Legislation

Title: Property Tax - Renters' Property Tax Relief Program - Assets Calculation
Sponsored by: Senator McCray
Status: Approved by the Governor - Chapter 899
Analysis: Fiscal and Policy Note (Revised)

Synopsis

Excluding the cash value of any qualified retirement savings plans or individual retirement accounts from the definition of "assets" for purposes of certain property tax relief provided to certain renters; and applying the Act to all taxable years beginning after June 30, 2024.

Committees

Original:: Budget and Taxation Click to view Recorded Media

Opposite:: Ways and Means

Committee Testimony

Witness List

Details

Cross-filed with: HB0287

Bill File Type: Regular

Effective Date(s): June 1, 2024

Bill imposes a local government mandate, which is a directive in a bill requiring a local government unit to perform a task or assume a responsibility that has a discernible fiscal impact on the local government unit

History

Legislation History
Chamber Senate Calendar Date 1/12/2024 Legislative Date 1/12/2024 Action First Reading Budget and Taxation Proceedings
Chamber Calendar Date Legislative Date Action Text - First - Tax Credits – Homeowners and Renters – Income Calculation Proceedings
Chamber Senate Calendar Date 1/13/2024 Legislative Date 1/13/2024 Action Hearing 1/24 at 1:00 p.m. Proceedings
Chamber Calendar Date Legislative Date Action Vote - Senate - Committee - Budget and Taxation Proceedings Click to view Recorded Media
Chamber Senate Calendar Date 2/08/2024 Legislative Date 2/08/2024 Action Favorable with Amendments Report by Budget and Taxation Proceedings
Chamber Senate Calendar Date 2/09/2024 Legislative Date 2/06/2024 Action Favorable with Amendments {623227/1 Proceedings 22 Click to view Recorded Media
Chamber Senate Calendar Date 2/09/2024 Legislative Date 2/06/2024 Action Motion Special Order until 2/12 (Senator Guzzone) Adopted Proceedings 22 Click to view Recorded Media
Chamber Senate Calendar Date 2/12/2024 Legislative Date 2/07/2024 Action Favorable with Amendments {623227/1 Adopted Proceedings 23 Click to view Recorded Media
Chamber Senate Calendar Date 2/12/2024 Legislative Date 2/07/2024 Action Second Reading Passed with Amendments Proceedings 23 Click to view Recorded Media
Chamber Calendar Date Legislative Date Action Text - Third - Property Tax - Renters' Property Tax Relief Program - Assets Calculation Proceedings
Chamber Senate Calendar Date 2/15/2024 Legislative Date 2/10/2024 Action Third Reading Passed (46-0) Proceedings 26 Click to view Recorded Media
Chamber House Calendar Date 2/16/2024 Legislative Date 2/16/2024 Action Referred Ways and Means Proceedings 28 Click to view Recorded Media
Chamber House Calendar Date 3/05/2024 Legislative Date 3/05/2024 Action Hearing 3/19 at 1:00 p.m. Proceedings
Chamber House Calendar Date 3/19/2024 Legislative Date 3/19/2024 Action Hearing canceled Proceedings
Chamber House Calendar Date 3/19/2024 Legislative Date 3/19/2024 Action Hearing 3/19 at 1:30 p.m. Proceedings
Chamber Calendar Date Legislative Date Action Vote - House - Committee - Ways and Means Proceedings Click to view Recorded Media
Chamber House Calendar Date 3/27/2024 Legislative Date 3/27/2024 Action Favorable Report by Ways and Means Proceedings
Chamber House Calendar Date 3/27/2024 Legislative Date 3/14/2024 Action Favorable Adopted Proceedings 53 Click to view Recorded Media
Chamber House Calendar Date 3/27/2024 Legislative Date 3/14/2024 Action Second Reading Passed Proceedings 53 Click to view Recorded Media
Chamber House Calendar Date 3/29/2024 Legislative Date 3/16/2024 Action Third Reading Passed (139-0) Proceedings 55 Click to view Recorded Media
Chamber Senate Calendar Date 4/01/2024 Legislative Date 3/15/2024 Action Returned Passed Proceedings 60 Click to view Recorded Media
Chamber Post Passage Calendar Date 5/16/2024 Legislative Date 5/16/2024 Action Approved by the Governor - Chapter 899 Proceedings
Chamber Calendar Date Legislative Date Action Text - Chapter - Property Tax - Renters' Property Tax Relief Program - Assets Calculation Proceedings

Chamber	Calendar Date	Legislative Date	Action	Proceedings
Senate	1/12/2024	1/12/2024	First Reading Budget and Taxation
			Text - First - Tax Credits – Homeowners and Renters – Income Calculation
Senate	1/13/2024	1/13/2024	Hearing 1/24 at 1:00 p.m.
			Vote - Senate - Committee - Budget and Taxation	Click to view Recorded Media
Senate	2/08/2024	2/08/2024	Favorable with Amendments Report by Budget and Taxation
Senate	2/09/2024	2/06/2024	Favorable with Amendments {623227/1	22 Click to view Recorded Media
Senate	2/09/2024	2/06/2024	Motion Special Order until 2/12 (Senator Guzzone) Adopted	22 Click to view Recorded Media
Senate	2/12/2024	2/07/2024	Favorable with Amendments {623227/1 Adopted	23 Click to view Recorded Media
Senate	2/12/2024	2/07/2024	Second Reading Passed with Amendments	23 Click to view Recorded Media
			Text - Third - Property Tax - Renters' Property Tax Relief Program - Assets Calculation
Senate	2/15/2024	2/10/2024	Third Reading Passed (46-0)	26 Click to view Recorded Media
House	2/16/2024	2/16/2024	Referred Ways and Means	28 Click to view Recorded Media
House	3/05/2024	3/05/2024	Hearing 3/19 at 1:00 p.m.
House	3/19/2024	3/19/2024	Hearing canceled
House	3/19/2024	3/19/2024	Hearing 3/19 at 1:30 p.m.
			Vote - House - Committee - Ways and Means	Click to view Recorded Media
House	3/27/2024	3/27/2024	Favorable Report by Ways and Means
House	3/27/2024	3/14/2024	Favorable Adopted	53 Click to view Recorded Media
House	3/27/2024	3/14/2024	Second Reading Passed	53 Click to view Recorded Media
House	3/29/2024	3/16/2024	Third Reading Passed (139-0)	55 Click to view Recorded Media
Senate	4/01/2024	3/15/2024	Returned Passed	60 Click to view Recorded Media
Post Passage	5/16/2024	5/16/2024	Approved by the Governor - Chapter 899
			Text - Chapter - Property Tax - Renters' Property Tax Relief Program - Assets Calculation

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Subjects

Statutes