§ 44-33-9 - Computation of credit.
SECTION 44-33-9
§ 44-33-9 Computation of credit. –The amount of any claim made pursuant to this chapter shall be determined asfollows:
(1) For any taxable year, a claimant is entitled to a creditagainst his or her tax liability equal to the amount by which the propertytaxes accrued or rent constituting property taxes accrued upon the claimant'shomestead for the taxable year exceeds a certain percentage of the claimant'stotal household income for that taxable year, which percentage is based uponincome level and household size. The credit shall be computed in accordancewith the following table:
Income Range 1 Person 2 orMore Persons
less than $6000 3% 3%
$6001-9000 4% 4%
$9001-12000 5% 5%
$12001-15000 6% 5%
$15001-30000 6% 6%
(2) The maximum amount of the credit granted under thischapter will be as follows:
Year Credit Maximum
Commencing July 1977 $ 55.00
Commencing July 1978 $150.00
Commencing July 1979 $175.00
Commencing July 1980 $200.00
Commencing on July 1997 $250.00
and subsequent years
Commencing on July 2006 $300.00
Commencing July 2007 and subsequent years, the credit shallbe increased, at a minimum, to the maximum amount to the nearest five dollars($5.00) increment within the allocation of five one-hundredths of one percent(0.05%) of net terminal income derived from video lottery games up to a maximumof five million dollars ($5,000,000) until a maximum credit of five hundreddollars ($500) is obtained pursuant to the provisions of § 42-61-15. In noevent shall the exemption in any fiscal year be less than the prior fiscal year.