Text: SF00218 Text: SF00220 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 425A.2, subsection 4, Code 1995, is
1 2 amended to read as follows:
1 3 4. "Designated person" means one of the following:
1 4 a. If the owner is an individual, the designated person
1 5 includes the owner of the tract or a person related to the
1 6 owner as spouse, parent, grandparent, child, grandchild,
1 7 stepchild, sibling, and their spouses.
1 8 b. If the owner is a partnership, a partner, or the
1 9 partner's spouse.
1 10 c. If the owner is a family farm corporation, a family
1 11 member who is a shareholder of the family farm corporation or
1 12 the shareholder's spouse.
1 13 d. If the owner is an authorized farm corporation, a
1 14 shareholder who owns at least fifty-one percent of the stock
1 15 of the authorized farm corporation or the shareholder's
1 16 spouse.
1 17 e. If the owner is an individual who leases the tract to a
1 18 family farm corporation, a shareholder of the corporation if
1 19 the combined stock of the family farm corporation owned by the
1 20 owner of the tract and persons related to the owner as
1 21 enumerated in paragraph "a" is equal to at least fifty-one
1 22 percent of the stock of the family farm corporation.
1 23 f. If the owner is an individual who leases the tract to a
1 24 partnership, a partner if the combined partnership interest
1 25 owned by the owner of the tract and persons related to the
1 26 owner as enumerated in paragraph "a" is equal to at least
1 27 fifty-one percent of the ownership interest of the
1 28 partnership.
1 29 Sec. 2. This Act takes effect January 1, 1996, and applies
1 30 to family farm tax credit claims filed on or after that date.
1 31 EXPLANATION
1 32 This bill amends the definition of "designated person" for
1 33 purposes of the family farm tax credit to include siblings of
1 34 the owner. The definition is also amended to include family
1 35 farm corporations and partnerships if the combined stock of
2 1 the corporation, or ownership interest of the partnership,
2 2 equal to at least 51 percent is owned by the owner of the land
2 3 and persons related to the owner as spouse, parent,
2 4 grandparent, child, grandchild, stepchild, sibling, or their
2 5 spouses.
2 6 The bill is effective January 1, 1996, and applies to
2 7 credit claims filed on or after that date.
2 8 LSB 1128SS 76
2 9 sc/jw/5
Text: SF00218 Text: SF00220 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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