Text: HF00496 Text: HF00498 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 427C.12, Code 1995, is amended by
1 2 adding the following new unnumbered paragraph:
1 3 NEW UNNUMBERED PARAGRAPH. However, notwithstanding any
1 4 provision to the contrary, if the property is sold or
1 5 transferred, the buyer or transferee of the property which has
1 6 received a tax exemption shall only be liable for the
1 7 recapture tax if the buyer or transferee has knowledge that
1 8 the property may be subject to a recapture tax or notice of
1 9 the possibility that the property may be subject to a
1 10 recapture tax has been recorded in the county where the
1 11 property is located at least ninety days prior to the date the
1 12 buyer or transferee acquires the property, unless the property
1 13 is still exempt from tax after the date the buyer or
1 14 transferee acquires the property.
1 15 Sec. 2. This Act, being deemed of immediate importance,
1 16 takes effect upon enactment and applies to sales or transfers
1 17 of property made on or after the date of enactment.
1 18 EXPLANATION
1 19 Under present law, property tax exemptions are allowed for
1 20 fruit-tree reservations (8 years) and forest reservations (no
1 21 limit) that meet certain criteria. However, a recapture tax
1 22 is imposed if at any time during the exemption period or
1 23 within five years after the exemption is no longer applied,
1 24 the property ceases to be used as a fruit-tree or forest
1 25 reservation. The recapture tax also applies to a person who
1 26 may have not owned the property when it was receiving the
1 27 exemption. This bill specifies that the recapture tax shall
1 28 only be collected from a new owner if the owner has knowledge
1 29 that the tax may be imposed or notice that the tax may be
1 30 imposed has been recorded prior to the date the new owner
1 31 acquires the property unless the property is still exempt
1 32 after the new owner acquires the property.
1 33 The bill takes effect upon enactment for sales or transfers
1 34 of property made on or after that date.
1 35 LSB 1781HH 76
2 1 mg/cf/24
Text: HF00496 Text: HF00498 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
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