House File 2028 - Introduced
HOUSE FILE 2028
BY STONE
A BILL FOR
1 An Act relating to homestead tax credits for certain persons
2 sixty-five years of age or older.
3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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 H.F. 2028
1 Section 1. Section 425.1, subsection 2, Code 2024, is
2 amended to read as follows:
3 2. a. The Except as provided in paragraph “b”, the
4 homestead credit fund shall be apportioned each year so as to
5 give a credit against the tax on each eligible homestead in the
6 state in an amount equal to the actual levy on the first four
7 thousand eight hundred fifty dollars of actual value for each
8 homestead.
9 b. (1) For the assessment year beginning January 1, 2025,
10 and each succeeding assessment year, an owner that has attained
11 the age of sixty-five years by January 1 of the assessment year
12 shall be given a credit against the tax on the owner’s eligible
13 homestead in an amount equal to the actual levy on the first
14 one hundred thousand dollars of actual value for the homestead
15 if the owner’s household income is forty thousand dollars or
16 less if the owner is unmarried or the owner’s household income
17 is eighty thousand dollars or less if the owner is married.
18 (2) For the purposes of this paragraph, “income” means the
19 same as defined in section 425.17.
20 EXPLANATION
21 The inclusion of this explanation does not constitute agreement with
22 the explanation’s substance by the members of the general assembly.
23 This bill provides a homestead tax credit in an amount equal
24 to the actual levy on the first $100,000 of actual value on an
25 owner’s eligible homestead if the owner is 65 years of age or
26 older and either has less than $40,000 of household income if
27 the owner is unmarried or $80,000 of household income if the
28 owner is married.
29 The bill defines “income” for the purposes of the homestead
30 tax credit offered to persons 65 years of age or older.
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