Date: 08/21/2013

Final
Presentation on PTC rebate program

ECONOMIC OPPORTUNITY POVERTY REDUCTION TASK FORCE

Votes: View--> Action Taken:
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02:32 PM -- Presentation on PTC rebate program

Mr. Ron Kirk, Legislative Council Staff, introduced himself to the committee and explained he would be talking about the Property Tax/Heat/Rent Rebate Program. The program provides assistance to low-income seniors. Mr. Kirk distributed a fact sheet (Attachment A). The Finance Committees review the program every two years. He mentioned that three programs provide assistance to elderly residents in Colorado: the Homestead Property Tax Program, which is not dependent on income; the Property Tax Deferral Program, which allows seniors to defer property taxes; and the Property Tax/Rent/Heat Rebate which offsets property taxes, rent or heating for seniors. The PTC program was created in 1972 and was one of the first circuit breaker programs. Circuit breaker programs provide assistance to both renters and homeowners. The program began in 1972 and rebate amounts were increased in 1980. The rebate could be up to $660 per year from 1980 to 1999 and then the grants increased 20% to $792 and grant amounts have not changed since. About 22,000 people receive grants that vary from $0 to $792.

13EconPov0821AttachA.pdf13EconPov0821AttachA.pdf

Mr. Kirk described the income limits for the program and mentioned Senator Kefalas requested an audit to see if the program is working as intended by the legislature. The audit will be presented at the next committee meeting.

Mr. Kirk responded to questions from the committee regarding income eligibility limits for the program, the decline in benefits over the years, and whether air conditioning rebates are part of the program.