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2012 SESSION
SB 529 Real estate tax; exemption for disabled veterans.
Introduced by: David W. Marsden | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Real property tax exemption for disabled veterans. Provides that the tax exemption for the primary residence of a disabled veteran, a disabled veteran and his spouse, or a surviving spouse of a disabled veteran includes real property (i) held in a revocable inter vivos trust over which the veteran, the veteran and his spouse, or the surviving spouse hold the power of revocation; (ii) held in an irrevocable trust under which a veteran alone or in conjunction with his spouse possesses a life estate or an estate for joint lives, or enjoys a continuing right of use or support; or (iii) held by a veteran alone or in conjunction with his spouse as tenant or tenants for life or joint lives. The bill also provides that the exemption for the surviving spouse of a disabled veteran includes property held in any of these ways. Finally, the bill establishes a formula for pro rating the amount of the exemption in the event there are owners in addition to the disabled veteran. This bill was incorporated into SB 540.
FULL TEXT
HISTORY
- 01/11/12 Senate: Presented and ordered printed 12103974D
- 01/11/12 Senate: Referred to Committee on Finance
- 01/25/12 Senate: Incorporated by Finance (SB540-Puller) (9-Y 0-N)