Property Tax Reduction Act of 2022

Hozzl · 2022-12-29T18:18:43Z

Explore the details of House Bill 8530 Property Tax Reduction Act of 2022 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Health. Stay informed on legislative developments.

12/29/2022, 6:18 PM

Summary of Bill HR 8530

Bill 117 HR 8530, also known as the Property Tax Reduction Act of 2022, aims to provide relief to homeowners by reducing property taxes. The bill proposes a number of measures to achieve this goal, including increasing the standard deduction for property taxes, capping property tax rates, and providing tax credits for low-income homeowners.

One of the key provisions of the bill is the increase in the standard deduction for property taxes. This would allow homeowners to deduct a larger amount of their property taxes from their taxable income, potentially resulting in lower tax bills for many homeowners.

Additionally, the bill seeks to cap property tax rates in order to prevent excessive increases in property taxes. This measure is intended to provide stability and predictability for homeowners, particularly in areas where property values are rapidly increasing. Furthermore, the bill includes provisions for tax credits for low-income homeowners. These credits would provide financial assistance to homeowners who may be struggling to afford their property taxes, helping to ensure that they can remain in their homes. Overall, the Property Tax Reduction Act of 2022 aims to provide relief to homeowners by reducing property taxes through a combination of increased deductions, capped rates, and targeted tax credits. If passed, this bill could have a significant impact on the financial well-being of homeowners across the country.

Congressional Summary of HR 8530

Property Tax Reduction Act of 2022

This bill reduces federal Medicaid funding beginning in FY2025 for certain states that require political subdivisions to contribute funds towards medical assistance. Specifically, the bill applies to states that received, for FY2022, disproportionate share hospital (DSH) allotments greater than six times the national average. (DSHs are hospitals that receive additional payment under Medicaid for treating a large share of low-income patients.)

Excepted from the bill are contributions that: (1) are required from a political subdivision that has a population greater than 5 million and imposes a local income tax upon its residents, or (2) were required for administrative expenses as of January 1, 2022.

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Current Status of Bill HR 8530

Bill HR 8530 is currently in the status of Bill Introduced since July 27, 2022. Bill HR 8530 was introduced during Congress 117 and was introduced to the House on July 27, 2022. Bill HR 8530's most recent activity was Referred to the House Committee on Energy and Commerce. as of July 27, 2022

Bipartisan Support of Bill HR 8530

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Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 8530

Primary Policy Focus

Health

Alternate Title(s) of Bill HR 8530

Property Tax Reduction Act of 2022

To amend title XIX of the Social Security Act to reduce Federal financial participation for certain States that require political subdivisions to contribute towards the non-Federal share of Medicaid.