Loading chat...
IN HB1247
Bill
Status
1/11/2018
Primary Sponsor
Micheal Aylesworth
Click for details
AI Summary
HB 1247 Summary
-
Allows disabled veterans who rent a dwelling as their principal residence to claim an additional renter's deduction beyond the standard $3,000 limit.
-
The additional deduction equals the lesser of: (1) the standard deduction amount multiplied by the veteran's disability rating as determined by the U.S. Department of Veterans Affairs, or (2) $3,000.
-
For married couples filing jointly where both spouses are disabled veterans, the higher disability rating of the two spouses is used to calculate the deduction.
-
Married couples filing jointly cannot claim more than $3,000 total under the disabled veteran deduction provision per taxable year.
-
Provision applies to taxable years beginning after December 31, 2018, and expires July 1, 2022.
Legislative Description
Renter's deduction for disabled veterans. Allows a disabled veteran who rents a dwelling for use as the disabled veteran's principal place of residence to claim an increased adjusted gross income tax renter's deduction.
Last Action
First reading: referred to Committee on Ways and Means
1/11/2018