Text: S03336 Text: S03338 Text: S03300 - S03399 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend Senate File 466 as follows: 1 2 #1. By striking page 2, line 17, through page 4, 1 3 line 18, and inserting the following: 1 4 "Machinery, Equipment, and Computers 1 5 Property Tax Exemption 1 6 Sec. . Section 427B.17, Code 1995, is amended 1 7 to read as follows: 1 8 427B.17 PROPERTY SUBJECT TO SPECIAL VALUATION. 1 9 1. For property defined in section 427A.1, 1 10 subsection 1, paragraphs "e" and "j", acquired or 1 11 initially leased on or after January 1, 1982, the 1 12 taxpayer's valuation shall be limited to thirty 1 13 percent of the net acquisition cost of the property. 1 14 For purposes of this section, "net acquisition cost" 1 15 means the acquired cost of the property including all 1 16 foundations and installation cost less any excess cost 1 17 adjustment. 1 18 2. For purposes of this section: 1 191.a. Property assessed by the department of 1 20 revenue and finance pursuant to sections 428.24 to 1 21 428.29, or chapters 433, 434 and 436 to 438 shall not 1 22 receive the benefits of this section. 1 232.b. Property acquired before January 1, 1982, 1 24 which was owned or used before January 1, 1982, by a 1 25 related person shall not receive the benefits of this 1 26 section. 1 273.c. Property acquired on or after January 1, 1 28 1982, which was owned and used by a related person 1 29 shall not receive any additional benefits under this 1 30 section. 1 314.d. Property which was owned or used before 1 32 January 1, 1982, and subsequently acquired by an 1 33 exchange of like property shall not receive the 1 34 benefits of this section. 1 355.e. Property which was acquired on or after 1 36 January 1, 1982, and subsequently exchanged for like 1 37 property shall not receive any additional benefits 1 38 under this section. 1 396.f. Property acquired before January 1, 1982, 1 40 which is subsequently leased to a taxpayer or related 1 41 person who previously owned the property shall not 1 42 receive the benefits of this section. 1 437.g. Property acquired on or after January 1, 1 44 1982, which is subsequently leased to a taxpayer or 1 45 related person who previously owned the property shall 1 46 not receive any additional benefits under this 1 47 section. 1 48 h.For purposes of this section, "related"Related 1 49 person" means a person who owns or controls the 1 50 taxpayer's business and another business entity from 2 1 which property is acquired or leased or to which 2 2 property is sold or leased. Business entities are 2 3 owned or controlled by the same person if the same 2 4 person directly or indirectly owns or controls fifty 2 5 percent or more of the assets or any class of stock or 2 6 who directly or indirectly has an interest of fifty 2 7 percent or more in the ownership or profits. 2 8 3. Property assessed pursuant to this section 2 9 shall not be eligible to receive a partial exemption 2 10 under sections 427B.1 to 427B.6. 2 11 4. a. A city council or county board of 2 12 supervisors may provide by ordinance an exemption from 2 13 taxation for property defined in this section whose 2 14 valuation is computed pursuant to subsection 1, and 2 15 which is acquired after December 31, 1994. The 2 16 ordinance may be enacted not less than thirty days 2 17 after a public hearing on the ordinance is held. 2 18 Notice of the hearing shall be published in accordance 2 19 with section 331.305 in the case of a county, or 2 20 section 362.3 in the case of a city. The exemption 2 21 shall not apply to any property acquired or initially 2 22 leased prior to the enactment of the ordinance unless 2 23 the ordinance specifically allows for retroactive 2 24 application. 2 25 b. If in the opinion of the city council or the 2 26 county board of supervisors continuation of the 2 27 exemption granted under this subsection ceases to be 2 28 of benefit to the city or county, the city council or 2 29 the county board of supervisors may repeal the 2 30 ordinance authorized by this subsection. Exemptions 2 31 allowed prior to repeal of the ordinance shall 2 32 continue until their expiration." 2 33 #2. Title page, line 2, by striking the word 2 34 "reimbursement" and inserting the following: 2 35 "exemption". 2 36 #3. By renumbering as necessary. 2 37 2 38 2 39 2 40 ALLEN BORLAUG 2 41 JACK RIFE 2 42 MAGGIE TINSMAN 2 43 SF 466.201 76 2 44 sc/jj
Text: S03336 Text: S03338 Text: S03300 - S03399 Text: S Index Bills and Amendments: General Index Bill History: General Index
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