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2012 SESSION
SB 540 Real estate tax; exemption for disabled veterans.
Introduced by: Linda T. Puller | David W. Marsden | all patrons ... notes | add to my profiles
SUMMARY AS PASSED SENATE: (all summaries)
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 prorating the amount of the exemption in the event there are owners in addition to the disabled veteran. This bill incorporates SB 529.
FULL TEXT
- 01/13/12 Senate: Presented and ordered printed 12103977D pdf | impact statement
- 01/25/12 Senate: Committee substitute printed 12104692D-S1 pdf | impact statement
- 02/27/12 Senate: Bill text as passed Senate and House (SB540ER) pdf | impact statement
- 03/13/12 Governor: Acts of Assembly Chapter text (CHAP0263) pdf
HISTORY
- 01/13/12 Senate: Presented and ordered printed 12103977D
- 01/13/12 Senate: Referred to Committee on Finance
- 01/25/12 Senate: Reported from Finance with substitute (11-Y 0-N)
- 01/25/12 Senate: Committee substitute printed 12104692D-S1
- 01/26/12 Senate: Incorporates SB529
- 01/26/12 Senate: Constitutional reading dispensed (40-Y 0-N)
- 01/27/12 Senate: Read second time
- 01/27/12 Senate: Reading of substitute waived
- 01/27/12 Senate: Committee substitute agreed to 12104692D-S1
- 01/27/12 Senate: Engrossed by Senate - committee substitute SB540S1
- 01/30/12 Senate: Read third time and passed Senate (40-Y 0-N)
- 02/13/12 House: Placed on Calendar
- 02/13/12 House: Read first time
- 02/13/12 House: Referred to Committee on Finance
- 02/13/12 House: Assigned Finance sub: #1
- 02/15/12 House: Subcommittee recommends reporting (10-Y 0-N)
- 02/20/12 House: Reported from Finance (21-Y 0-N)
- 02/21/12 House: Read second time
- 02/22/12 House: Read third time
- 02/22/12 House: Passed House BLOCK VOTE (96-Y 0-N)
- 02/22/12 House: VOTE: BLOCK VOTE PASSAGE (96-Y 0-N)
- 02/27/12 Senate: Enrolled
- 02/27/12 Senate: Bill text as passed Senate and House (SB540ER)
- 02/27/12 House: Signed by Speaker
- 02/28/12 Senate: Signed by President
- 03/13/12 Governor: Approved by Governor-Chapter 263 (effective 7/1/12)
- 03/13/12 Governor: Acts of Assembly Chapter text (CHAP0263)