Bill No.: HB0033                  Drafter:  MQ

LSO No.:  08LSO-0015              Effective Date:  3/15/2008

Enrolled Act No.:  HEA0038

Chapter No.:

Prime Sponsor:     Representative Illoway

Catch Title:       Veteran's property tax exemption.

Subject:  Provides amendments to the veteran's property tax exemption law.

Summary/Major Elements:

· Current law requires the claimant or the claimant's spouse to own the property or that the property be the subject of a trust created by or for the benefit of the claimant or the spouse to qualify for the veteran's property tax exemption.

· This Bill amends the law to allow eligibility during the lifetime of the claimant or the spouse, so long as the claimant or spouse is listed as an owner of the property, or the claimant or spouse is listed as a purchaser on a valid and effective contract for deed.

· Amends qualifying dates of military service to qualify for the property tax exemption.

· Appropriates $2.9 million to reimburse local governments for the cost of the property tax exemption.