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;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past year, the legislature repealed the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!
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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