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House Journal: Page 1076: Tuesday, April 8, 1997

23   in the county where the agricultural land is located.
24     c.  If the operation is a business entity, any of
25   the following apply:
26     (1)  The following persons who hold an interest in
27   the business entity are not eligible to file for a
28   homestead tax credit in the county where the business
29   entity holds most of its agricultural land:
30     (a)  The owner of a corporation who is the majority
31   shareholder of the corporation.
32     (b)  The person holding the greatest membership
33   interest in a limited liability company.
34     (c)  The person contributing the most value to a
35   limited partnership.
36     (d)  The beneficiary having the greatest interest
37   in a trust.
38     (2)  Less than forty percent of the interest in the
39   business entity is held by persons related to each
40   other as spouse, parent, grandparent, lineal
41   ascendants of the grandparents or their spouses, or
42   lineal descendants of the grandparents or their
43   spouses, or persons acting in a fiduciary capacity to
44   persons so related.
45     (3)  Less than fifty percent of the production
46   inputs used to produce and harvest crops or care and
47   feed for animals on the agricultural land are
48   purchased within sixty miles from the borders of the
49   agricultural land where the animal feeding operation
50   is located.  A "production input" means seed, feed,

Page 2  

 1   supplies, and veterinary medical services, but does
 2   not include labor, construction materials, equipment,
 3   or tools.
 4     (4)  The business entity has benefited from any of
 5   the following:
 6     (a)  The job training partnership program and other
 7   programs administered under section 15.108.
 8     (b)  The self-employment loan program created in
 9   section 15.241.
10     (c)  The targeted small business financial
11   assistance program created in section 15.247.
12     (d)  The community economic betterment program
13   created in sections 15.315 through 15.320.
14     (e)  An agreement for a supplemental new jobs tax
15   credit as provided in section 15.331.
16     (f)  The industrial new jobs training program as
17   provided in chapter 260E.
18     (g)  The jobs training program as provided in
19   chapter 260F.
20     (h)  An economic development area established
21   pursuant to chapter 403."
22     3.  Page 1, line 14, by striking the words "a

Iowa General Assembly

Index: House Journal (77th General Assembly: Session 1)

© 1997 Cornell College and League of Women Voters of Iowa

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Last update: Thu Apr 10 13:40:03 CDT 1997
URL: /DOCS/GA/77GA/Session.1/HJournal/01000/01076.html
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