This bill amends the current law regarding the eligibility criteria for veterans to receive a property tax deduction. Specifically, it allows veterans who acquire ownership of a parcel of real property after October 1 of the pretax year to still qualify for the property tax deduction for that tax year, provided they were previously eligible for the deduction on another property before October 1. The bill introduces new language that clarifies the conditions under which a veteran or a surviving spouse can claim the deduction, including the stipulation that ownership must be established on October 1 of the pretax year.

The bill also includes a provision that recognizes tenant shareholders in cooperative or mutual housing corporations and residents of continuing care retirement communities as owners of legal title for the purpose of claiming the deduction. This change aims to ensure that veterans who move into new homes after the specified date do not lose their eligibility for the property tax deduction, thereby providing them with continued financial support. The act is set to take effect immediately upon passage.

Statutes affected:
Introduced: 54:4-8.15