Is There A New Tax Break For Veterans With Disabilities?

Photo of Vet in wheelchair.They served our country overseas, and then came home to rigors of everyday life, but for some soldiers, life at home can be tougher than life abroad—especially if they come home with a disability. In Oklahoma there are over 84,000 disabled vets, and many of them have a hard time making ends meet, but a new law signed by Gov. Mary Fallin could change many of these veterans’ lives.

Is There A New Tax Break For Veterans With Disabilities?

The Governor has just signed a bill that could exempt almost 3,000 disabled vets from having to pay property taxes. The bill goes into effect on November the 1st, and could help solve financial woes for veterans struggling to keep up with their house payments, but does this help come too late?

Any disabled vets who make $20,000 or less may qualify for the new homestead exemption, and in a year where our state is suffering due to incredible budget shortfalls, the relief might not come soon enough. Disability programs all over the state have been cut, and many people with disabilities are on hold, waiting for their disability supplement checks to be released this July. Many veterans are also finding themselves on the list of people waiting for their state supplement benefits to be released.

Lawmakers believe that the new measure will only cost around $291,000 in tax revenues a year, and the cost is expected to be spread out over every county in the state, but will this new program really help veterans with disabilities? Will this tax break make up for the benefits they are losing?

Thousands of Oklahomans are suffering as more and more state benefits are hacked away to try to fix the broken budget. But is the state government using this program to calm a neglected disabled community? Let us know what you think on Facebook and Twitter, and keep following our blog for any new developments on veteran affairs, disability, and your Social Security benefits.

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