Text: HF00558 Text: HF00560 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 441.21, Code 1995, is amended by adding
1 2 the following new subsection:
1 3 NEW SUBSECTION. 12. Beginning with valuations established
1 4 on or after January 1, 1995, as used in this section,
1 5 "residential property" includes all land and buildings of
1 6 multiple housing cooperatives organized under chapter 499A and
1 7 includes land and buildings used primarily for human
1 8 habitation which land and buildings are owned and operated by
1 9 organizations that have received tax-exempt status under
1 10 section 501(c)(3) of the Internal Revenue Code and rental
1 11 income from the property is not taxed as unrelated business
1 12 income under section 422.33, subsection 1A.
1 13 Sec. 2. RETROACTIVE APPLICABILITY. This Act applies
1 14 retroactively to January 1, 1995, for assessment years
1 15 beginning on or after that date.
1 16 EXPLANATION
1 17 This bill provides that land and buildings owned by
1 18 multiple housing cooperatives and land and buildings used for
1 19 human habitation and owned and operated by certain Internal
1 20 Revenue Code section 501(c)(3) organizations are considered
1 21 residential property for the purpose of assessing the
1 22 property's actual value for purposes of taxation. The bill is
1 23 made retroactively applicable to January 1, 1995, for
1 24 valuations established on or after that date.
1 25 LSB 1727HV 76
1 26 ec/jw/5
Text: HF00558 Text: HF00560 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
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