The proposed bill would update current statutes by extending the authorized purposes for which public schools can use contributions for the Public School Extracurricular Activity Fees Tax Credit until June 30, 2029, and increasing the business personal property tax exemption to $500,000 effective January 1, 2026. It would also exempt the property of veterans with a 100 percent service-connected disability from the full amount of property tax and allow their surviving spouses to retain this exemption under certain conditions. Additionally, the individual income tax subtraction for unreimbursed adoption expenses would increase to $5,000 for single individuals or heads of household, and $10,000 for married couples, while expanding the transaction privilege tax (TPT) deduction to include larger pipes used for transporting wastewater.

Moreover, the bill would modify existing tax statutes by including "wastewater" in the definition of taxable property related to pipes and valves, establish full tax exemption for properties owned by veterans with a 100% service-connected disability and their surviving spouses, and create a partial exemption for veterans with lower disability ratings. It would also raise the maximum exemption amount for personal property used for agricultural purposes from $207,366 to $500,000, and amend provisions regarding unreimbursed medical and adoption costs to allow for increased deductions based on the year of the final adoption order. These changes aim to enhance tax relief for veterans and adjust property tax exemptions to better reflect current economic conditions.

Statutes affected:
Introduced Version: 42-5061, 42-5159, 42-11111, 42-11127, 43-1022, 42-5156, 23-501, 36-1901, 28-5201, 42-5074, 42-6017, 88-525, 95-627, 99-661, 111-296, 28-5739, 28-8344, 42-5001, 42-5075, 42-5009, 28-2154, 28-2154.01, 42-5073, 3-311, 46-191, 36-551, 41-3201, 41-1514.02, 1-215, 49-426, 49-480, 41-1516, 44-1771, 42-5014, 42-5063, 45-604, 28-1171, 104-104, 41-1519, 44-1302, 42-5064, 42-5029, 42-5032.01, 28-4301, 41-1520, 42-11152, 32-1601, 42-12002, 42-12001
House Engrossed Version: 42-5061, 42-5159, 42-11111, 42-11127, 43-1022, 43-1089.01, 42-5156, 23-501, 36-1901, 28-5201, 42-5074, 42-6017, 88-525, 95-627, 99-661, 111-296, 28-5739, 28-8344, 42-5001, 42-5075, 42-5009, 28-2154, 28-2154.01, 42-5073, 3-311, 46-191, 36-551, 41-3201, 41-1514.02, 1-215, 49-426, 49-480, 41-1516, 44-1771, 42-5014, 42-5063, 45-604, 28-1171, 104-104, 41-1519, 44-1302, 42-5064, 42-5029, 42-5032.01, 28-4301, 41-1520, 42-11152, 32-1601, 42-12002, 42-12001, 43-1023, 15-1628, 15-1451, 43-1333, 43-1025, 43-1027, 43-1029, 43-1021, 111-5, 111-92, 41-1518, 43-1042, 20-1691, 101-336, 43-1024, 43-1028