The proposed bill, known as the Veterans' Valor Property Tax Relief Act, establishes an income tax credit for eligible individuals who are deemed totally disabled, permanently and totally disabled, or unemployable under federal regulations. Starting in tax year 2025, these individuals can receive a credit against their Kansas income tax liability equal to 75% of the property and ad valorem taxes they have paid on their principal residence. However, the credit cannot exceed the total amount of taxes paid, and individuals who have already received a homestead property tax refund or a credit for senior relief for the same property in the same tax year are ineligible for this credit.

Additionally, if the tax credit exceeds the taxpayer's income tax liability, the excess amount will be refunded to the taxpayer. The Secretary of Revenue is tasked with adopting rules and regulations to support the filing of claims for this credit. The provisions of this act will supplement the existing homestead property tax refund act, with the exception that the income or appraised valuation limits from that act will not apply to this new credit. The act will take effect upon its publication in the statute book.