Increase elderly homeowner and renter income tax credit

Increased the maximum credit amount available to elderly homeowners and renters.

Raised the 'household income' threshold from $12,600 to $14,100 used to calculate the credit.

Updated the definition of 'homestead' to clarify land usage limits and included dwellings rented from county or municipal housing authorities.

Refined the definition of 'household' to exclude bona fide lessees, tenants, or roomers on contract.

Adjusted the income brackets and reduction rates (e.g., changing the rate for the $8,000-$8,999 bracket to 0.039) to reflect updated economic conditions.

Updated the bill header and numbering from 'HB 831.1' to 'HB0831.2' to reflect the new legislative session format.

Corrected spacing errors in the tax reduction schedule by removing extra spaces between numerical values and text (e.g., changed '.006 times' to '.006times').

Removed redundant spacing in the bill text where subsection numbers were separated by spaces (e.g., changed '(1) (2)' to '(1)(2)').

Increased the income threshold for 'household income' calculation from $12,600 to $14,100, which reduces the income level at which the tax credit begins to phase out.

Updated the definition of 'household income' to reflect the new $14,100 subtraction amount from gross household income.

Reordered the names of the bill's sponsors in the header section of the document.

The bill identifier was updated from LC 2505 to HB 831, reflecting its formal introduction in the House.

The names of five primary sponsors (G. Nikolakakos, C. Schomer, E. Tillemann, B. Ler, and B. Mitchell) were added to the bill header.

Spacing and punctuation in the income reduction schedule table were corrected to standardize the presentation of the calculation formulas.