STATEHOUSE (Jan. 23, 2014) — A bill authored by State Sens. Doug Eckerty (R-Yorktown) and Travis Holdman (R-Markle) to allow more disabled veterans to receive property tax deductions passed the Senate today by a unanimous vote.
Senate Bill 135 would increase the maximum assessed property value that can qualify for the tax deduction from $143,160 to $195,600, expanding the benefit to more veterans or their surviving spouses.
To be eligible for the deduction, veterans must have a total disability rating from the U.S. Armed Forces or have at least a 10 percent disability rating and be 62 years of age or older. The deduction reduces the taxable value of an eligible veteran’s property, cutting their property tax bill.
Eckerty said he hoped this legislation would bring some tax relief to disabled veterans and their families who may be facing economic hardship.
“Many Americans are still struggling through these uncertain economic times, and our disabled veterans often feel that burden more profoundly,” Eckerty said. “Indiana’s current disabled veteran property tax deductions provide these service members and their families with much-needed support. The changes Senator Holdman and I are proposing will allow more Hoosiers to benefit from these programs.”
In 2013, approximately 17,000 Hoosier veterans received total disabled veteran property tax deductions. Under SB 135, the number of distributed deductions is expected to increase by almost 25 percent.
“This is just a small way we can show appreciation for our veterans’ great sacrifices and service,” Holdman said. “Too often, we hear stories on the news that our nation’s soldiers are unable to find the assistance they need. Senate Bill 135 sends the message that Indiana cares about its heroes and will support them both during and after their service.”
SB 135 now moves to the House of Representatives for further consideration. Rep. Woody Burton (R-Whiteland) is the sponsor.