Tax Credit
Since April 1, 1993, NH RSA 72:28 has provided a $50 annual real estate tax credit for certain veterans.  In order to qualify for the tax credit, a veteran must request it and produce evidence that they served during a qualifying war or armed conflict as follows: 
(a)  "Spanish War" between April 21, 1899 and April 11, 1899; 

(b)  "Philippine Insurrection" between April 12, 1899 and July 4, 1902, extended to July 15, 1903 for service in the Moro Provinces; 

(c)  "Boxer Rebellion" between June 16, 1900 and May 2, 1901; 

(d)  "World War I" between April 6, 1917 and November 11, 1918, extended to April 1, 1920 for service in Russia; provided that military or naval service on or after November 12, 1918 and before July 2, 1921, where there was prior service between April 6, 1917 and November 11, 1918 shall be considered as World War I service; 

(e)  "World War II" between December 7, 1941 and December 31, 1946; 

(f)  "Korean Conflict" between June 25, 1950 and January 31, 1955; 

(g)  "Vietnam Conflict" between December 22, 1961 and May 7, 1975; 

(h)  "Vietnam Conflict" between July 1, 1958 and December 22, 1961, if the resident earned the Vietnam service medal or the armed forces expeditionary medal, and 

(i)  Any other war or armed conflict that has occurred since May 8, 1975, and in which the resident earned an armed forces expeditionary medal or theater of operations service medal.

Each town and city has had the option to increase the tax credit from $50 to $100, and many have done so.  This 


past year, the legislature repealed the real estate tax credit statute and re-enacted it with a few changes.  The $50 real estate tax credit remains, but each town and city now may increase the credit to any amount between $51 and $500.  The tax credit for qualified disabled veterans under RSA 72:34 has been revised in a similar manner.  Cities and towns may increase the standard tax credit for qualified disabled veterans from $700 to any amount between $701 and $2,000. 
The increase in the real estate tax credits are not automatic cities and towns must take action to adopt the higher exemption amounts.  Chapter members are urged to contact your elected officials in your town or city to determine what, if any, action is being taken to increase the real estate tax credit.  If nothing is being done, please refer to RSA 72:27-a for the procedure to adopt a change in the tax credits.  The procedure varies with the form of municipal government. 
In advocating for a higher tax credit, there are many arguments for and against it.  By granting qualified veterans a higher tax credit, some of the tax burden is shifted in each community to real estate owners who are not eligible for a tax credit.  Probably the most compelling reason to grant a higher tax credit is to recognize the sacrifices that have been made by war-time veterans, and the sacrifices being made by the military folks, including the Guard and reserves, currently serving in Iraq and other places around the globe.  If no action is being taken in your community to increase the tax credit, take the lead! 


Advertising
AdvertisingThe single largest routine expense in operating our Chapter is the printing and mailing of this newsletter.  Since the Chapter began, the primary source of income has been from dues and capital gains the investment of dues.  As the Chapter has grown it has become increasingly difficult to operate on this basis.  After extensive research, the Board of Directors has agreed to accept some limited advertising in the newsletter, as long as it does not affect our non-profit status or the bulk mail rate.  Our initial venture will be to solicit business card sized ads from our membership.  Because this is a periodical, we can advertise most anything else, except credit cards, travel, or insurance.  We also want to keep the income from advertising relatively low so that all we have to do is report it to the IRS and not pay taxes on it.  If you would like to advertise in the newsletter, contact Paul L. Bernard. 


 

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