Senate Bill 261 proposes an amendment to the current law regarding the claiming of property tax credits for veterans and surviving spouses. Under existing regulations, individuals who claim the farmland preservation tax credit are prohibited from also claiming the veterans and surviving spouses property tax credit in the same tax year. This bill seeks to change that by allowing individuals to claim both credits concurrently, thereby providing additional financial relief to eligible veterans and their spouses.

The specific legal language amended in the bill removes the restriction that prevents individuals from claiming the veterans and surviving spouses property tax credit if they have filed a claim for the farmland preservation tax credit in the same taxable year. The amendment modifies the statute by deleting references to certain subsections that previously imposed this limitation. The bill is set to take effect for taxable years beginning on January 1, 2025.

Statutes affected:
Bill Text: 71.07(6e)(c)2, 71.07