IA HF691

Creates a residential rebate fund within the state treasury under the Department of Revenue, funded by appropriations from the taxpayer relief fund for fiscal years 2025-2026 through 2029-2030

Homestead owners who claimed the homestead credit under Chapter 425 qualify for a $1,000 annual rebate, limited to one rebate per homestead per fiscal year

Renters qualify for a $500 annual rebate if the residence is their primary residence, with a maximum of two rebates per rented residence and one rebate per familial household per fiscal year

Renters must file a claim form with the Department of Revenue by September 1 following the fiscal year, including a verified statement designating primary residence

Department of Revenue must distribute all authorized rebate payments by January 1 following each fiscal year during the eligibility period