SB2897 - Ad valorem tax on home; allow credit or rebate for certain disabled veterans and surviving spouses of military members.

1 Co-Sponsor

An Act To Authorize A Credit Or Rebate For A Home Buyer's Portion Of The Ad Valorem Taxes On The Home For The Year Of Purchase If The Buyer, At The Time Of Closing, Either Is An American Veteran Honorably Discharged From Military Service With A Service-connected, Total Disability And Is At Least 65 Years Of Age, Is The Unremarried Surviving Spouse Of Such A Homeowner, Or Is The Unremarried Surviving Spouse Of A Member Of The United States Armed Forces Who Was Killed Or Died On Active Duty Or Of A Member Of A Reserve Component Of The United States Armed Forces Or Of The National Guard Who Was Killed Or Died On Active Duty For Training; To Require A Home Buyer Desiring A Credit Or Rebate To Submit A Request To The Department Of Revenue After The Closing Transaction, But No Later Than January 31 Of The Year Following The Purchase Year; To Specify The Documentation That The Home Buyer Must Provide To The Department Of Revenue; To Provide That Payments Made By The Department Of Revenue Under This Act Shall Be From Current Tax Collections; To Authorize The Department Of Revenue To Promulgate Rules And Regulations To Administer This Act; To Amend Section 27-7-15, Mississippi Code Of 1972, To Exclude Rebate Payments Under This Act From The Definition Of Gross Income For Purposes Of The State Income Tax; To Amend Section 27-33-31, Mississippi Code Of 1972, To Conform; And For Related Purposes.