❌ HB365
Enact the Property Tax Refund Act
Summary
The bill enacts the Property Tax Refund Act, which provides a refundable income tax credit or rebate for homeowners and renters whose property taxes or rent exceed five percent of their income. Eligible claimants must have occupied a homestead for at least six months and have total household resources not exceeding $100,000. The credit or rebate amount is determined based on the excess of property taxes or rent-equivalent taxes paid over five percent of the claimant's total household resources.
Rationale
The bill introduces a government program that provides tax credits and rebates, which conflicts with the Libertarian principles of minimal government intervention and reduced taxation. Both the LP and LPO platforms advocate for the repeal of property taxes and minimal government involvement in economic matters.
Risks and Concerns
- Increased government dependency on tax credits
- Potential for bureaucratic inefficiencies
- Encouragement of government intervention in housing markets