Text: HSB00562 Text: HSB00564 Text: HSB00500 - HSB00599 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 15.331B EXEMPTION FROM LAND
1 2 OWNERSHIP RESTRICTIONS FOR NONRESIDENT ALIENS.
1 3 1. The eligible business and a supporting business, to the
1 4 extent the eligible business or the supporting business is not
1 5 actively engaged in farming within the economic development
1 6 area, may acquire, own, and lease land in the economic
1 7 development area, notwithstanding the provisions of sections
1 8 9H.4, 9H.5, and 567.3, and shall be exempt from the
1 9 requirements of section 567.4. The eligible business and
1 10 supporting business shall comply with the remaining provisions
1 11 of chapters 9H and 567 to the extent they do not conflict with
1 12 this subsection.
1 13 2. "Actively engaged in farming" means any of the
1 14 following:
1 15 a. Inspecting agricultural production activities within
1 16 the economic development area periodically and furnishing at
1 17 least half of the value of the tools and paying at least half
1 18 the direct cost of production.
1 19 b. Regularly and frequently making or taking an important
1 20 part in making management decisions substantially contributing
1 21 to or affecting the success of the farm operations within the
1 22 economic development area.
1 23 c. Performing physical work which significantly
1 24 contributes to crop or livestock production.
1 25 EXPLANATION
1 26 This bill provides that an eligible business and supporting
1 27 businesses under the new jobs and income program are exempt
1 28 from the limitations on ownership by foreign corporations of
1 29 agricultural land in Iowa so long as the business owning the
1 30 land is not actively engaged in farming.
1 31 LSB 4260HC 76
1 32 mk/jj/8
Text: HSB00562 Text: HSB00564 Text: HSB00500 - HSB00599 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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