Bill Text: IA SF485 | 2019-2020 | 88th General Assembly | Introduced
Bill Title: A bill for an act relating to the military service property tax exemption and credit by increasing the exemption amount, and including applicability provisions. (Formerly SSB 1022.)
Spectrum: Committee Bill
Status: (Introduced - Dead) 2019-03-12 - Subcommittee: Dawson, Dotzler, and Edler. S.J. 593. [SF485 Detail]
Download: Iowa-2019-SF485-Introduced.html
Senate
File
485
-
Introduced
SENATE
FILE
485
BY
COMMITTEE
ON
VETERANS
AFFAIRS
(SUCCESSOR
TO
SSB
1022)
A
BILL
FOR
An
Act
relating
to
the
military
service
property
tax
exemption
1
and
credit
by
increasing
the
exemption
amount,
and
including
2
applicability
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
TLSB
1061SV
(1)
88
md/jh
S.F.
485
Section
1.
Section
426A.11,
subsection
1,
Code
2019,
is
1
amended
by
striking
the
subsection.
2
Sec.
2.
Section
426A.11,
subsection
2,
Code
2019,
is
amended
3
to
read
as
follows:
4
2.
The
property,
not
to
exceed
one
thousand
eight
hundred
5
fifty-two
three
thousand
seven
hundred
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
Act
applies
to
property
taxes
10
due
and
payable
in
fiscal
years
beginning
on
or
after
July
1,
11
2020.
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
Under
current
law,
veterans
of
World
War
I
are
entitled
16
to
a
property
tax
exemption
of
$2,778
in
taxable
value
and
17
honorably
discharged
veterans
who
served
during
other
specific
18
time
periods
are
entitled
to
a
property
tax
exemption
of
$1,852
19
in
taxable
value.
This
bill
increases
the
exemption
amount
for
20
all
eligible
veterans
to
$3,700.
21
Under
current
law,
the
state
provides
funding
to
local
22
governments
for
the
military
service
property
tax
exemption
23
and
credit
up
to
$6.92
per
$1,000
of
assessed
value
of
the
24
exempt
property.
Code
section
25B.7
provides
that
if
a
25
state
appropriation
made
to
fund
a
credit
or
exemption
is
not
26
sufficient
to
fully
fund
the
credit
or
exemption,
the
political
27
subdivision
shall
be
required
to
extend
to
the
taxpayer
only
28
that
portion
of
the
credit
or
exemption
estimated
by
the
29
department
of
revenue
to
be
funded
by
the
state
appropriation.
30
The
requirement
for
fully
funding
and
the
consequences
of
not
31
fully
funding
under
Code
section
25B.7
apply
to
the
military
32
service
property
tax
credit
and
exemption
to
the
extent
of
33
$6.92
per
$1,000
of
assessed
value
of
the
exempt
property.
34
The
bill
applies
to
property
taxes
due
and
payable
in
fiscal
35
-1-
LSB
1061SV
(1)
88
md/jh
1/
2
