92nd General Assembly
Summary of HB0296
   [ Home ]   [ Back ]   [ Legislation ]
Legislation:  
Please enter a bill number.



 Full Text  Bill Status
House Sponsors:
GARRETT-FEIGENHOLTZ-FORBY-FOWLER-DAVIS,MONIQUE, 
   COULSON, BLACK, FRANKS, CROTTY, MILLER, BOLAND, 
   ACEVEDO AND MENDOZA.

Senate Sponsors:
LINK-HENDON

Short description: 
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

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 



 Full Text  Bill Status