This bill proposes an amendment to the existing law regarding the optional veterans' tax credit, allowing towns and cities to increase the maximum credit amount from $750 to $1000. The new legal language specifies that the optional veterans' tax credit, once adopted by a city or town, will now range from a minimum of $51 up to the newly established maximum of $1000. It is important to note that this optional credit will completely replace the standard veterans' tax credit, rather than being an additional benefit.

The bill also includes an effective date, stating that the changes will take effect on April 1, 2025. This timeline provides municipalities with the opportunity to consider and adopt the increased credit amount before it is implemented. Overall, the legislation aims to enhance financial support for veterans through property tax relief.

Statutes affected:
Introduced: 72:28