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Bill > HF691
IA HF691
IA HF691A bill for an act creating a residential rebate program for residential owners and renters and making appropriations.
summary
Introduced
02/28/2025
02/28/2025
In Committee
02/28/2025
02/28/2025
Crossed Over
Passed
Dead
Introduced Session
91st General Assembly
Bill Summary
This bill creates a residential rebate program for residential owners and renters. The bill creates a residential rebate fund (fund) under the control of the department of revenue (DOR). For each fiscal year specified in the eligibility period, there is appropriated from the taxpayer relief fund to the DOR to be credited to the fund, an amount sufficient to implement the bill. The bill defines “eligibility period” to mean each fiscal year commencing with the fiscal year beginning July 1, 2025, but before the fiscal year beginning July 1, 2030. The bill specifies a person owning a homestead qualifies to claim a residential rebate in the amount of $1,000 for each fiscal year of the eligibility period the person claimed the homestead credit under Code chapter 425. Only one rebate may be claimed for a particular homestead per fiscal year. The bill specifies a person renting a residence qualifies to claim an annual residential rebate in the amount of $500 if the residence is the person’s primary residence during a fiscal year during the eligibility period. The bill creates a process for persons renting to submit the application for the residential rebate. Not more than two rebates may be claimed for a particular rented residence per fiscal year and not more than one rebate may be claimed per familial household per fiscal year. By January 1 following each fiscal year during the eligibility period, DOR shall make the authorized payment amount of $1,000 or $500, as applicable, to persons who qualify for the rebate.
AI Summary
This bill creates a residential rebate program for homeowners and renters in Iowa that will run from fiscal year 2025 to 2030. Homeowners who claimed the homestead property tax credit in the previous year can receive a $1,000 annual rebate, with only one rebate allowed per homestead per fiscal year. Renters can receive a $500 annual rebate if the rented property is their primary residence, with a maximum of two rebates per rented residence and one rebate per familial household per fiscal year. The Department of Revenue (DOR) will manage a new residential rebate fund, which will be funded through appropriations from the taxpayer relief fund. For homeowners, the DOR will use county treasurer records to identify and pay rebates, while renters must submit a claim form with a verified statement about their primary residence by September 1 following the fiscal year. The rebate payments will be made by January 1 following each fiscal year during the eligibility period. This bill aims to provide additional financial relief to homeowners and renters by offering these annual rebates.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Introduced, referred to State Government. H.J. 480. (on 02/28/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=HF691 |
| BillText | https://www.legis.iowa.gov/docs/publications/LGI/91/attachments/HF691.html |
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