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House Journal: Page 2012: Thursday, April 27, 1995

Page 21
 1   benefits of this section subsection.
 2     5. d.  Property which was acquired on or after
 3   January 1, 1982, and subsequently exchanged for like
 4   property shall not receive any additional benefits
 5   under this section subsection.
 6     6. e.  Property acquired before January 1, 1982,
 7   which is subsequently leased to a taxpayer or related
 8   person who previously owned the property shall not
 9   receive the benefits of this section subsection.
10     7. f.  Property acquired on or after January 1,
11   1982, which is subsequently leased to a taxpayer or
12   related person who previously owned the property shall
13   not receive any additional benefits under this section
14   subsection.
15     For purposes of this section subsection, "related
16   person" means a person who owns or controls the
17   taxpayer's business and another business entity from
18   which property is acquired or leased or to which
19   property is sold or leased.  Business entities are
20   owned or controlled by the same person if the same
21   person directly or indirectly owns or controls fifty
22   percent or more of the assets or any class of stock or
23   who directly or indirectly has an interest of fifty
24   percent or more in the ownership or profits.
25     2.  Property defined in section 427A.1, subsection
26   1, paragraphs "e" and "j", which is first assessed for
27   taxation in this state on or after January 1, 1995,
28   shall be exempt from taxation.
29     3.  Property defined in section 427A.1, subsection
30   1, paragraphs "e" and "j", and assessed under section
31   427B.17, subsection 1, shall be valued by the local
32   assessor as follows for the following assessment
33   years:
34     a.  For the assessment year beginning January 1,
35   1999, at twenty-two percent of the net acquisition
36   cost.
37     b.  For the assessment year beginning January 1,
38   2000, at fourteen percent of the net acquisition cost.
39     c.  For the assessment year beginning January 1,
40   2001, at six percent of the net acquisition cost.
41     d.  For the assessment year beginning January 1,
42   2002, and succeeding assessment years, at zero percent
43   of the net acquisition cost.
44     4.  Property assessed pursuant to this section
45   shall not be eligible to receive a partial exemption
46   under sections 427B.1 to 427B.6.
47     5.  This section shall not apply to property
48   assessed by the department of revenue and finance
49   pursuant to sections 428.24 to 428.29, or chapters
50   433, 434, and 436 to 438, and such property shall not

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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