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House Journal: Page 1041: Wednesday, March 27, 1996

22     a.  If the owner is an individual, the designated
23   person includes the owner of the tract or a person
24   related to the owner as, the owner's spouse,
parent,
25   grandparent, the owner's child, grandchild,
or
26   stepchild, and their spouses, or the owner's relative
27   within the third degree of consanguinity, and the
28   relative's spouse.
29     b.  If the owner is a partnership, a partner, or
30   the partner's spouse.
31     c.  If the owner is a family farm corporation, a
32   family member who is a shareholder of the family farm
33   corporation or the shareholder's spouse.
34     d.  If the owner is an authorized farm corporation,
35   a shareholder who owns at least fifty-one percent of
36   the stock of the authorized farm corporation or the
37   shareholder's spouse.
38     e.  If the owner is an individual who leases the
39   tract to a family farm corporation, a shareholder of
40   the corporation if the combined stock of the family
41   farm corporation owned by the owner of the tract and
42   persons related to the owner as enumerated in
43   paragraph "a" is equal to at least fifty-one percent
44   of the stock of the family farm corporation.
45     f.  If the owner is an individual who leases the
46   tract to a partnership, a partner if the combined
47   partnership interest owned by the owner of the tract
48   and persons related to the owner as enumerated in
49   paragraph "a" is equal to at least fifty-one percent
50   of the ownership interest of the partnership.

Page 2  

 1     Sec. ___.  Section 426.1, Code 1995, is amended to
 2   read as follows:
 3     426.1  AGRICULTURAL LAND CREDIT FUND.
 4     There is created as a permanent fund in the office
 5   of the treasurer of state a fund to be known as the
 6   agricultural land credit fund, and for the purpose of
 7   establishing and maintaining this fund for each fiscal
 8   year there is appropriated thereto to the fund from
 9   funds in the general fund not otherwise appropriated
10   the sum of thirty-nine twenty-nine million one
hundred
11   thousand dollars of which the first ten million
12   dollars shall be transferred to and deposited into the
13   family farm tax credit fund created in section 425A.1.
14   Any balance in said fund on June 30 shall revert to
15   the general fund.
16     Sec. ___.  This division of this Act, being deemed
17   of immediate importance, takes effect upon enactment
18   and applies to family farm tax credits and
19   agricultural land credits allowed for property taxes
20   due and payable in fiscal years beginning on or after
21   July 1, 1996."

Iowa General Assembly

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

© 1996 Cornell College and League of Women Voters of Iowa

Comments? hjourn@legis.iowa.gov.

Last update: Thu Mar 28 13:30:02 CST 1996
URL: /DOCS/GA/76GA/Session.2/HJournal/01000/01041.html
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