This bill establishes a residential rebate program for both homeowners and renters in Iowa, creating a new residential rebate fund under the control of the Department of Revenue (DOR). It appropriates funds from the taxpayer relief fund to support this program for each fiscal year from July 1, 2025, to June 30, 2030. Homeowners who qualify can receive a rebate of $1,000 for each fiscal year they claimed the homestead credit, while renters can receive a rebate of $500 if the rented residence is their primary home. The bill allows for specific limitations on the number of rebates that can be claimed per household and per residence.

Additionally, the bill outlines the process for renters to apply for the rebate, requiring them to submit a claim form to the DOR by September 1 following the fiscal year for which they are claiming the rebate. The DOR is tasked with making the authorized rebate payments by January 1 of the following year. The bill also modifies existing law by allowing the taxpayer relief fund to be used for rebates under this new section, replacing the previous language that limited its use to tax relief or income tax rate reductions.

Statutes affected:
Introduced: 8.57E