An Act To Provide an Income Tax Credit for Property Tax Relief
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 36 MRSA §5219-DD is enacted to read:
§ 5219-DD. Property tax credit
A refundable credit is allowed against the taxes otherwise due under this Part equal to 25% of the amount of property taxes paid during the tax year on a homestead as defined in section 681, subsection 2. The credit may not exceed $500.
summary
This bill provides a refundable income tax credit equal to 25% of property tax paid on a homestead during the tax year up to a maximum of $500.