Ad valorem tax; certain senior citizens who volunteer with local governments; provide homestead exemption
What changed between versions
Removed all provisions related to a state-wide homestead property tax exemption for senior citizens who volunteer for local governments.
Added extensive provisions to reduce the state personal income tax rate and increase annual tax cuts.
Removed the requirement for local governments to adopt ordinances to approve volunteer work exemptions.
Added provisions to repeal numerous existing tax credits for manufacturers, businesses, and specific equipment, as well as repeal sales tax exemptions for various goods and services.
Added provisions to increase the standard and dependent deductions for individuals and expand the retirement income exclusion for those aged 65 or older.
Changed the effective date and applicability from starting in 2027 for property taxes to implementing income tax changes beginning January 1, 2025.