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Lawmakers Approve Tax Credit for Veterans

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    April 3, 2014 | 9:40 am
    DES MOINES, Iowa (AP) Veterans in Iowa would receive a larger property tax exemption under a bill approved by a legislative panel.

    A three-member subcommittee unanimously approved the measure Wednesday. The legislation now goes to the full House Ways and Means Committee.

    Under current law, a property tax credit of $1,852 is available only for certain veterans. The bill would increase the amount to $3,704 for all eligible veterans beginning July 1.

    The state appropriates a set amount to local governments to offset these costs. Local governments wouldn't pay the additional credits in full unless state funding was sufficient.

    Republican Rep. John Landon, who chairs the subcommittee, says discussion on the bill will continue.

    Jimmy Centers, a spokesman for Gov. Terry Branstad, says he's open to any proposals designed to reduce taxes.