Increases income range and tax credit for elderly and disabled homeowners and renters in Rhode Island.

Rhode Island H7700 amends the property tax relief law to increase the income range up to fifty thousand dollars ($50,000) and the tax credit up to eight hundred fifty dollars ($850) for elderly and disabled persons who own or rent their homes. The credit is based on the percentage of property taxes or rent exceeding a certain percentage of the claimant's total household income. The maximum credit will be adjusted annually based on the Consumer Price Index. This act takes effect upon passage.

Increases income range and tax credit for elderly and disabled homeowners and renters in Rhode Island.

Rhode Island H7700 amends the property tax relief law to increase the income range up to fifty thousand dollars ($50,000) and the tax credit up to eight hundred fifty dollars ($850) for elderly and disabled persons who own or rent their homes. The credit is based on the percentage of property taxes or rent exceeding a certain percentage of the claimant's total household income. The maximum credit will be adjusted annually based on the Consumer Price Index. This act takes effect upon passage.