Text: SF00363 Text: SF00365 Text: SF00300 - SF00399 Text: SF 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, "residential property" shall
1 5 include housing cooperatives established pursuant to chapter
1 6 499A and buildings used primarily for human habitation which
1 7 buildings are owned and operated by organizations that have
1 8 received tax-exempt status under section 501(c)(3) of the
1 9 Internal Revenue Code and rental income from the buildings are
1 10 not taxed as unrelated business income under section 422.33,
1 11 subsection 1A.
1 12 Sec. 2. RETROACTIVE APPLICABILITY. This Act applies
1 13 retroactively to January 1, 1995, for assessment years
1 14 beginning on or after that date.
1 15 EXPLANATION
1 16 This bill provides that housing cooperatives and buildings
1 17 used primarily for residential purposes and owned and operated
1 18 by 501(c)(3) nonprofit organizations where the rental income
1 19 is not taxed as unrelated business income shall be assessed as
1 20 residential property for the purposes of property taxation.
1 21 The bill applies retroactively to assessment years beginning
1 22 on or after January 1, 1995.
1 23 LSB 2282SS 76
1 24 sc/cf/24.1
Text: SF00363 Text: SF00365 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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