‑tax deduction for eligible households under age 35 (with a five‑year limit). The committee held the bill;
Senator Rogers presented an amended Senate Bill 392 that substantially rewrites earlier language to expand income and assessed‑value thresholds for the 65‑and‑older and disabled‑veteran circuit‑breaker credits, increase the maximum deduction amounts and create a new first‑time homebuyer property‑tax deduction.
Under the amendment, the maximum deduction for the 65/disabled‑veteran category would increase from $14,000 to $20,000 and the assessed‑value threshold would rise from $240,000 to $300,000, with…
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