State Representative Steve Reick (R-Woodstock) presented his first bill today before the House Revenue & Finance Committee in Springfield.
The committee held a subject matter hearing on Reick’s HB 3013, which would provide property tax relief to seniors over the age of 65 whose federal adjusted gross income is under $50,000. Specifically, the bill would allow those meeting the proposed eligibility threshold to enjoy a tax refund equal to 5% of the taxes paid on their principal residence.
“We have seniors on fixed incomes who are missing out on a tax credit that most other taxpayers are receiving,” said Reick. “These fixed income seniors are some our most vulnerable citizens, and while the tax refund I am proposing does not represent a large amount of money, it could make a real difference for those who find themselves choosing between buying groceries or filling a prescription.”
While the bill is not advancing to the House floor, the Revenue & Finance Committee chair said the provisions of HB 3013 will be part of a larger discussion on fair and equitable taxation.