This bill amends the existing law regarding the optional tax credit for service-connected total disability for disabled veterans. Specifically, it introduces the term "permanent" to describe the total disability status, thereby broadening the scope of eligible veterans. The bill increases the maximum amount of the tax credit from $4,000 to $5,000, which cities and towns can adopt under RSA 72:27-a. Additionally, the new tax credit will replace the standard tax credits outlined in RSA 72:28, 72:28-b, 72:28-c, and 72:36-a, rather than being an additional benefit.
The effective date of this legislation is set for 60 days after its passage, which is anticipated to be July 13, 2025. This change aims to provide greater financial relief to disabled veterans by enhancing the tax credit available to them, reflecting a commitment to support those who have served in the military.