According to the proposalthe cost of the program would be approximately 3% of Tennessee’s annual state budget. It could be financed from the state’s recurring surplus – estimated at $1.5 billion to $2.5 billion per year.
Mitchell asserted that Tennessee has the fiscal capacity to support the initiative without cutting existing services or raising taxes.
“The money is there. The demand is a priority,” he said. “If Tennessee can afford to give $1 billion a year in tax cuts to big corporations, we can certainly afford to protect the seniors who have built our communities and contributed to the system for decades.”
Under current law, Tennessee operates a property tax credit program that reimburses eligible elderly and disabled low-income homeowners for a portion of their annual property tax liability.
That program – administered by the state comptroller’s office – typically distributes more than $40 million in tax credits annually to more than 100,000 residents.
Mitchell and other supporters of the proposal say it would help prevent tax foreclosures while allowing older homeowners to redirect their limited incomes toward local goods, services and health care.
“This is responsible stewardship, not reckless spending,” Mitchell added. “Tennessee has the resources. What we need now is the political will to protect the people who make Tennessee what it is today.”
Supporters of the Golden Homeowners Tax Relief Program are encouraging residents to get a petition on Change.org to demonstrate demand for legislative action.
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