Bill Text: IA HF2016 | 2021-2022 | 89th General Assembly | Introduced
Bill Title: A bill for an act relating to the military service property tax exemption and credit and including applicability provisions.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2022-02-02 - Subcommittee recommends amendment and passage. Vote Total: 2-0 [HF2016 Detail]
Download: Iowa-2021-HF2016-Introduced.html
House
File
2016
-
Introduced
HOUSE
FILE
2016
BY
JONES
A
BILL
FOR
An
Act
relating
to
the
military
service
property
tax
exemption
1
and
credit
and
including
applicability
provisions.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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H.F.
2016
Section
1.
Section
426A.11,
subsection
1,
Code
2022,
is
1
amended
by
striking
the
subsection.
2
Sec.
2.
Section
426A.11,
subsection
2,
Code
2022,
is
amended
3
to
read
as
follows:
4
2.
The
property,
not
to
exceed
one
thousand
eight
hundred
5
fifty-two
ten
thousand
three
hundred
ninety
dollars
in
taxable
6
value,
of
an
honorably
separated,
retired,
furloughed
to
a
7
reserve,
placed
on
inactive
status,
or
discharged
veteran,
as
8
defined
in
section
35.1,
subsection
2
,
paragraph
“a”
or
“b”
.
9
Sec.
3.
APPLICABILITY.
This
division
of
this
Act
applies
10
to
property
taxes
due
and
payable
in
fiscal
years
beginning
on
11
or
after
July
1,
2022.
12
EXPLANATION
13
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
14
the
explanation’s
substance
by
the
members
of
the
general
assembly.
15
This
bill
relates
to
the
military
service
property
tax
16
exemption
and
credit.
17
Under
current
law,
veterans
of
World
War
I
are
entitled
to
a
18
property
tax
exemption
of
$2,778
in
taxable
value
and
honorably
19
discharged
veterans
who
served
during
other
specific
time
20
periods
are
entitled
to
a
property
tax
exemption
of
$1,852
in
21
taxable
value.
The
bill
increases
the
exemption
amount
for
all
22
eligible
veterans
to
$10,390.
23
Under
current
law,
the
state
provides
funding
to
local
24
governments
for
the
military
service
property
tax
exemption
25
and
credit
up
to
$6.92
per
$1,000
of
assessed
value
of
the
26
exempt
property.
Code
section
25B.7
provides
that
if
a
27
state
appropriation
made
to
fund
a
credit
or
exemption
is
not
28
sufficient
to
fully
fund
the
credit
or
exemption,
the
political
29
subdivision
shall
be
required
to
extend
to
the
taxpayer
only
30
that
portion
of
the
credit
or
exemption
estimated
by
the
31
department
of
revenue
to
be
funded
by
the
state
appropriation.
32
The
requirement
for
fully
funding
and
the
consequences
of
not
33
fully
funding
under
Code
section
25B.7
apply
to
the
military
34
service
property
tax
credit
and
exemption
to
the
extent
of
35
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