The bill establishes the "Veterans' Valor Property Tax Relief Act," which provides an income tax credit or refund for eligible individuals who are totally disabled, permanently and totally disabled, or unemployable as defined by federal regulations. For tax year 2025 and beyond, the bill allows a credit against the Kansas income tax liability equal to 50% of the property and ad valorem taxes paid on the taxpayer's principal residence, a reduction from the previous 75%. The credit is limited to the amount of taxes paid and cannot be claimed if the taxpayer has already received a homestead property tax refund or a credit for senior relief for the same property in that tax year.

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