Text: SSB03189 Text: SSB03191 Text: SSB03100 - SSB03199 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 425.15, Code 2001, is amended to read 1 2 as follows: 1 3 425.15 DISABLED VETERAN TAX CREDIT. 1 4 If the owner of a homestead allowed a credit under this 1 5 chapter is a veteran of any of the military forces of the 1 6 United States, who acquired the homestead under 38 U.S.C. } 1 7 21.801, 21.802, or 38 U.S.C. } 2101, 2102, the credit allowed 1 8 on the homestead from the homestead credit fund shall be the 1 9 entire amount of the tax levied on the homestead. The credit 1 10 allowed shall be continued to the estate of a veteran who is 1 11 deceased or the surviving spouse and any child, as defined in 1 12 section 234.1, who are the beneficiaries of a deceased 1 13 veteran, so long as the surviving spouse remains unmarried. 1 14 This section is not applicable to the holder of title to any 1 15 homestead whose annual income, together with that of the 1 16 titleholder's spouse, if any, for the last preceding twelve- 1 17 month income tax accounting period exceedstwenty-fivethirty- 1 18 five thousand dollars. For the purpose of this section 1 19 "income" means taxable income for federal income tax purposes 1 20 plus income from securities of state and other political 1 21 subdivisions exempt from federal income tax. A veteran or a 1 22 beneficiary of a veteran who elects to secure the credit 1 23 provided in this section is not eligible for any other real 1 24 property tax exemption provided by law for veterans of 1 25 military service. If a veteran acquires a different 1 26 homestead, the credit allowed under this section may be 1 27 claimed on the new homestead unless the veteran fails to meet 1 28 the other requirements of this section. 1 29 Sec. 2. IMPLEMENTATION OF ACT. Section 25B.7 does not 1 30 apply to the disabled veteran tax credit amended in section 1 1 31 of this Act. 1 32 Sec. 3. EFFECTIVE AND APPLICABILITY DATE. This Act, being 1 33 deemed of immediate importance, takes effect upon enactment 1 34 and applies retroactively to January 1, 2002, for claims filed 1 35 or on file on or after that date. 2 1 EXPLANATION 2 2 Under current law, a disabled veteran who acquired under 2 3 federal law suitable housing to meet the veteran's disability 2 4 needs and whose housing qualifies under state law as a 2 5 homestead shall be entitled to a homestead credit equal to the 2 6 entire amount of the tax levied on the homestead. However, 2 7 this exemption for the entire tax does not apply if the annual 2 8 income of the veteran and veteran's spouse exceeds $25,000. 2 9 This bill increases the $25,000 limit to $35,000. The bill 2 10 takes effect upon enactment and applies retroactively to 2 11 January 1, 2002, for claims filed or on file on or after that 2 12 date. 2 13 LSB 7120SC 79 2 14 mg/sh/8
Text: SSB03189 Text: SSB03191 Text: SSB03100 - SSB03199 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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