Iowa 2023-2024 Regular Session

Iowa Senate Bill SF20

Introduced
1/9/23  
Introduced
1/9/23  

Caption

A bill for an act modifying provisions relating to the additional property tax credit for elderly persons and including applicability provisions.

Impact

The changes proposed in SF20 will come into effect for claims filed on or after January 1, 2024. One notable modification is the removal of the maximum household income limit, currently set at 250 percent of the federal poverty level. Instead, it emphasizes the age criteria, allowing all individuals aged 65 and older to be eligible for tax credits based on property taxes assessed on their homesteads valued at $500,000 or less. By broadening access, the bill seeks to relieve financial pressure on senior homeowners and align tax relief efforts with the realities of rising living costs.

Summary

Senate File 20 aims to modify the provisions relating to the additional property tax credit available for elderly persons in Iowa. The bill proposes updates to the eligibility criteria and calculation methods for the property tax credit defined under Code chapter 425. Specifically, it adjusts the income thresholds and age requirements for claimants seeking property tax credits, suggesting a more inclusive framework for seniors aged 65 and older. This change reflects a growing recognition of the financial challenges faced by elderly residents, particularly in relation to property taxes.

Contention

While the bill is designed to support elderly residents, it could elicit concerns regarding fiscal impacts on local governments. Opponents may argue that increasing eligibility and removing income limits could lead to budgetary pressures in municipalities dependent on property tax revenue. Stakeholders, including local tax authorities, may raise the issue of sustainability of such credits in an environment of limited funding for other vital services. As the conversation develops around SF20, discussions will likely focus on balancing the needs of elderly constituents while ensuring local governments can maintain essential services.

Companion Bills

No companion bills found.

Previously Filed As

IA HF92

A bill for an act modifying provisions relating to the additional property tax credit for elderly persons and including applicability provisions.

IA HF916

A bill for an act modifying provisions relating to the additional property tax credit for elderly persons and including applicability provisions.

IA SF29

A bill for an act relating to property tax exemptions by changing the homestead tax exemption to a credit for owners attaining sixty-five years of age and increasing the military service tax exemption, and including effective date and retroactive applicability provisions.

IA SF569

A bill for an act relating to local government property taxes, financial authority, operations, and budgets, modifying certain transit funding, property tax credits and exemptions, and appropriations, requiring certain information related to property taxation to be provided to property owners and taxpayers, modifying provisions relating to fees for driver's licenses and nonoperator's identification cards, modifying provisions relating to certain writing fees, making penalties applicable, and including effective date, retroactive applicability, and applicability provisions. (Formerly SSB 1218.)

IA SSB1218

A bill for an act relating to local government property taxes, financial authority, operations, and budgets, modifying certain transit funding, property tax credits and exemptions, and appropriations, requiring certain information related to property taxation to be provided to property owners and taxpayers, modifying provisions relating to fees for driver's licenses and nonoperator's identification cards, modifying provisions relating to certain writing fees, making penalties applicable, and including effective date, retroactive applicability, and applicability provisions.(See SF 569.)

IA HSB313

A bill for an act relating to local government property taxes, financial authority, and budgets, modifying appropriations, and including effective date, applicability, and retroactive applicability provisions.

IA SSB1208

A bill for an act relating to local government property taxes, financial authority, and budgets, modifying appropriations, and including effective date, applicability, and retroactive applicability provisions.

IA SSB1125

A bill for an act relating to state and local revenue and finances by modifying sales and use taxes, the charitable conservation contribution tax credit available against individual and corporate income taxes, the water service tax, property taxes, transit funding, and local option taxes, crediting moneys to the natural resources and outdoor recreation trust fund, making appropriations, and including effective date, retroactive applicability, and applicability provisions.(See SF 550.)

IA HSB328

A bill for an act relating to local government property taxes, financial authority, and budgets, modifying appropriations, and including effective date, applicability, and retroactive applicability provisions.

IA SF2057

A bill for an act relating to the maximum amount of property taxes due or rent constituting property taxes paid that may be considered in calculating the elderly and disabled property tax credit or rent reimbursement and including applicability provisions.

Similar Bills

No similar bills found.