This bill amends the existing law regarding the optional veterans' tax credit for property taxes, allowing towns and cities to increase the maximum credit amount from $750 to $1,000. The new legal language specifies that the optional veterans' tax credit, once adopted by a city or town, will be set at an amount ranging from $51 up to $1,000. Importantly, this credit will replace the standard veterans' tax credit entirely, rather than being an additional benefit.

The bill is set to take effect on April 1, 2025, providing municipalities with the opportunity to adopt this increased credit amount for eligible veterans. The changes aim to enhance financial support for veterans by increasing the property tax relief they can receive.

Statutes affected:
Introduced: 72:28