MEASURE TO HELP VETERANS PASSES THROUGH COMMITTEE

A bill sponsored by Senator Jim Whelan which would change current law to ensure that  eligible veterans who purchase a new home after October 1 can receive the veteran’s property tax deduction for which they are entitled on their new home was unanimously approved by the Senate Community and Urban Affairs Committee today.

The bill would eliminate a stipulation in the existing law which prohibits veterans from transferring their property tax deduction to a new home if they close after October 1.  Under current law, the veteran’s property tax deduction stays with the home if a veteran sells their home between October 1 and December 31 in the pretax year.  According to Senator Whelan, while some veterans have been able to make arrangements with their home buyers during closing to get credit for the property tax deduction, other have lost out on a year’s worth of property tax relief because of the inflexibility of the current law.

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