On Monday, Iowa Gov. Terry Branstad signed into law a bill designed to bring several income tax exemptions to military veterans and designed to attract veterans to move to Iowa for better paying careers.
Senate File 303 exempts military veteran’s federal retirement benefits from income taxes imposed by the state and allows veterans to receive preferential treatment in private employment. Other provisions of the law include full exemption of military survivor benefits from state income tax; allows private sector employers to give preference in the hiring and promotion of veterans; eliminates special plate issuance fees charged for plates associated with military service; directs Iowa’s occupational licensing boards to adopt rules that allow credit for military training and experience when granting occupational licenses; broadens eligibility for Military Homeownership Assistance Program and so on and so forth.
Branstad said, “Our bipartisan Home Base Iowa plan will work to match veterans with high-paying careers in Iowa … These men and women have fought for our country … Now, with the Home Base Iowa plan signed into law, Iowa stands ready to welcome them to our communities and match them with the quality jobs across the state.”
The initiative provides $5000 in down payment and closing cost assistance in the Military Homeownership Assistance Program, and also requires community colleges and universities to regularly provide reports on the amount of credits they give to veterans for their service in the military. It also makes it easier for veterans to earn academic credits when studying in Iowa.
Also on Monday, Branstad signed Senate File 2352 that extends a homestead credit for disabled veterans. Branstad further said that he hopes to raise about $6 million from private sources to bring jobs to veterans in Iowa.
Image credit: Iowa Governor’s Office