Text: S05441                            Text: S05443
Text: S05400 - S05499                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

Senate Amendment 5442

Amendment Text

PAG LIN
  1  1    Amend House File 2622, as amended, passed, and
  1  2 reprinted by the House, as follows:
  1  3    #1.  Page 16, by inserting after line 32, the
  1  4 following:
  1  5    "Sec.    .  Section 425.15, Code 2001, is amended
  1  6 to read as follows:
  1  7    425.15  DISABLED VETERAN TAX CREDIT.
  1  8    If the owner of a homestead allowed a credit under
  1  9 this chapter is a veteran of any of the military
  1 10 forces of the United States, who acquired the
  1 11 homestead under 38 U.S.C. } 21.801, 21.802, or 38
  1 12 U.S.C. } 2101, 2102, the credit allowed on the
  1 13 homestead from the homestead credit fund shall be the
  1 14 entire amount of the tax levied on the homestead.  The
  1 15 credit allowed shall be continued to the estate of a
  1 16 veteran who is deceased or the surviving spouse and
  1 17 any child, as defined in section 234.1, who are the
  1 18 beneficiaries of a deceased veteran, so long as the
  1 19 surviving spouse remains unmarried.  This section is
  1 20 not applicable to the holder of title to any homestead
  1 21 whose annual income, together with that of the
  1 22 titleholder's spouse, if any, for the last preceding
  1 23 twelve-month income tax accounting period exceeds
  1 24 twenty-five thirty-five thousand dollars.  For the
  1 25 purpose of this section "income" means taxable income
  1 26 for federal income tax purposes plus income from
  1 27 securities of state and other political subdivisions
  1 28 exempt from federal income tax.  A veteran or a
  1 29 beneficiary of a veteran who elects to secure the
  1 30 credit provided in this section is not eligible for
  1 31 any other real property tax exemption provided by law
  1 32 for veterans of military service.  If a veteran
  1 33 acquires a different homestead, the credit allowed
  1 34 under this section may be claimed on the new homestead
  1 35 unless the veteran fails to meet the other
  1 36 requirements of this section."
  1 37    #2.  Page 23, by inserting after line 3, the
  1 38 following:
  1 39    "Sec.    .  IMPLEMENTATION OF ACT.  Section 25B.7
  1 40 does not apply to the section of this Act amending
  1 41 section 425.15 relating to the disabled veteran tax
  1 42 credit."
  1 43    #3.  Page 23, by inserting after line 33, the
  1 44 following:
  1 45    "   .  The section of this Act amending section
  1 46 425.15, relating to the disabled veteran tax credit,
  1 47 being deemed of immediate importance, takes effect
  1 48 upon enactment and applies retroactively to January 1,
  1 49 2002, for homestead credit claims filed or on file on
  1 50 or after that date."
  2  1    #4.  By renumbering as necessary.  
  2  2 
  2  3 
  2  4                               
  2  5 MARY A. LUNDBY
  2  6 HF 2622.207 79
  2  7 sc/sh
     

Text: S05441                            Text: S05443
Text: S05400 - S05499                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

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