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House Journal: Page 917: Wednesday, March 22, 1995

23   are owned or controlled by the same person if the same
24   person directly or indirectly owns or controls fifty
25   percent or more of the assets or any class of stock or
26   who directly or indirectly has an interest of fifty
27   percent or more in the ownership or profits.
28     d.  "Net acquisition cost" means the acquired cost
29   of the property, including all foundations and
30   installation cost less any excess cost adjustment.
31     3.  Property assessed pursuant to this section
32   shall not be eligible to receive a partial exemption
33   under sections 427B.1 to 427B.6.
34     4.  The taxpayer's valuation of property defined in
35   section 427A.1, subsection 1, paragraphs "e" and "j",
36   and located in an urban renewal area for which an
37   urban renewal plan provides for the division of taxes
38   as provided in section 403.19 to pay the principal and
39   interest on loans, advances, bonds issued under the
40   authority of section 403.9, subsection 1, or
41   indebtedness incurred by a city or county to finance
42   an urban renewal project within the urban renewal
43   area, if such loans, advances, or bonds were issued or
44   indebtedness incurred, on or after January 1, 1982,
45   and on or before June 30, 1995, shall be limited to
46   thirty percent of the net acquisition cost of the
47   property.  Such property located in an urban renewal
48   area shall not be valued pursuant to subsection 1
49   until the assessment year following the calendar year
50   in which the obligations created by any loans,

Page   6

 1   advances, bonds, or indebtedness payable from the
 2   division of taxes as provided in section 403.19 have
 3   been retired.  The taxpayer's valuation for such
 4   property shall then be the valuation specified in
 5   subsection 1 for the applicable assessment year.  If
 6   the loans, advances, or bonds issued, or indebtedness
 7   incurred between January 1, 1982, and June 30, 1995,
 8   are refinanced or refunded after June 30, 1995, the
 9   valuation of such property shall then be the valuation
10   specified in subsection 1 for the applicable
11   assessment year beginning with the assessment year
12   following the calendar year in which any of those
13   loans, advances, bonds, or other indebtedness are
14   refinanced or refunded after June 30, 1995.
15     5.  For the purpose of dividing taxes under section
16   260E.4 or 260F.4, the employer's or business's
17   valuation of property defined in section 427A.1,
18   subsection 1, paragraphs "e" and "j", and used to fund
19   a new jobs training project which project's first
20   written agreement providing for a division of taxes as
21   provided in section 403.19, is approved on or before
22   June 30, 1995, shall be limited to thirty percent of
23   the net acquisition cost of the property.  An

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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URL: /DOCS/GA/76GA/Session.1/HJournal/00900/00917.html
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