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Committee advances bill creating homestead property tax credit for active-duty military and some veterans
Summary
Senate Bill 1094 would replace several homestead tax exemptions with a property tax credit for active-duty military, disabled veterans and surviving spouses and allow inflation indexing; the committee adopted a clarifying dash 1 amendment and sent the bill to the floor with a due-pass recommendation.
The Senate Committee on Finance and Revenue on June 9 adopted a dash 1 amendment to Senate Bill 1094 and advanced the bill to the Senate floor with a due-pass recommendation.
Committee staff summarized SB 1094 as creating a property tax credit for homesteads of residents on active-duty military service, and for homesteads of disabled veterans or surviving spouses, including when those residents live in nonprofit homes for elderly persons. The amendment clarifies the definition of credit-eligible taxes, specifies credit amounts and replaces an annual growth formula tied to the Consumer Price Index with a 3% growth rate to match current exemption program growth.
Under the bill, qualifying residents may exit existing property tax exemption programs and enter the new credit program; new participants would be disallowed from entering the exemption programs after the 2025–26 tax year as part of a transition from exemptions to credits. Committee staff said the paperwork and fiscal analysis were available.
Vice Chair McLean moved the dash 1 amendment and then moved the bill, as amended, to the floor with a due-pass recommendation. The committee called the roll; members present voted to advance the measure. Vice Chair McLean volunteered to carry the bill on the floor.
The committee closed the work session on SB 1094 after advancing the bill.
