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Montgomery County Approves Tax Credit for Disabled Veterans
New Law Offers Significant Property Tax Relief for Veterans
According to MoCo360, the Montgomery County Council voted unanimously on Tuesday to pass a new law establishing a tax credit for honorably discharged veterans who are at least 50% disabled and earn $100,000 or less annually. The legislation sponsored by Councilmember Natali Fani-González aims to support veterans with significant disabilities. Under the new law veterans who are 50% to 74% disabled can receive a 25% credit on their county property tax. Those who are 75% disabled or more can receive a 50% credit. This program aims to relieve veterans of some of their financial responsibilities especially with regard to housing expenses. Fani-González said in June that even though her spouse is a 100% handicapped veteran their family would not benefit from the county tax credit because they already receive state tax benefits. She underlined the significance of this legislation for other veteran families stressing the difficulties they encounter when coming home and the sacrifices made by military families.
During a public hearing in June the proposal received unanimous support. Amse Heck chief investment officer at EveryMind a mental health organization noted the rising need for housing and financial support among veterans in Montgomery County. He shared that 28% of their clients this year needed housing support, up from 18% the previous year and 11% required income support to maintain stable housing. Heck thinks that veterans will be able to pay basic needs like food, housing, and child care with the aid of this tax credit. Though there was broad support some veterans proposed going above $100,000 for the income cap. Staff from the council however, stated that altering the income cap would necessitate amending state law. Fani-González announced intentions to discuss this matter at the upcoming fall General Assembly.
READ ALSO: Stay Ahead of the Game: Your July 2024 Social Security Payment Schedule and Benefits Insights
25% Tax Credit: Montgomery County Approves New Law for Disabled Veterans – Check Out Now (PHOTO: Pennsylvania Senate Republic)
New Preference Points System to Boost Veteran-Owned Small Businesses in Montgomery County
In addition to the tax credit, the council also passed another piece of legislation sponsored by Council President Andrew Friedson on behalf of County Executive Marc Elrich with co-sponsorship from Fani-González and Councilmember Sidney Katz. This new law introduces a “preference points” system in the county’s procurement policies aiming to increase opportunities for veteran-owned small businesses. Overall, these legislative measures represent significant steps towards supporting disabled veterans in Montgomery County helping them with financial burdens and creating more opportunities for veteran-owned businesses.
READ ALSO: Biden’s Battle Cry: Boosting Child Tax Credit to End Poverty and Support Families
