If passed, the amendments will have a notable effect on state laws regarding property tax exemptions for disabled veterans and their families. They will be entitled to claim the full exemption from taxes on both their household personal property and their homestead properties, effective January 1, 2025. This proposed change addresses previous exemptions that were tied to the term 'head of household,' making it more inclusive for veterans rather than limiting it to a household designation.
Summary
HJR1039 is a Joint Resolution proposing amendments to the Oklahoma Constitution, specifically targeting Sections 8D, 8E, and 8F of Article X. The central focus of the resolution is to modify the phrasing in property tax exemptions from referencing 'head of household' to 'veterans.' This change is designed to benefit veterans who are honorably discharged and have a 100% permanent disability, allowing them and their surviving spouses to claim exemptions from ad valorem taxation on all household personal property and homestead properties.
Contention
Discussion around HJR1039 may raise points of contention regarding the scope of the proposed amendments. While supporters argue that this resolution is a step towards honoring the sacrifices of veterans, critics might question the implications of changing tax parameters and the potential financial impact on local government revenues. The resolution also appears to reflect a broader commitment to recognize the contributions of veterans within the state's legislative framework, but it could lead to debates over fiscal responsibility and the sustainability of such tax exemptions.
Medical debt; legislative referendum pursuant to the Oklahoma Constitution; Oklahoma Protection from Predatory Debt Collection Act; exemptions; definitions; rates of interest for loans or indebtedness and interest on judgments; conflicts with federal law; severability; ballot title; filing.
Individual income tax: property tax credit; credit percentages; modify. Amends secs. 508, 510 & 522 of 1967 PA 281 (MCL 206.508 et seq.). TIE BAR WITH: SB 0345'25
Individual income tax: property tax credit; credit for disabled veterans or widow or widower of disabled veterans who rent or lease a homestead; increase. Amends secs. 506, 520, 522 & 530 of 1967 PA 281 (MCL 206.506 et seq.).
Individual income tax: income; certain references in the income tax act; make gender neutral. Amends secs. 311, 504 & 522 of 1967 PA 281 (MCL 206.311 et seq.). TIE BAR WITH: HJR F'23
Individual income tax: property tax credit; replacement of disabled veterans property tax exemption with a property tax credit for disabled veterans; provide for. Amends secs. 520, 522 & 524 of 1967 PA 281 (MCL 206.520 et seq.) & adds sec. 521. TIE BAR WITH: SB 0096'23
Individual income tax: property tax credit; replacement of disabled veterans property tax exemption with a property tax credit for disabled veterans; provide for. Amends secs. 520, 522 & 524 of 1967 PA 281 (MCL 206.520 et seq.) & adds sec. 521. TIE BAR WITH: HB 4895'23
Individual income tax: property tax credit; replacement of disabled veterans property tax exemption with a property tax credit for disabled veterans; provide for. Amends secs. 520, 522 & 524 of 1967 PA 281 (MCL 206.520 et seq.) & adds sec. 521. TIE BAR WITH: SB 0455'23
House Substitute for SB 300 by Committee on Taxation - Modifying income tax rates for individuals, increasing the standard deduction and the Kansas personal exemption, increasing the income limit for an income tax subtraction modification for social security income, increasing the extent of property tax exemption for residential property from the statewide school levy, decreasing the privilege tax normal tax rate, abolishing the local ad valorem tax reduction fund and the county and city revenue sharing fund, providing for certain transfers to the special city and county highway fund and decreasing the rate of ad valorem tax imposed by a school district.