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Committee advances bill to raise Homestead Property Tax Credit from $375 to $425
Summary
The committee advanced HB1032 to increase the Homestead Property Tax Credit from $375 to $425; sponsor said DFA/DFNA reviewed pre‑COVID cash flows and that the change can be supported by sales‑tax receipts routed to a trust fund (staff noted half of the designated sales‑tax share funds the trust). The measure passed by voice vote.
The Senate Revenue & Tax Committee advanced House Bill 1032, a sponsor told the committee, to raise the Homestead Property Tax Credit from $375 to $425.
Senator Jimmy Hickey said the bill would "take it to $425" and that staff had asked DFA/DFNA to check pre‑COVID cash flows to ensure the increase could be served from trust‑funded receipts. Hickey said sales‑tax growth since the pre‑COVID period provides ample funds to service the increase annually and emphasized the change would not affect the state general revenue (it is funded from a portion of sales tax routed to a trust fund).
Committee staff member Mr. Gehring clarified that the funding comes from "half the sales tax" (as discussed during the presentation). After brief questions, a motion to pass was made and the committee approved HB1032 by voice vote; no roll‑call tally was recorded.
