This bill amends the existing law regarding the optional tax credit for service-connected total disability for disabled veterans. Specifically, it changes the maximum amount of the tax credit from a fixed sum of $4,000 to a new structure that allows for a credit of 100 percent of the property tax, contingent upon adoption by a city or town. The language in the law is updated to reflect this change, with the deletion of the previous maximum amount and the insertion of the new percentage-based credit.

Additionally, the bill clarifies that the optional tax credit for service-connected total disability will completely replace the standard tax credit, meaning that veterans will not receive both credits simultaneously. The act is set to take effect 60 days after its passage, ensuring that the new provisions will be implemented in a timely manner.