Constitutional amendment to extend special assessment for, and exemptions for disabled veterans and their spouses, and for surviving spouses of military personnel, law enforcement and fire protection officers, and first responders from, ad valorem tax purposes on homesteads to apply to persons with usufruct when naked ownership is in trust. (2/3 - CA13s1(A)) (RE SEE FISC NOTE LF RV See Note)
Impact
If passed, SB 163 would modify the existing Louisiana Constitution to broaden eligibility criteria for the state's special assessment levels and exemptions. For instance, as it stands, these tax benefits are primarily available to individuals in their own right. Allowing trusts to qualify could impact the management of estate taxes and potentially alleviate financial burdens on families managing property for disabled veterans and their surviving spouses, ensuring that they can maintain their homestead without incurring excessive tax liabilities.
Summary
Senate Bill 163 proposes a constitutional amendment in Louisiana aimed at extending certain tax benefits related to ad valorem taxes. Specifically, it seeks to enable trusts to qualify for the special assessment level and exemptions currently offered to disabled veterans, their spouses, and surviving spouses of military personnel and first responders. This change is anticipated to allow more equitable access to these property tax benefits for individuals whose property is held in trust, thereby influencing the tax liability for affected families.
Sentiment
The sentiment surrounding SB 163 appears to be cautiously optimistic. Supporters argue that the bill promotes fairness and supports the economic well-being of families who have sacrificed for their country. There is a general consensus that extending these benefits to trusts is a necessary step in ensuring that deserving individuals can retain their homes without facing undue financial hardship due to tax obligations. However, there may also be concerns about the broader implications of such exemptions on state revenue and how they might influence tax structures in the future.
Contention
One point of contention regarding SB 163 involves the potential effect on state tax revenue. Critics may worry that extending these exemptions to trusts could set a precedent leading to a broader array of exemptions that might ultimately reduce the state's tax base. Furthermore, the discussions may center around the administrative complexity involved in determining eligibility for trusts and how this could potentially create loopholes or inequities in the taxation process. Balancing the provision of tax relief for specific groups while maintaining fiscal responsibility is likely to be a key area of debate.
Provides relative to the special assessment level for, and exemptions for disabled veterans and their spouses, and for surviving spouses of military personnel, law enforcement and fire protection officers, and first responders from, ad valorem tax purposes on homesteads when naked ownership is in trust. (See Act) (EN SEE FISC NOTE LF RV See Note)
Constitutional amendment to provide for eligibility for disabled veterans and their spouses for certain exemptions from ad valorem taxes. (2/3 - CA13s1(A)) (RE SEE FISC NOTE LF RV See Note)
Provides for the homestead exemption, special assessment level, and other property tax exemptions for purposes of determining ad valorem taxation of certain property (Items #1 and 10) (OR SEE FISC NOTE LF RV See Note)
Provides for the homestead exemption, special assessment level, and other property tax exemptions for purposes of determining ad valorem taxation of certain property (Items #1 and 10) (EN SEE FISC NOTE LF RV See Note)
(Constitutional Amendment) Exempts property owned by certain disabled veterans and spouses from ad valorem property tax (EN -$2,000,000 LF RV See Note)
Constitutional amendment to authorize the local governing authority of each parish to provide a limited ad valorem tax exemption for qualified first responders. (2/3 - CA13s1(A)) (EN DECREASE LF RV See Note)
Constitutional amendment to extend eligibility for the special assessment level for residential property receiving the homestead exemption to certain persons. (2/3 - CA13s1(A)) (1/1/27) (EG DECREASE LF RV See Note)
Constitutional amendment to authorize the phase-in of increases in ad valorem taxation under certain circumstances. (2/3 - CA13s1(A)) (RE1 SEE FISC NOTE LF RV See Note)