Property Tax Credits - Renters' Tax Credit, Homeowners' Tax Credit, and Homestead Tax Credit - Altering Eligibility and Amount

HB 1427 modifies Maryland's Renters' Tax Credit, Homeowners' Tax Credit, and Homestead Tax Credit by adjusting income thresholds, calculation formulas, and maximum credit amounts. It increases the maximum annual credit for renters from $1,200 (2027) to $2,000 (2029+), and for homeowners from $1,500 (2028) to $2,000 (2029+), while raising income thresholds for eligibility. The bill specifies phased-in income percentages (e.g., 0% on first $16,000 of income for renters in 2029+) and adds a $200,000 net worth limit for renters. It directly affects low-to-moderate-income renters (including seniors/disabled individuals) and homeowners meeting revised income criteria. These changes apply to tax years beginning July 1, 2027, and subsequent years.