The bill establishes a residential rebate program aimed at providing financial relief to both homeowners and renters in Iowa. It amends existing law to allow funds from the taxpayer relief fund to be used for residential rebates, specifically inserting provisions for rebates under a new section, 425B.1. The eligibility period for these rebates is defined as each fiscal year from July 1, 2025, to June 30, 2030. The Department of Revenue will manage a newly created residential rebate fund, with appropriations made from the taxpayer relief fund to support the program.

Homeowners who qualify can receive a rebate of $1,000 for each fiscal year they claimed the homestead credit, while renters can claim a rebate of $500 if the rented residence is their primary home. The bill outlines specific conditions for claiming these rebates, including limits on the number of rebates per homestead or rented residence and the requirement for renters to submit a claim form by September 1 following the fiscal year. The Department of Revenue is tasked with processing these claims and making payments by January 1 of the following year.

Statutes affected:
Introduced: 8.57E