Bill Text: IA HF2028 | 2023-2024 | 90th General Assembly | Introduced
Bill Title: A bill for an act relating to homestead tax credits for certain persons sixty-five years of age or older.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced) 2024-01-30 - Subcommittee recommends passage. Vote Total: 3-0. [HF2028 Detail]
Download: Iowa-2023-HF2028-Introduced.html
House
File
2028
-
Introduced
HOUSE
FILE
2028
BY
STONE
A
BILL
FOR
An
Act
relating
to
homestead
tax
credits
for
certain
persons
1
sixty-five
years
of
age
or
older.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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2028
Section
1.
Section
425.1,
subsection
2,
Code
2024,
is
1
amended
to
read
as
follows:
2
2.
a.
The
Except
as
provided
in
paragraph
“b”
,
the
3
homestead
credit
fund
shall
be
apportioned
each
year
so
as
to
4
give
a
credit
against
the
tax
on
each
eligible
homestead
in
the
5
state
in
an
amount
equal
to
the
actual
levy
on
the
first
four
6
thousand
eight
hundred
fifty
dollars
of
actual
value
for
each
7
homestead.
8
b.
(1)
For
the
assessment
year
beginning
January
1,
2025,
9
and
each
succeeding
assessment
year,
an
owner
that
has
attained
10
the
age
of
sixty-five
years
by
January
1
of
the
assessment
year
11
shall
be
given
a
credit
against
the
tax
on
the
owner’s
eligible
12
homestead
in
an
amount
equal
to
the
actual
levy
on
the
first
13
one
hundred
thousand
dollars
of
actual
value
for
the
homestead
14
if
the
owner’s
household
income
is
forty
thousand
dollars
or
15
less
if
the
owner
is
unmarried
or
the
owner’s
household
income
16
is
eighty
thousand
dollars
or
less
if
the
owner
is
married.
17
(2)
For
the
purposes
of
this
paragraph,
“income”
means
the
18
same
as
defined
in
section
425.17.
19
EXPLANATION
20
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
21
the
explanation’s
substance
by
the
members
of
the
general
assembly.
22
This
bill
provides
a
homestead
tax
credit
in
an
amount
equal
23
to
the
actual
levy
on
the
first
$100,000
of
actual
value
on
an
24
owner’s
eligible
homestead
if
the
owner
is
65
years
of
age
or
25
older
and
either
has
less
than
$40,000
of
household
income
if
26
the
owner
is
unmarried
or
$80,000
of
household
income
if
the
27
owner
is
married.
28
The
bill
defines
“income”
for
the
purposes
of
the
homestead
29
tax
credit
offered
to
persons
65
years
of
age
or
older.
30
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