SF 2049 (LSB 5231XS (4) 88)

SENATE FILE 2049

BY  R. TAYLOR, BISIGNANO, LYKAM, GIDDENS, QUIRMBACH, PETERSEN, J. SMITH, WAHLS, KINNEY, DOTZLER, and BOULTON

A BILL FOR

An Act relating to the application of specified licensure provisions to investment property owned by designated licensees.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 103.1, Code 2020, is amended by adding the following new subsection:
   NEW SUBSECTION.  10A.  “Investment property” means property, other than a principal residence, leased to another person or owned for the primary purpose of selling the property to generate a short-term capital gain, short-term capital loss, long-term capital gain, or long-term capital loss, as defined in 26 U.S.C. §1222. 
    Sec. 2.  Section 103.22, Code 2020, is amended by adding the following new subsection:
   NEW SUBSECTION.  16.  Prohibit an owner of investment property who is a licensed class A or class B journeyman electrician from performing work on the owner’s investment property.
    Sec. 3.  Section 105.2, Code 2020, is amended by adding the following new subsection:
   NEW SUBSECTION.  8A.  “Investment property” means property, other than a principal residence, leased to another person or owned for the primary purpose of selling the property to generate a short-term capital gain, short-term capital loss, long-term capital gain, or long-term capital loss, as defined in 26 U.S.C. §1222. 
    Sec. 4.  Section 105.11, Code 2020, is amended by adding the following new subsection:
   NEW SUBSECTION.  15.  Prohibit an owner of investment property who is a licensed journeyperson from performing work on the owner’s investment property.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   This bill relates to the application of electrician, plumbing, mechanical, HVAC, refrigeration, sheet metal, and hydronic systems licensure provisions to investment property owned by specified licensees. 
   The bill provides the provisions of Code chapter 103, relating to electrician licensure, do not prohibit licensed class A or class B journeyman electricians from performing work on their investment property.
   The bill also provides the provisions of Code chapter 105, relating to plumbing, mechanical, HVAC, refrigeration, sheet metal, and hydronic systems licensure, do not prohibit journeypersons from performing work on their investment property.
   For purposes of Code chapter 103 and Code chapter 105, the bill defines “investment property” to mean property leased to another person or property owned for the primary purpose of selling the property to generate a short-term capital gain, short-term capital loss, long-term capital gain, or long-term capital loss, as defined in 26 U.S.C. §1222, so long as the property is not the licensee’s principal residence.