- Increases the earned income tax credit from 6% to 9%
- Freezes property taxes on homes valued below $200,000 for individuals 65 and older and who earn less than $35,000 per year, or less than $50,000 per year if taxes are filed jointly with a spouse
- Doubles the state income tax deduction for renters from $2,500 to $5,000 (Sec. 184).
- Creates the school contingency and reserve account which will have $150 million for state tuition support (Sec. 8).
- Subjects large school construction projects unrelated to classroom learning such as sports stadiums or pools to a referendum, unless the project is necessary to remove a threat to the health, safety, or welfare of students (Sec. 181).
- Increases state retail tax from 6% to 7% (Sec. 290).
- Adds to those who are eligible for a standard property tax deduction, a supplemental property tax deduction that is applicable after the standard deduction has been applied but before the application of any other deduction, exemption, or credit (Sec. 96).
- Sets supplemental property tax deductions at the following rates
- 35% on homes valued $200,000 or less
- 30% on homes valued over $200,000 but not exceeding $300,000
- 25% on homes valued over $300,000 but not exceeding $400,000
- 20% on homes valued over $400,000 but not exceeding $500,000
- 15% on homes valued over $500,000 but not exceeding $600,000
- 10% on homes valued over $600,000 but not exceeding $700,000
- 5% on homes valued over $700,000 but not exceeding $800,000
- 0% on homes valued over $800,000