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Senate Finance debates adding $11.5M renter rebate to yield buy-down; members seek tax-department modeling
Summary
Senators debated a Hardy amendment to transfer about $11.5 million from a $104.9M property-tax buy-down to expand the renter rebate (raise percent to 15%, cap to $3,250 and expand eligibility to 80% AMI); members asked tax department and fiscal staff for uptake and rate modeling before deciding on buy-down percentages.
Senate Finance members spent substantial time considering a sponsor amendment to the yield (buy-down) bill that would redirect roughly $11.5 million of a proposed $104.9 million property-tax buy-down to expand the state’s renter rebate.
Sponsor presentation: The sponsor (identified in committee discussion as proposing the Hardy amendment) proposed three coordinated changes: raise the renter rebate calculation from 10% to 15% of HUD-benchmarked rent, increase the statutory maximum from $2,500 to $3,250, and expand eligibility so the phase-out reaches 80% of area median income (AMI) rather than the current 65% threshold. The sponsor estimated the expansion would cost about $11.5 million and proposed funding it by…
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