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, allowing their surviving spouses to maintain this exemption under certain conditions. Additionally, the individual income tax subtraction for unreimbursed adoption expenses would increase from $3,000 to $5,000 for single filers and $10,000 for married couples.

Moreover, the bill would expand the transaction privilege tax (TPT) deduction and use tax exemption to include pipes or valves that are four inches or larger used for transporting wastewater. It would remove the requirement for veterans with service or nonservice-connected disabilities to have their property valued below a certain assessment limit to qualify for tax exemptions and exclude all veterans' pensions from the income calculation for the exemption income cap. These changes aim to enhance tax benefits for veterans, families adopting children, and public schools while simplifying existing tax regulations.

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