Real estate tax; exemption for disabled veterans. (SB540)

Introduced By

Sen. Toddy Puller (D-Mount Vernon) with support from co-patron Sen. Dave Marsden (D-Burke)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

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 pro rating the amount of the exemption in the event there are owners in addition to the disabled veteran. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/13/2012Presented and ordered printed 12103977D
01/13/2012Referred to Committee on Finance
01/20/2012Impact statement from TAX (SB540)
01/25/2012Reported from Finance with substitute (11-Y 0-N) (see vote tally)
01/25/2012Committee substitute printed 12104692D-S1
01/26/2012Incorporates SB529
01/26/2012Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/27/2012Read second time
01/27/2012Reading of substitute waived
01/27/2012Committee substitute agreed to 12104692D-S1
01/27/2012Engrossed by Senate - committee substitute SB540S1
01/30/2012Read third time and passed Senate (40-Y 0-N) (see vote tally)
02/13/2012Placed on Calendar
02/13/2012Read first time
02/13/2012Referred to Committee on Finance
02/13/2012Assigned Finance sub: #1
02/14/2012Impact statement from TAX (SB540S1)
02/15/2012Subcommittee recommends reporting (10-Y 0-N)
02/20/2012Reported from Finance (21-Y 0-N) (see vote tally)
02/21/2012Read second time
02/22/2012Read third time
02/22/2012Passed House BLOCK VOTE (96-Y 0-N)
02/22/2012VOTE: BLOCK VOTE PASSAGE (96-Y 0-N) (see vote tally)
02/27/2012Enrolled
02/27/2012Bill text as passed Senate and House (SB540ER)
02/27/2012Impact statement from TAX (SB540ER)
02/27/2012Signed by Speaker
02/28/2012Signed by President
03/13/2012G Approved by Governor-Chapter 263 (effective 7/1/12)
03/13/2012G Acts of Assembly Chapter text (CHAP0263)

Duplicate Bills

The following bills are identical to this one: HB922 and SB529.