|
expands the Maine Residents Property Tax Program and renames the |
| expanded property tax reimbursement "the Homestead Tax Cap Program" |
| for applications required to be filed on or after August 1, 2004. |
| The program is expanded by increasing the income eligibility |
| requirements for nonelderly households to $75,000 for single-member |
| households and to $100,000 for households with 2 or more members |
| and by increasing the maximum allowable benefit from $1,000 to |
| $1,325 for the fiscal year 2003-04 program and to $2,000 |
| thereafter. Under current law, the projected income limitations |
| for the 2004 Maine Residents Property Tax Program, as adjusted for |
| inflation, are projected to be $30,300 for single-member households |
| and $46,900 for households with 2 or more members. The new income |
| limitations would be adjusted for inflation for program filing |
| periods beginning after 2004. |
