Bill Text: IA SF2223 | 2013-2014 | 85th General Assembly | Introduced
Bill Title: A bill for an act relating to the additional homestead property tax credit for disabled veterans and including applicability date provisions.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2014-02-18 - Subcommittee, Bolkcom, Bertrand, and Petersen. S.J. 286. [SF2223 Detail]
Download: Iowa-2013-SF2223-Introduced.html
Senate
File
2223
-
Introduced
SENATE
FILE
2223
BY
ANDERSON
A
BILL
FOR
An
Act
relating
to
the
additional
homestead
property
tax
credit
1
for
disabled
veterans
and
including
applicability
date
2
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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Section
1.
Section
425.15,
Code
2014,
is
amended
to
read
as
1
follows:
2
425.15
Disabled
veteran
tax
credit.
3
If
the
owner
of
a
homestead
allowed
a
credit
under
this
4
chapter
is
a
veteran
of
any
of
the
military
forces
of
the
5
United
States,
who
acquired
the
homestead
under
38
U.S.C.
6
§
21.801,
21.802,
prior
to
August
6,
1991,
or
38
U.S.C.
§
2101
,
7
through
2102
,
or
a
veteran
as
defined
in
section
35.1,
with
8
a
service-connected
disability,
as
certified
by
the
United
9
States
department
of
veterans
affairs
,
the
amount
of
the
10
credit
allowed
on
the
homestead
from
the
homestead
credit
fund
11
shall
be
the
entire
amount
a
percentage
of
the
tax
levied
12
on
the
homestead
,
after
subtracting
the
regular
homestead
13
credit
allowed
under
section
425.1,
that
is
equivalent
to
the
14
veteran’s
service-connected
disability
rating
percentage
.
The
15
credit
allowed
shall
be
continued
to
the
estate
of
a
veteran
16
who
is
deceased
or
the
surviving
spouse
and
any
child,
as
17
defined
in
section
234.1
,
who
are
the
beneficiaries
of
a
18
deceased
veteran,
so
long
as
the
surviving
spouse
remains
19
unmarried.
This
section
is
not
applicable
to
the
holder
20
of
title
to
any
homestead
whose
annual
income,
together
21
with
that
of
the
titleholder’s
spouse,
if
any,
for
the
last
22
preceding
twelve-month
income
tax
accounting
period
exceeds
23
thirty-five
thousand
dollars.
For
the
purpose
of
this
section
24
“income”
means
taxable
income
for
federal
income
tax
purposes
25
plus
income
from
securities
of
state
and
other
political
26
subdivisions
exempt
from
federal
income
tax.
A
veteran
or
27
a
beneficiary
of
a
veteran
who
elects
to
secure
the
credit
28
provided
in
this
section
is
not
eligible
for
any
other
real
29
property
tax
exemption
provided
by
law
for
veterans
of
military
30
service.
If
a
veteran’s
service-connected
disability
rating
31
percentage
changes,
the
veteran
shall
provide
written
notice
to
32
the
assessor
by
July
1
following
the
date
on
which
the
rating
33
percentage
is
changed.
If
a
veteran
acquires
a
different
34
homestead,
the
credit
allowed
under
this
section
may
be
claimed
35
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on
the
new
homestead
unless
the
veteran
fails
to
meet
the
other
1
requirements
of
this
section
.
2
Sec.
2.
APPLICABILITY.
This
Act
applies
to
property
taxes
3
due
and
payable
in
fiscal
years
beginning
on
or
after
July
1,
4
2015.
5
EXPLANATION
6
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
7
the
explanation’s
substance
by
the
members
of
the
general
assembly.
8
The
disabled
veterans
tax
credit
under
Code
section
425.15
9
provides
a
property
tax
credit
equal
to
the
entire
amount
of
10
the
tax
levied
on
the
homestead
of
a
veteran
who
acquired
the
11
homestead
under
specified
federal
programs,
and
who
has
an
12
income
of
$35,000
or
less.
13
This
bill
provides
that
in
addition
to
those
veterans
who
14
acquired
their
homestead
under
a
specified
government
program,
15
the
credit
is
also
allowed
for
a
veteran,
as
defined
in
16
Code
section
35.1,
who
has
a
service-connected
disability
as
17
certified
by
the
United
States
department
of
veterans
affairs.
18
The
credit
allowed
on
the
homestead
is
an
amount
equal
to
a
19
percentage
of
the
amount
of
the
tax
levied
on
the
homestead
20
that
is
equivalent
to
the
veteran’s
permanent
service-connected
21
disability
rating
percentage.
22
The
bill
also
strikes
the
income
limitation
qualifications
23
for
the
disabled
veteran
tax
credit
and
strikes
a
provision
24
making
the
veteran
receiving
this
credit
ineligible
for
any
25
other
property
tax
exemption.
26
Code
section
25B.7
provides
that
if
a
state
appropriation
27
made
to
fund
the
credit
or
exemption
is
not
sufficient
to
fully
28
fund
the
credit
or
exemption,
the
political
subdivision
shall
29
be
required
to
extend
to
the
taxpayer
only
that
portion
of
the
30
credit
or
exemption
estimated
by
the
department
of
revenue
to
31
be
funded
by
the
state
appropriation.
32
The
bill
applies
to
property
taxes
due
and
payable
in
fiscal
33
years
beginning
on
or
after
July
1,
2015.
34
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