COULSON, BLACK, FRANKS, CROTTY, MILLER, BOLAND,
ACEVEDO AND MENDOZA.
RE TX DEFER-APPLY TO DISABLED
Synopsis of Bill as introduced:
Amends the Senior Citizens Real Estate Tax Deferral Act. Changes
the short title to the Senior Citizens and Disabled Persons Real
Estate Tax Deferral Act. Changes the name of the Senior Citizens Real
Estate Deferred Tax Revolving Fund to the Senior Citizens and Disabled
Persons Real Estate Deferred Tax Revolving Fund. Provides that
disabled persons are eligible to receive real estate tax deferrals
under the Act. Amends the State Finance Act and the Property Tax Code
to change cross references. Effective January 1, 2002.
FISCAL NOTE (Department of Revenue)
Assuming the same participation rate for the disabled as cur-
rently evidenced by the eligible senior citizens of less than
1% of the eligible population, the additional statewide proper-
ty tax expenditures by the Department on behalf of the disabled
persons can be expected to total an estimated $2.5 million.
This represents a 60% increase over the Department's current
expenditure of $3.7 million. The cost of this program is recov-
ered with interest when the property is sold. However, there
may be additional funds necessary to start payments on behalf
of the new participants, and HB 296 deletes the provision of
the law allowing for transfers from GRF as necessary to sup-
plement the program.
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
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