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House Journal: Page 563: Monday, February 27, 1995

 5     e.  For the assessment year beginning January 1,
 6   1999, at ten percent of the net acquisition cost.
 7     f.  For the assessment year beginning January 1,
 8   2000, at six percent of the net acquisition cost.
 9     g.  For the assessment year beginning January 1,
10   2001, and all subsequent assessment years, at zero
11   percent of the net acquisition cost.
12     2.  For purposes of this section:
13     a.  Property assessed by the department of revenue
14   and finance pursuant to sections 428.24 to 428.29, or
15   chapters 433, 434, and 436 to 438 shall not receive
16   the benefits of this section.
17     b.  The net acquisition cost of property acquired
18   before January 1, 1995, which was owned or used by a
19   related person shall be the net acquisition cost of
20   the transferor of the property.
21     c.  "Related person" means a person who owns or
22   controls the taxpayer's business and another business
23   entity from which property is acquired or leased or to
24   which property is sold or leased.  Business entities
25   are owned or controlled by the same person if the same
26   person directly or indirectly owns or controls fifty
27   percent or more of the assets or any class of stock or
28   who directly or indirectly has an interest of fifty
29   percent or more in the ownership or profits.
30     d.  "Net acquisition cost" means the acquired cost
31   of the property, including all foundations and
32   installation cost less any excess cost adjustment.
33     3.  Property assessed pursuant to this section
34   shall not be eligible to receive a partial exemption
35   under sections 427B.1 to 427B.6.
36     4.  The taxpayer's valuation of property defined in
37   section 427A.1, subsection 1, paragraphs "e" and "j",
38   and located in an urban renewal area for which an
39   urban renewal plan provides for the division of taxes
40   as provided in section 403.19 to pay the principal and
41   interest on loans, advances, bonds issued under the
42   authority of section 403.9, subsection 1, or
43   indebtedness incurred by a city or county to finance
44   an urban renewal project within the urban renewal
45   area, if such loans, advances, or bonds were issued or
46   indebtedness incurred, on or after January 1, 1982,
47   and on or before June 30, 1995, shall be limited to
48   thirty percent of the net acquisition cost of the
49   property.  Such property located in an urban renewal
50   area shall not be valued pursuant to subsection 1
Page   9
 1   until the assessment year following the calendar year
 2   in which the obligations created by any loans,
 3   advances, bonds, or indebtedness payable from the
 4   division of taxes as provided in section 403.19 have
 5   been retired.  The taxpayer's valuation for such

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 1)

© 1995 Cornell College and League of Women Voters of Iowa

Comments? hjourn@legis.iowa.gov.

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