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House Journal: Page 1212: Thursday, April 2, 1998

H-8865

 1     Amend House File 2513 as follows:
 2     1.  Page 9, by inserting after line 35 the
 3   following:
 4                             "DIVISION ___
 5                   MILITARY TAX EXEMPTION
 6     Sec. ___.  Section 25B.7, subsection 2, paragraph
 7   c, Code Supplement 1997, is amended to read as
 8   follows:
 9     c.  Military service property tax credit and
10   exemption pursuant to chapter 426A and sections 427.3
11   through 427.7, to the extent of six dollars and
12   seventy-five cents per thousand dollars of assessed
13   value of the exempt property.
14     Sec. ___.  Section 426A.2, Code 1997, is amended to
15   read as follows:
16     426A.2  MILITARY SERVICE TAX CREDIT.
17     The moneys shall be apportioned each year so as to
18   replace all or a portion of the tax which would be due
19   on property eligible for military service tax
20   exemption in the state, if the property were subject
21   to taxation, the amount of the credit to be not more
22   than six dollars and seventy-five cents per thousand
23   dollars of assessed value of property which would be
24   subject to the tax, except for the military service
25   tax exemption.
26     Sec. ___.  Section 426A.5, Code 1997, is amended to
27   read as follows:
28     426A.5  PROPORTIONATE SHARES TO DISTRICTS.
29     The amount of credits received under this chapter
30   shall then be apportioned by each county treasurer to
31   the several taxing districts in the same manner as
32   though the amount of the credit had been paid by the
33   owner of the property receiving the credit.  Each
34   taxing district shall receive its proportionate share
35   of the military service tax credit allowed on each and
36   every tax exemption allowed in such the taxing
37   district, in the proportion that the levy made by such
38   taxing district upon general property bears to the
39   total levy upon all property subject to general
40   property taxation by all taxing districts imposing a
41   general property tax in such taxing district based
42   upon the amount of property taxes which would be due
43   on the property receiving the credit, if the property
44   were subject to taxation.
45     Sec. ___.  This division of this Act, being deemed
46   of immediate importance, takes effect upon enactment
47   and applies to the military service property tax
48   exemption allowed for property taxes due and payable
49   during fiscal years beginning on or after July 1,
50   1998."

© 1998 Cornell College and League of Women Voters of Iowa

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Last update: Fri Apr 3 13:40:05 CST 1998
URL: /DOCS/GA/77GA/Session.2/HJournal/01200/01212.html
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