modify tax refunds for elderly persons and persons with a disability, to make an appropriation therefor, and to declare an emergency.
What changed between versions
Updated income thresholds and refund percentages for single-member households, with the maximum refundable income limit now set at $16,566 and refund rates ranging from 35% down to 0% based on income brackets.
Updated income thresholds and refund percentages for multiple-member households, with the maximum refundable income limit now set at $22,484 and refund rates ranging from 55% down to 0% based on income brackets.
Modified the calculation method for single-person household claims, changing from a flat amount to a graduated calculation based on income differences.
Modified the calculation method for multiple-person household claims, changing from a flat amount to a graduated calculation based on income differences.
Appropriated $425,000 from the general fund to the Department of Revenue for processing tax refunds, with up to $20,000 reserved for administrative costs.
Established that any unspent funds must be returned to the state by June 30, 2026.
Declared an emergency to allow immediate implementation of the tax refund program.