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OK HB1348
Bill
Status
2/2/2015
Primary Sponsor
Wade Rousselot
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AI Summary
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Amends 68 O.S. 2011, Section 2890 to modify the definition of "gross household income" for purposes of the additional homestead exemption.
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Excludes veterans' disability compensation payments from the calculation of gross household income, allowing veterans receiving such payments to more easily qualify for the $1,000 additional homestead exemption.
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Maintains the $20,000 gross household income threshold for heads of households to qualify for the additional exemption on their homestead property.
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Requires applicants to file annually by March 15 or within 30 days of receiving notice of valuation increase, with persons age 65 and older exempt from annual reapplication if previously qualified.
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Becomes effective November 1, 2015.
Legislative Description
Revenue and taxation; additional homestead exemption; veterans' disability payments; effective date.
Revenue and Taxation
Last Action
Referred to Appropriations and Budget Revenue and Taxation Subcommittee
2/3/2015