HF 2321 (LSB 6043YH (2) 85)

HOUSE FILE 2321

BY  KEARNS

A BILL FOR

An Act relating to commercial and property tax replacement payments and including effective date and applicability provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 441.21A, subsection 4, paragraph a, Code 2014, is amended to read as follows:
   a.  The difference between the assessed valuation of all commercial property, and industrial property, and property valued by the department of revenue under chapter 434 in the taxing district for the assessment year used to calculate taxes which are due and payable in the applicable fiscal year and the actual value of all commercial property, and industrial property, and property valued by the department of revenue under chapter 434 in the taxing district that is subject to assessment and taxation for the same assessment year. If the difference between the assessed value of all commercial property, and industrial property, and property valued by the department of revenue under chapter 434 in the taxing district and the actual valuation of all commercial property, and industrial property, and property valued by the department of revenue under chapter 434 in the district is zero, there is no tax replacement for that taxing district for the fiscal year.
    Sec. 2.  EFFECTIVE UPON ENACTMENT.  This Act, being deemed of immediate importance, takes effect upon enactment.
    Sec. 3.  APPLICABILITY.  This Act applies to commercial and industrial property tax replacement claims for fiscal years beginning on or after July 1, 2014.
EXPLANATION
The inclusion of this explanation does not constitute agreement with

the explanation’s substance by the members of the general assembly.
   Code section 441.21A provides commercial and industrial property tax replacement payments to local government for fiscal years beginning on or after July 1, 2014. The amount of the commercial and industrial property tax replacement payment is calculated in part using the difference in the assessed valuation and actual valuation of commercial and industrial property located in a taxing district. This bill adds railway property valued by the department of revenue under Code chapter 434 to the list of property in each taxing district with which the replacement claims are calculated.
   The bill takes effect upon enactment and applies to commercial and industrial property tax replacement claims for fiscal years beginning on or after July 1, 2014.