Text: SSB03189                          Text: SSB03191
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Bills and Amendments: General Index     Bill History: General Index

Senate Study Bill 3190

Bill Text

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 exceeds twenty-five thirty-
  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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