Text: HSB00697 Text: HSB00699 Text: HSB00600 - HSB00699 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 404.3, Code 1997, is amended by adding
1 2 the following new subsection:
1 3 NEW SUBSECTION. 9. For purposes of subsection 1, 2, 3, or
1 4 4, or for purposes of a different schedule adopted by a city
1 5 or county as part of the city or county urban revitalization
1 6 plan, when computing the exemption for actual value added by
1 7 improvements to qualified real estate assessed as residential
1 8 property, the exemption shall be computed on only that amount
1 9 of actual value added which does not exceed seventy-five
1 10 thousand dollars.
1 11 Sec. 2. Section 404.3A, Code Supplement 1997, is repealed.
1 12 Sec. 3. CONTINUATION OF EXEMPTION. Exemptions granted
1 13 pursuant to section 404.3A shall continue until their
1 14 expiration.
1 15 Sec. 4. APPLICABILITY. This Act applies to urban
1 16 revitalization areas designated on or after July 1, 1998.
1 17 This Act also applies to amendments made on or after July 1,
1 18 1998, to urban revitalization plans for urban revitalization
1 19 areas designated before July 1, 1998.
1 20 EXPLANATION
1 21 This bill provides that, for qualified residential property
1 22 only, actual value added by improvements which may be used to
1 23 compute an urban revitalization tax exemption shall be only
1 24 that portion of the actual value which does not exceed
1 25 $75,000. The bill also repeals an exemption schedule which
1 26 would have allowed all qualified real estate assessed as
1 27 residential property and located in an urban revitalization
1 28 area established for residential development purposes to
1 29 receive, for up to five years, a full exemption from taxation
1 30 of the first $75,000 of actual value added by improvements.
1 31 However, current exemptions allowed under this section shall
1 32 continue until their expiration.
1 33 The bill applies to urban revitalization areas designated
1 34 on or after July 1, 1998. The bill also applies to amendments
1 35 made on or after July 1, 1998, to urban revitalization plans
2 1 for urban revitalization areas designated before July 1, 1998.
2 2 LSB 4394HC 77
2 3 sc/jw/5
Text: HSB00697 Text: HSB00699 Text: HSB00600 - HSB00699 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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