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House Journal: Page 1383: Monday, April 21, 1997

21   apportioned each year so as to give a credit against
22   the tax on each eligible commercial property in the
23   state in an amount equal to the actual levy on the
24   first fifteen thousand dollars of actual value for
25   each eligible commercial property.
26     3.  The amount due each county shall be paid in two
27   payments on November 15 and March 15 of each fiscal
28   year, drawn upon warrants payable to the respective
29   county treasurers.  The two payments shall be as
30   nearly equal as possible.
31     4.  Annually the department of revenue and finance
32   shall estimate the credit not to exceed the actual
33   levy on the first fifteen thousand dollars of actual
34   value of each eligible commercial property, and shall
35   certify to the county auditor of each county the
36   credit and its amount in dollars.  Each county auditor
37   shall then enter the credit against the tax levied on
38   each eligible commercial property in each county
39   payable during the ensuing year, designating on the
40   tax lists the credit as being from the commercial
41   property credit fund, and credit shall then be given
42   to the several taxing districts in which eligible
43   commercial properties are located in an amount equal
44   to the credits allowed on the taxes of the commercial
45   properties.  The amount of credits shall be
46   apportioned by each county treasurer to the several
47   taxing districts as provided by law, in the same
48   manner as though the amount of the credit had been
49   paid by the owners of the commercial properties.
50   However, the several taxing districts shall not draw

Page 2  

 1   the funds so credited until after the semiannual
 2   allocations have been received by the county
 3   treasurer, as provided in this chapter.  Each county
 4   treasurer shall show on each tax receipt the amount of
 5   credit received from the commercial property credit
 6   fund.
 7     5.  The commercial property tax credit allowed in
 8   this chapter shall not exceed the actual amount of
 9   taxes payable on the eligible commercial property,
10   exclusive of any special assessments levied against
11   the commercial property.
12     Sec. 302.  NEW SECTION.  426C.2  QUALIFYING FOR
13   CREDIT.
14     A person who wishes to qualify for the credit
15   allowed under this chapter shall obtain the
16   appropriate forms for filing for the credit from the
17   assessor.  The person claiming the credit shall file a
18   verified statement and designation of commercial
19   property with the assessor for the year for which the
20   person is first claiming the credit.  The claim shall

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: Tue Apr 22 13:40:03 CDT 1997
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