Bill Text: IA SF100 | 2013-2014 | 85th 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.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2013-12-31 - END OF 2013 ACTIONS [SF100 Detail]
Download: Iowa-2013-SF100-Introduced.html
Senate
File
100
-
Introduced
SENATE
FILE
100
BY
ERNST
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
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100
Section
1.
Section
426A.11,
subsections
1
and
2,
Code
2013,
1
are
amended
to
read
as
follows:
2
1.
The
property,
not
to
exceed
two
thousand
seven
hundred
3
seventy-eight
fourteen
thousand
five
hundred
dollars
in
taxable
4
value
of
any
veteran,
as
defined
in
section
35.1
,
of
the
First
5
World
War.
6
2.
The
property,
not
to
exceed
one
thousand
eight
hundred
7
fifty-two
fourteen
thousand
five
hundred
dollars
in
taxable
8
value
of
an
honorably
separated,
retired,
furloughed
to
a
9
reserve,
placed
on
inactive
status,
or
discharged
veteran,
as
10
defined
in
section
35.1,
subsection
2
,
paragraph
“a”
or
“b”
.
11
Sec.
2.
APPLICABILITY.
This
Act
applies
to
property
taxes
12
due
and
payable
in
fiscal
years
beginning
on
or
after
July
1,
13
2014.
14
EXPLANATION
15
Under
current
law,
veterans
of
the
First
World
War
are
16
entitled
to
a
property
tax
exemption
of
$2,778
in
taxable
value
17
and
honorably
discharged
veterans
who
served
during
other
18
specific
time
periods
are
entitled
to
a
property
tax
exemption
19
of
$1,852
in
taxable
value.
This
bill
increases
the
exemption
20
amount
for
all
eligible
veterans
to
$14,500.
21
Under
current
law,
the
state
provides
funding
to
local
22
governments
for
the
military
service
property
tax
exemption
and
23
credit
up
to
$6.92
per
$1,000
of
assessed
value
of
the
exempt
24
property.
25
Code
section
25B.7
provides
that
if
a
state
appropriation
26
made
to
fund
the
credit
or
exemption
is
not
sufficient
to
fully
27
fund
the
credit
or
exemption,
the
political
subdivision
shall
28
be
required
to
extend
to
the
taxpayer
only
that
portion
of
the
29
credit
or
exemption
estimated
by
the
department
of
revenue
to
30
be
funded
by
the
state
appropriation.
The
provisions
of
Code
31
section
25B.7
apply
to
the
military
service
property
tax
credit
32
and
exemption
to
the
extent
of
$6.92
per
$1,000
of
assessed
33
value
of
the
exempt
property.
34
The
bill
applies
to
property
taxes
due
and
payable
in
fiscal
35
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