Senate Bill 664 aims to lower the eligibility threshold for veterans and their surviving spouses to claim the property tax credit under the individual income tax system. Currently, claimants must have a service-connected disability rating of 100 percent to qualify for the credit. This bill proposes to change that requirement to a minimum rating of at least 70 percent. Additionally, the bill introduces a provision that allows the maximum credit amount to be multiplied by the percentage of the claimant's service-connected disability rating, thereby adjusting the credit based on the level of disability.

The bill also clarifies that it does not impact those who qualify for the credit based on individual unemployability ratings. The amendments include changes to existing statutes, specifically replacing the 100 percent requirement with the new 70 percent threshold in two sections, and creating a new section that outlines how the credit amount will be calculated for those with less than a 100 percent disability rating. The changes are set to take effect for taxable years beginning on January 1 of the year the bill is enacted, with specific provisions for implementation if enacted after July 31.

Statutes affected:
Bill Text: 71.07(6e)(a)2.b, 71.07, 71.07(6e)(a)3.d