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A-1. Fifty percent of that portion of the benefit base that | exceeds 4%8% | of that portion of the benefit base that exceeds 8% | income to a maximum payment of $2,000 |
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| | | Sec. 8. Application. This Act applies to property tax years | | beginning on or after April 1, 2005. |
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| | | This bill does the following: |
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| | | 1. It repeals the Maine resident homestead property tax | | exemption and instead expands the Maine Residents Property Tax | | Program, commonly known as the "circuit breaker" program; and |
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| | | 2. It expands the circuit breaker program by reducing the | | income tax thresholds from 4% and 8% to 3% and 6%, respectively, | | and by increasing the maximum benefit payment from $2,000 to | | $3,000. |
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