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House Journal: Page 2016: Thursday, April 27, 1995

Page 25
 1   and finance not later than July 1 of each year.
 2     Sec. 32.  NEW SECTION.  427B.19A  FUND CREATED.
 3     1.  The industrial machinery, equipment and
 4   computers property tax replacement fund is created.
 5   For the fiscal year beginning July 1, 1996, through
 6   the fiscal year ending June 30, 2006, there is
 7   appropriated annually from the general fund of the
 8   state to the department of revenue and finance to be
 9   credited to the industrial machinery, equipment and
10   computers property tax replacement fund, an amount
11   sufficient to implement this division.
12     2.  If an amount appropriated for a fiscal year is
13   insufficient to pay all claims, the director shall
14   prorate the disbursements from the fund to the county
15   treasurers and shall notify the county auditors of the
16   pro rata percentage on or before August 1.
17     3.  The replacement claims shall be paid to each
18   county treasurer in equal installments in September
19   and March of each year.  The county treasurer shall
20   apportion the replacement claim payments among the
21   eligible taxing districts in the county.
22     Sec. 33.  NEW SECTION.  427B.19B  GUARANTEE OF
23   STATE REPLACEMENT FUNDS.
24     For the fiscal years beginning July 1, 1996, and
25   ending June 30, 2006, if the industrial machinery,
26   equipment and computers property tax replacement fund
27   is insufficient to pay in full the total of the
28   amounts certified to the director of revenue and
29   finance, the director shall compute for each county
30   the difference between the total of all replacement
31   claims for each taxing district within the county and
32   the amount paid to the county treasurer for
33   disbursement to each taxing district in the county.
34   The assessor, for the assessment year for which taxes
35   are due and payable in the fiscal year for which a
36   sufficient appropriation was not made, shall revalue
37   all industrial machinery, equipment and computers
38   described in section 427B.17, subsections 2 and 3, in
39   the county at a percentage of net acquisition cost
40   which will yield from each taxing district its
41   shortfall and the property shall be assessed and taxed
42   in such manner for taxes due and payable in the
43   following fiscal year in addition to being assessed
44   and taxed in the applicable manner under section
45   427B.17.  When conducting the revaluation, the
46   assessor shall increase the percentage of net
47   acquisition cost of such property by the same
48   percentage point.  Property tax dollar amounts
49   certified pursuant to this section shall not be
50   considered property tax dollars certified for purposes

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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