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House Journal: Page 1016: Wednesday, March 27, 1996

33   school district shall cause to be levied each year,
34   for the school general fund, a foundation property tax
35   equal to five four dollars and forty
fifteen cents per
36   thousand dollars of assessed valuation on all taxable
37   property in the district.  The county auditor shall
38   spread the foundation levy over all taxable property
39   in the district.
40     Sec. 12.  Section 257.3, subsections 2 and 3, Code
41   Supplement 1995, are amended by striking the
42   subsections.
43     Sec. 13.  Section 257.3, subsection 4, Code
44   Supplement 1995, is amended to read as follows:
45     4.  RAILWAY CORPORATIONS.  For purposes of section
46   257.1, the "amount per pupil of foundation property
47   tax" does not include the tax levied under subsection
48   1, 2, or 3 on the property of a railway corporation,
49   or on its trustee if the corporation has been declared
50   bankrupt or is in bankruptcy proceedings.

Page   4

 1     Sec. 14.  Section 275.55, unnumbered paragraph 4,
 2   Code 1995, is amended by striking the unnumbered
 3   paragraph.
 4     Sec. 15.  Section 425A.3, subsection 1, Code 1995,
 5   is amended to read as follows:
 6     1.  The family farm tax credit fund shall be
 7   apportioned each year in the manner provided in this
 8   chapter so as to give a credit against the tax on each
 9   eligible tract of agricultural land within the several
10   school districts of the state in which the levy for
11   the general school fund exceeds five four dollars
and
12   forty fifteen cents per thousand dollars of assessed
13   value.  The amount of the credit on each eligible
14   tract of agricultural land shall be the amount the tax
15   levied for the general school fund exceeds the amount
16   of tax which would be levied on each eligible tract of
17   agricultural land were the levy for the general school
18   fund five four dollars and forty fifteen
cents per
19   thousand dollars of assessed value for the previous
20   year.  However, in the case of a deficiency in the
21   family farm tax credit fund to pay the credits in
22   full, the credit on each eligible tract of
23   agricultural land in the state shall be proportionate
24   and applied as provided in this chapter.
25     Sec. 16.  Section 425A.5, Code 1995, is amended to
26   read as follows:
27     425A.5  COMPUTATION BY COUNTY AUDITOR.
28     The family farm tax credit allowed each year shall
29   be computed as follows:  On or before March 1, the
30   county auditor shall list by school districts all
31   tracts of agricultural land which are entitled to
32   credit, the taxable value for the previous year, the

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 2)

© 1996 Cornell College and League of Women Voters of Iowa

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Last update: Thu Mar 28 13:30:02 CST 1996
URL: /DOCS/GA/76GA/Session.2/HJournal/01000/01016.html
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