Eugene C. Yount AZ Post #145

Makes changes related to taxation in the transaction privilege tax (TPT) and use tax, property tax and individual income tax statutes.

Highlights:

2. Creates a property tax exemption for property owned by a veteran with a service-connected disability that is rated at 100% which fully exempts the property from taxation and allows the exemption for the surviving spouse of eligible veterans if the property is the surviving spouse's primary residence and the surviving spouse does not remarry. (Sec.

3. Specifies the property of a veteran with a nonservice connected disability whose disability rating 100% or less or with a service-connected disability of less than 100% are exempt in the amount of:
a) $4,188 for the property of people who are not fully exempt if the individual's total
assessment does not exceed $28,459;
b) reduces the $4,188 limit by multiplying the total exemption by the percentage of the
veteran's disability. (Sec. 3)

4. Excludes payments from any veterans' pensions, rather than only veterans disability pensions, from the calculation of income from all sources for the purposes of the exemption income cap. (Sec. 3)

Read H.SB1749