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Increase in disabled veteran homestead credit clears Iowa House committee

Published: Wednesday, April 30, 2014 9:39 a.m. CDT

Senate File 2352 expands the individuals eligible for the disabled veterans homestead tax credit (a property tax credit for 100 percent of amount levied).

Currently, there is a disabled veteran tax credit under Iowa Code 425.15. That code section provides a property tax credit on the homestead of an eligible veteran (who received special adaptive housing because of a service-connected disability) equal to the entire amount of property tax levied.

Senate File 2352 modifies the qualifications for this total property tax credit by adding the following as qualified recipients:

• All veterans with a service-connected disability rating of 100 percent

• Former members of the national guard of any state who otherwise meets the service requirements for Iowa National Guard members service-connected disability rating of 100 percent

• Surviving spouses or children who are receiving dependency and indemnity compensation for a spouse or parent who died in action or dies because of a service connected injury

Senate File 2352 also strikes the maximum income limitation qualification for the credit (was at $35,000). Senate File 2352 applies to applications for the disabled veteran credit filed on or after the effective date of the bill (effective upon enactment). The bill is expected to have a fiscal impact of $3.607 million in FY 2016. The bill will now move to the House floor for further consideration.

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