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House Journal: Page 1586: Thursday, April 11, 1996

Page   5

 1   revitalization area as of the effective date of its
 2   annexation to the city.
 3     Sec. ___.  Section 404.5, Code 1995, is amended by
 4   adding the following new unnumbered paragraph:
 5     NEW UNNUMBERED PARAGRAPH.  For the purposes of this
 6   section, the actual value of the property upon which
 7   the value of improvements in the form of
 8   rehabilitation or additions to existing structures
 9   shall be determined shall be the lower of either the
10   amount listed on the assessment rolls in the
11   assessment year in which such improvements are first
12   begun or the price paid by the owner if the
13   improvements in the form of rehabilitation or
14   additions to existing structures were begun within one
15   year of the date the property was purchased and the
16   sale was a fair and reasonable exchange between a
17   willing buyer and a willing seller, neither being
18   under any compulsion to buy or sell and each being
19   familiar with all the facts relating to the particular
20   property.
21     Sec. ___.  APPLICABILITY.  This amendment in this
22   division to section 404.5 applies to tax exemptions
23   granted under chapter 404 for improvements to real
24   property first begun on or after January 1, 1995.
25                        DIVISION 102
26     Sec. ___.  EFFECTIVE DATES.  Divisions I, II, and
27   101 of this Act, being deemed of immediate importance,
28   take effect upon enactment.  Division V of this Act
29   takes effect July 1, 1997."
30     11.  Title page, line 3, by striking the word
31   "date" and inserting the following:  "and
32   applicability dates".
33     12.  By renumbering as necessary.
McCoy of Polk offered the following amendment H-5930, to the
committee amendment H-5896, filed by him and Cataldo from the
floor and moved its adoption:


 1     Amend the amendment, H-5896, to Senate File 2464,
 2   as amended, passed, and reprinted by the Senate, as
 3   follows:
 4     1.  Page 2, line 25, by striking the word ", on".
 5     2.  Page 2, by striking lines 26 and 27 and
 6   inserting the following:  "to each county based on the
 7   proportion of real estate transfer tax collected in
 8   the county to the total amount of real estate transfer
 9   tax collected in all counties."
Roll call was requested by McCoy of Polk and Fallon of Polk.

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