Council Extends Tax Relief For

The Elderly

By Jan Howard

The Legislative Council voted unanimously Wednesday night to amend the ordinance for tax relief for elderly, to raise income levels and credits for eligibility and to increase the revenue loss cap to $600,000 for fiscal year 2004-05 and following years.

For incomes of 0 to $40,000, the tax credit is $1,385; for incomes of $40,000.01 to $60,000, the tax credit is $825.

Previous income levels were 0 to $35,000, with a tax credit of $1,182; and $35,000.01 to $55,000, with a tax credit of $700.

The revenue loss cap was previously $401,237 as amended in March 2001.

“The tax credit has been eaten up by increases in the budget and revaluation,” Board of Finance Chairman John Kortze told Legislative Council members.

Legislative Council member Fran Pennarola, in presenting the changes, said the tax credit has experienced erosion over the years because of budget increases.