Amendment ID: S2525-1

Amendment 1

Amendment

Mr. O'Connor moves to amend the bill in section 2 by striking out, in lines 15 and 16, the words “qualified for” and inserting in place thereof the following words:-

“claimed”; and

in section 3, by striking out, in line 34, the word “qualified” and inserting in place thereof the following words:-

“claimed”; and

in said section 3, by striking out the last sentence and inserting in place thereof the following sentence:-

“The total amount exempted by this act shall be: (i) allocated proportionally within the residential tax levy on all residential taxpayers; or (ii) funded by an appropriation or transfer from existing funds while not exceeding 1 per cent of the municipality’s tax levy.”; and

in section 4, by striking out, in line 43, the words “Circuit Breaker tax credit” and inserting in place thereof the following words:- “claimed circuit breaker income tax credit”; and

by striking out section 5 and inserting in place thereof the following section:-

“SECTION 5.  No exemption shall be granted under this act until the department of revenue certifies a residential tax rate for the applicable tax year where the total exemption amount is raised by: (i) a burden shift within the residential tax levy; or (ii) an appropriation or transfer from existing funds.”.