Text: HF00156 Text: HF00158 Text: HF00100 - HF00199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 427B.17, subsection 1, Code 1997, is
1 2 amended by striking the subsection and inserting in lieu
1 3 thereof the following:
1 4 1. For property defined in section 427A.1, subsection 1,
1 5 paragraphs "e" and "j", the taxpayer's valuation shall be
1 6 limited to thirty percent of the net acquisition cost of the
1 7 property, except as otherwise provided in subsections 2 and 3.
1 8 For purposes of this section, "net acquisition cost" means the
1 9 acquired cost of the property including all foundations and
1 10 installation cost less any excess cost adjustment.
1 11 Sec. 2. This Act applies retroactively to the assessment
1 12 year beginning January 1, 1997, for taxes due and payable in
1 13 the fiscal year beginning July 1, 1998.
1 14 EXPLANATION
1 15 This bill provides that industrial machinery, equipment,
1 16 and computers acquired or initially leased before January 1,
1 17 1982, shall be assessed for taxation at 30 percent of net
1 18 acquisition cost and shall be subject to the same exemption
1 19 phaseout schedule as is currently provided by law for such
1 20 property acquired or initially leased on or after January 1,
1 21 1982. According to the phaseout schedule, applicable
1 22 machinery, equipment, and computers will be totally exempt
1 23 from taxation beginning with the 2002 assessment year.
1 24 The bill applies retroactively to January 1, 1997, for
1 25 assessment years beginning on or after that date.
1 26 LSB 1675YH 77
1 27 sc/cf/24
Text: HF00156 Text: HF00158 Text: HF00100 - HF00199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
Search: House Bills and Amendments (77th General Assembly)
© 1997 Cornell College and League of Women Voters of Iowa
Comments? webmaster@legis.iowa.gov.
Last update: Fri Jan 30 03:41:41 CST 1998
URL: /DOCS/GA/77GA/Legislation/HF/00100/HF00157/970205.html
jhf