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House Journal: Page 921: Wednesday, March 22, 1995

27   taxing districts in the county.  The department shall
28   divide that difference by the consolidated tax levy
29   rate in each county computed for the fiscal year in
30   which the specified appropriation should have been
31   made and shall certify the amount of taxable value
32   necessary to raise the difference at that tax rate.
33   The department shall notify the local assessor of such
34   amount of taxable value.  The assessor, for the
35   assessment year beginning January 1 preceding the
36   fiscal year for which the specified appropriation was
37   not made, shall reassess all taxable property
38   described in section 427B.17 in the county at a
39   percentage of net acquisition cost which will yield
40   such taxable value and the property shall be assessed
41   and taxed in such manner for taxes due and payable in
42   the following fiscal year in addition to being
43   assessed and taxed in the applicable manner under
44   section 427B.17.  Property tax dollar amounts
45   certified pursuant to this section shall not be
46   considered property tax dollars certified for purposes
47   of the property tax limitation in chapter 444.
48     Sec. ___.  NEW SECTION.  427B.19E  INDUSTRIAL
49   MACHINERY, EQUIPMENT AND COMPUTERS RELIEF FUND.
50     1.  The industrial machinery, equipment and

Page  10

 1   computers relief fund is created.  There is
 2   appropriated annually from the general fund of the
 3   state to the department of revenue and finance to be
 4   credited to the relief fund, the following amounts:
 5     a.  For the fiscal year beginning July 1, 1996, one
 6   million, nine hundred thousand dollars.
 7     b.  For the fiscal year beginning July 1, 1997, one
 8   million, eight hundred thousand dollars.
 9     c.  For the fiscal year beginning July 1, 1998, one
10   million, nine hundred thousand dollars.
11     Moneys in the fund at the end of a fiscal year
12   shall not revert to the general fund of the state,
13   notwithstanding section 8.33.
14     2.  a.  The purpose of the industrial machinery,
15   equipment and computers relief fund is to provide
16   funds to those taxing districts in which an increase
17   in property tax revenue has not been realized as a
18   result of the elimination of the property tax on
19   property assessed pursuant to section 427B.17.
20   Beginning with the fiscal year beginning July 1, 1996,
21   a taxing district may apply for funds under this
22   section by filing an application with the director of
23   the department of management not later than March 1
24   preceding the fiscal year in which the funds will be
25   distributed.  The state appeal board shall approve,
26   disapprove, or reduce the amount of funds requested by
27   the taxing district.

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.

Last update: Sun Jan 14 21:05:02 CST 1996
URL: /DOCS/GA/76GA/Session.1/HJournal/00900/00921.html
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