Title
CIRCUIT BREAKER TAX CREDIT (EDB-81)
Description
The Committee is in receipt of the following:
1. County Communication 20-261, from the Director of Finance, transmitting a proposed bill amending Section 3.48.810, Maui County Code, relating to the Circuit Breaker Tax Credit.
2. Correspondence dated July 2, 2020, from Committee Chair Rawlins-Fernandez, transmitting a revised proposed bill entitled “A BILL FOR AN ORDINANCE RELATING TO THE CIRCUIT BREAKER TAX CREDIT, HOMEOWNER EXEMPTION, AND HOUSEHOLD INCOME.” The purpose of the revised proposed bill is to amend the tax breaker credit and related sections of the Maui County Code by: 1) increasing the maximum amount of the credit to $6,500; 2) increasing the qualifying household income to $130,000; 3) increasing the amounts of the homeowner’s gross building assessed values at which the credit is phased out based on 0% of eligible tax credit to 100% of eligible tax credit; 4) clarifying the credit does not supersede the minimum tax due; 5) allowing a home exemption if taxes on the property are not delinquent for more than one year; and 6) changing household income from adjusted gross income to gross income.
Status
The Committee may discuss the matter. The Committee may consider whether to recommend passage of the revised proposed bill on first reading, with or without revisions. The Committee may also consider whether to recommend the filing of County Communication 20-261 and other related action.