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House Amendment 5662

Amendment Text

PAG LIN
  1  1    Amend the amendment, H-5523, to Senate File 2449,
  1  2 as amended, passed, and reprinted by the Senate, as
  1  3 follows:
  1  4    #1.  Page 3, by inserting after line 26 the
  1  5 following:  
  1  6                      "DIVISION    
  1  7      FAMILY FARM AND AGRICULTURAL LAND TAX CREDITS
  1  8    Sec.    .  Section 425A.1, Code 1995, is amended to
  1  9 read as follows:
  1 10    425A.1  FAMILY FARM TAX CREDIT FUND.
  1 11    The family farm tax credit fund is created in the
  1 12 office of the treasurer of state.  There shall be
  1 13 transferred appropriated annually to the fund the
  1 14 first ten million dollars of the amount annually
  1 15 appropriated to the agricultural land credit fund,
  1 16 provided in section 426.1 an amount sufficient to
  1 17 implement this chapter.  Any balance in the fund on
  1 18 June 30 shall revert to the general fund.
  1 19    Sec.    .  Section 425A.2, subsection 4, Code 1995,
  1 20 is amended to read as follows:
  1 21    4.  "Designated person" means one of the following:
  1 22    a.  If the owner is an individual, the designated
  1 23 person includes the owner of the tract or a person
  1 24 related to the owner as, the owner's spouse, parent,
  1 25 grandparent, the owner's child, grandchild, or
  1 26 stepchild, and their spouses, or the owner's relative
  1 27 within the third degree of consanguinity, and the
  1 28 relative's spouse.
  1 29    b.  If the owner is a partnership, a partner, or
  1 30 the partner's spouse.
  1 31    c.  If the owner is a family farm corporation, a
  1 32 family member who is a shareholder of the family farm
  1 33 corporation or the shareholder's spouse.
  1 34    d.  If the owner is an authorized farm corporation,
  1 35 a shareholder who owns at least fifty-one percent of
  1 36 the stock of the authorized farm corporation or the
  1 37 shareholder's spouse.
  1 38    e.  If the owner is an individual who leases the
  1 39 tract to a family farm corporation, a shareholder of
  1 40 the corporation if the combined stock of the family
  1 41 farm corporation owned by the owner of the tract and
  1 42 persons related to the owner as enumerated in
  1 43 paragraph "a" is equal to at least fifty-one percent
  1 44 of the stock of the family farm corporation.
  1 45    f.  If the owner is an individual who leases the
  1 46 tract to a partnership, a partner if the combined
  1 47 partnership interest owned by the owner of the tract
  1 48 and persons related to the owner as enumerated in
  1 49 paragraph "a" is equal to at least fifty-one percent
  1 50 of the ownership interest of the partnership.
  2  1    Sec.    .  Section 426.1, Code 1995, is amended to
  2  2 read as follows:
  2  3    426.1  AGRICULTURAL LAND CREDIT FUND.
  2  4    There is created as a permanent fund in the office
  2  5 of the treasurer of state a fund to be known as the
  2  6 agricultural land credit fund, and for the purpose of
  2  7 establishing and maintaining this fund for each fiscal
  2  8 year there is appropriated thereto to the fund from
  2  9 funds in the general fund not otherwise appropriated
  2 10 the sum of thirty-nine twenty-nine million one hundred
  2 11 thousand dollars of which the first ten million
  2 12 dollars shall be transferred to and deposited into the
  2 13 family farm tax credit fund created in section 425A.1.
  2 14 Any balance in said fund on June 30 shall revert to
  2 15 the general fund.
  2 16    Sec.    .  This division of this Act, being deemed
  2 17 of immediate importance, takes effect upon enactment
  2 18 and applies to family farm tax credits and
  2 19 agricultural land credits allowed for property taxes
  2 20 due and payable in fiscal years beginning on or after
  2 21 July 1, 1996."
  2 22    #2.  Page 6, line 7, by inserting after the word
  2 23 "tax," the following:  "increasing the funding for the
  2 24 family farm tax credit,".  
  2 25 
  2 26 
  2 27                              
  2 28 WEIGEL of Chickasaw
  2 29 SF 2449.712 76
  2 30 mg/sc
     
Text: H05661                            Text: H05663
Text: H05600 - H05699                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index
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