Bill Summary: HB4724

• Defines "disabled veteran" as that term defined under the general property tax act and changes references from "income" to "total household resources" for determining eligibility of servicepersons, veterans, and their widows or widowers.

• Increases the homestead taxable value cap from $135,000.00 with annual adjustments beginning 2021 based on the Consumer Price Index, rounded to the nearest $100.00 increment.

• Creates a new tax credit for disabled veterans and widows or widowers of disabled veterans who rent or lease a homestead for tax years beginning January 1, 2024 or later, equal to 23% of gross rent paid (or 10% for service charge arrangements, or higher percentage if documentation shows service fee exceeds 10%).

• Removes the $1,500.00 maximum annual credit cap for disabled veterans' rental credits under the new provision while maintaining the cap for other claimants, and adjusts the maximum credit amount annually beginning 2021 based on Consumer Price Index increases.

• Updates terminology throughout to use "Consumer Price Index" instead of "consumer price index," "total household resources" instead of "income," and neutral pronouns (e.g., "the owner's" instead of "his or her").