Years of Residency
|
Requirement
| |
---|---|---|
5—10 years of residency
|
Income not to exceed maximum income levels set annually for
single or married status, as applicable, by the office of policy and
management for state elderly/disabled tax relief programs
| |
11—20 years of residency
|
Income not to exceed 1.5 times the maximum income levels set
annually for single or married status, as applicable, by the office
of policy and management for state elderly/disabled tax relief programs
| |
20+ years of residency
|
Income not to exceed 2 times the maximum income levels set annually
for single or married status, as applicable, by the office of policy
and management for state elderly/disabled tax relief programs
|
Cap set by the board of finance:
|
$300,000
| |
Total requested deferred tax of all participants:
|
$350,000
| |
Excess of cap:
|
$50,000
| |
Sample tax deferral requested for participant (A):
|
$3,000
| |
Excess over cap ($350,000-$300,000) = $50,000/$350,000 = 14.3%
X $3,000 = $429. Deferral requested $3,000 - $429 = $2,601
| ||
Amount of taxes participant (A) could defer this year = $2,601
| ||
Amount of taxes participant (A) must pay this year = $429
|