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H0619...............................................by REVENUE AND TAXATION PROPERTY TAX - CIRCUIT BREAKER RELIEF - Amends existing law to provide that the upper limit set for qualification for property tax relief through the circuit breaker benefit shall be increased by $1,500 during tax years 1999, 2000, 2001 and 2002, to provide that the amount of the exemption for claimants qualifying for relief at the increased limit shall be $150; and to provide that, for claimants qualifying for relief at the increased limit, inflation adjustments shall be suspended during tax years 1999, 2000, 2001 and 2002 and shall resume at tax year 2003. 02/04 House intro - 1st rdg - to printing 02/05 Rpt prt - to Rev/Tax
H0619|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-fourth Legislature Second Regular Session - 1998IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 619 BY REVENUE AND TAXATION COMMITTEE 1 AN ACT 2 RELATING TO PROPERTY TAX RELIEF THROUGH THE CIRCUIT BREAKER BENEFIT; AMENDING 3 SECTION 63-704, IDAHO CODE, TO PROVIDE THAT THE UPPER LIMIT SET FOR QUALI- 4 FICATION FOR RELIEF THROUGH THE CIRCUIT BREAKER BENEFIT SHALL BE INCREASED 5 BY ONE THOUSAND FIVE HUNDRED DOLLARS DURING TAX YEARS 1999, 2000, 2001 AND 6 2002, TO PROVIDE THAT THE AMOUNT OF THE EXEMPTION FOR CLAIMANTS QUALIFYING 7 FOR RELIEF AT THE INCREASED LIMIT SHALL BE ONE HUNDRED FIFTY DOLLARS, AND 8 TO PROVIDE THAT FOR CLAIMANTS QUALIFYING AT THE INCREASED LIMIT, INFLATION 9 ADJUSTMENTS SHALL BE SUSPENDED DURING TAX YEARS 1999, 2000, 2001 AND 2002 10 AND SHALL RESUME AT TAX YEAR 2003. 11 Be It Enacted by the Legislature of the State of Idaho: 12 SECTION 1. That Section 63-704, Idaho Code, be, and the same is hereby 13 amended to read as follows: 14 63-704. AMOUNT OF PROPERTY TAX REDUCTION. (1) Each claimant qualifying 15 for and applying for a reduction in property taxes under the provisions of 16 sections 63-701 through 63-710, Idaho Code, shall be allowed a reduction in 17 property taxes on his homestead for the current year only, in the amounts pro- 18 vided by subsection (4) of this section. 19 (2) All property taxes continue to be the responsibility of the individ- 20 ual taxpayer, all property taxes continue to be perpetual liens against the 21 property against which assessed, and all property taxes may be collected and 22 enforced in the usual manner, if the taxpayer does not receive any property 23 tax reduction as provided under sections 63-701 through 63-710, Idaho Code, or 24 if the taxpayer receives less property tax reduction than the whole amount of 25 property taxes he is charged with. 26 (3) The claimant property owner's property tax reduction shall be based 27 upon the current year's assessed value and the current year's levy. 28 (4) Property tax reductions qualified under sections 63-701 through 29 63-710, Idaho Code, shall be allowed as set out in section 2, chapter 59, laws 30 of 1992, and adjusted for cost-of-living fluctuations as provided in section 31 63-705, Idaho Code. Provided, that the upper limit set for qualification 32 for relief in section 2, chapter 59, laws of 1992, shall be increased by one 33 thousand five hundred dollars ($1,500) during tax years 1999, 2000, 2001 and 34 2002. The amount of the exemption for claimants qualifying for relief at the 35 increased limit shall be one hundred fifty dollars ($150). For claimants 36 qualifying at the increased limit, inflation adjustments shall be suspended 37 during tax years 1999, 2000, 2001 and 2002 and shall resume at tax year 2003. 38
STATEMENT OF PURPOSE
RS07641
This bill would increase the number of people over age 65 or disabled eligible for property tax relief
through the "circuit breaker". Presently there is no relief for households with income over $18,920.
This bill would, over four years, raise the qualifying level to $24 920 and add approximately 5.000 to
the number of households receiving circuit breaker tax relief. The amount of relief for those added
would be $150. Presently the threshold amount is adjusted for inflation. If inflation was 3 per cent,
the threshold amount would rise about 3 per cent a year over the next four years. With this bill the
threshold would rise by $1,500 for four years, and then the inflationary adjustment would resume. The
qualifying level would rise about $3,600 more over the next four years than with existing law.
Qualifying income with RS 07641 With existing law (and 3% inflation factor)
2002 $24,920 21,293
2001 $23,420 20,673
2000 $21,920 20,071
1999 $20,420 19,487
1998 $18,920 18,920
FISCAL IMPACT
This bill would increase the amount of sales tax revenue provided to local government to replace revenue
foregone for the circuit breaker by about $200,000 a year for four years. There would be a corresponding
reduction in state general fund revenue.
Contact: Rep. Ken Robison
(208) 332-1000
Statement of purpose/fiscal note H 619