HP1013
LD 1444		 First Regular Session - 123rd Legislature - Text: MS-Word, RTF or PDF LR 192
Item 1
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An Act To Index the Veterans' Property Tax Exemptions to the Cost of Living

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 36 MRSA §653, sub-§2  is enacted to read:

2.  Adjustment for inflation.   The State Tax Assessor shall make the following adjustments to the dollar amounts in this section and shall notify local assessors of any adjustments.
A.  On or about March 1st annually, the assessor shall adjust the dollar amounts in this section by the change in the Consumer Price Index as defined in section 5402, subsection 1 for the previous calendar year over the preceding year.
B.  If the assessor determines that federal funds are available to the State to permit the State to reimburse municipalities for the cost of additional increases in the dollar amounts in this section, the assessor shall increase each dollar amount in this section by the same proportion, based on the amount of available federal funds.

Sec. 2. Federal funds. The State Tax Assessor shall investigate the availability of federal funds to permit an increase in veterans’ exemptions and shall consult with other states to determine how veterans’ exemptions in other states are funded. The Governor shall contact members of the Maine Congressional Delegation for assistance in obtaining federal funds to permit an increase in veterans’ exemptions and to encourage them to advocate for additional funds.

summary

This bill provides for annual inflation adjustments in veterans’ property tax exemptions and for additional increases if federal funds can be identified to permit reimbursement to municipalities. The bill also requires the State Tax Assessor to explore federal and other sources of funding for veterans’ exemptions and requires the Governor to seek assistance from the Maine Congressional Delegation in obtaining federal funds for that purpose.

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