This bill proposes to increase the maximum amounts for three optional tax credits available to veterans and their surviving spouses. Specifically, the optional veterans' tax credit will rise from a maximum of $750 to $1,000. The optional tax credit for combat service will increase from $500 to $750. Additionally, the optional surviving spouse tax credit will be raised from $2,000 to $2,500. These changes are intended to provide greater financial support to veterans and their families, reflecting the sacrifices made by those who have served in the armed forces.

The bill amends existing laws, specifically RSA 72:28, RSA 72:28-c, and RSA 72:29-a, to incorporate these new maximum amounts. It also clarifies that these amendments do not require local re-adoption by municipalities, ensuring a smoother implementation process. The act is set to take effect on April 1, 2027, allowing time for local governments to prepare for the changes.

Statutes affected:
Introduced: 72:28, 72:28-c, 72:29-a
HB1494 text: 72:28, 72:28-c, 72:29-a