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House Journal: Page 2011: Thursday, April 27, 1995

Page 20
 1   the rate authorized by law, the county auditor shall
 2   also adjust the rate if the amount of property tax
 3   dollars to be raised is in excess of the amount
 4   specified in subsection 1, as may be adjusted pursuant
 5   to subsection 3.
 6     Sec. 28.  Section 444.27, Code 1995, is amended to
 7   read as follows:
 8     444.27  SECTIONS VOID.
 9     1.  For purposes of section 444.25, sections 24.48
10   and 331.426 are void for the fiscal years beginning
11   July 1, 1993, and July 1, 1994.  For purposes of
12   section 444.25A, sections 24.48 and 331.426 are void
13   for the fiscal years beginning July 1, 1995, and July
14   1, 1996.
15     2.  For purposes of section 444.25B, sections 24.48
16   and 331.426 are void for the fiscal year beginning
17   July 1, 1997.
18	DIVISION V
19   INDUSTRIAL MACHINERY, EQUIPMENT AND COMPUTERS PROPERTY
20	TAX
21	EXEMPTION AND REPLACEMENT
22     Sec. 29.  Section 427B.17, Code 1995, is amended to
23   read as follows:
24     427B.17  PROPERTY SUBJECT TO SPECIAL VALUATION.
25     1.  For property defined in section 427A.1,
26   subsection 1, paragraphs "e" and "j", acquired or
27   initially leased on or after January 1, 1982, the
28   taxpayer's valuation shall be limited to thirty
29   percent of the net acquisition cost of the property,
30   except as otherwise provided in subsections 2 and 3.
31   For purposes of this section, "net acquisition cost"
32   means the acquired cost of the property including all
33   foundations and installation cost less any excess cost
34   adjustment.
35     For purposes of this section subsection:
36     1.  Property assessed by the department of revenue
37   and finance pursuant to sections 428.24 to 428.29, or
38   chapters 433, 434 and 436 to 438 shall not receive the
39   benefits of this section.
40     2. a.  Property acquired before January 1, 1982,
41   which was owned or used before January 1, 1982, by a
42   related person shall not receive the benefits of this
43   section subsection.
44     3. b.  Property acquired on or after January 1,
45   1982, which was owned and used by a related person
46   shall not receive any additional benefits under this
47   section subsection.
48     4. c.  Property which was owned or used before
49   January 1, 1982, and subsequently acquired by an
50   exchange of like property shall not receive the

Iowa General Assembly

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

© 1995 Cornell College and League of Women Voters of Iowa

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