Text: H09093 Text: H09095 Text: H09000 - H09099 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend House File 2560, as amended, passed, and
1 2 reprinted by the House, as follows:
1 3 #1. Page 4, line 27, by inserting after the word
1 4 "credit" the following: ", subject to the
1 5 availability of the credit,".
1 6 #2. Page 4, by striking lines 31 and 32 and
1 7 inserting the following: "credits in excess of tax
1 8 liabilities shall be refunded as provided in section
1 9 404A.4, subsection 3."
1 10 #3. Page 5, by striking lines 28 through 31 and
1 11 inserting the following: "the project completion
1 12 date.
1 13 For purposes of this chapter, qualified
1 14 rehabilitation costs include amounts if they are
1 15 properly includable in computing the basis for tax
1 16 purposes of the eligible property. Amounts treated as
1 17 an expense and deducted in the tax year in which they
1 18 are paid or incurred and amounts that are otherwise
1 19 not added to the basis for tax purposes of the
1 20 eligible property are not qualified rehabilitation
1 21 costs. Amounts incurred for architectural and
1 22 engineering fees, site survey fees, legal expenses,
1 23 insurance premiums, development fees, and other
1 24 construction-related costs are qualified
1 25 rehabilitation costs to the extent they are added to
1 26 the basis for tax purposes of the eligible property.
1 27 Costs of sidewalks, parking lots, and landscaping do
1 28 not constitute qualified rehabilitation costs."
1 29 #4. Page 6, line 14, by striking the word "sixty"
1 30 and inserting the following "one hundred twenty".
1 31 #5. Page 6, line 16, by striking the word "sixty-
1 32 day" and inserting the following: "one hundred
1 33 twenty-day".
1 34 #6. Page 7, line 2, by striking the word
1 35 "TRANSFER" and inserting the following: "REFUND".
1 36 #7. Page 7, by striking line 11 and inserting the
1 37 following: "department of economic development, in
1 38 consultation with the state historical preservation
1 39 office, shall issue a property".
1 40 #8. Page 7, line 15, by inserting after the word
1 41 "credit," the following: "and".
1 42 #9. Page 7, by striking lines 16 through 30 and
1 43 inserting the following: "information required by the
1 44 department of revenue and finance.
1 45 3. A person receiving a property rehabilitation
1 46 tax credit under this chapter which is in excess of
1 47 the person's tax liability for the tax year is
1 48 entitled to a refund of the excess at a discounted
1 49 value. The discounted value of the tax credit refund,
1 50 as calculated by the department of economic
2 1 development, in consultation with the department of
2 2 revenue and finance, shall be determined based on the
2 3 discounted value of the tax credit five years after
2 4 the tax year of the project completion at an interest
2 5 rate equivalent to the prime rate plus two percent.
2 6 The refunded tax credit shall not exceed seventy-five
2 7 percent of the allowable tax credit.
2 8 4. The total amount of tax credits that may be
2 9 approved for a fiscal year under this chapter shall
2 10 not exceed two million four hundred thousand dollars.
2 11 Tax credit certificates shall be issued on the basis
2 12 of the earliest awarding of certifications of
2 13 completion as provided in subsection 1. The
2 14 departments of economic development and revenue and
2 15 finance shall each adopt rules to jointly administer
2 16 this subsection and shall provide by rule for the
2 17 method to be used to determine for which fiscal year
2 18 the tax credits are approved."
2 19 #10. Page 7, line 33, by inserting after the word
2 20 "affairs" the following: ", in consultation with the
2 21 department of economic development,".
2 22 #11. Page 8, line 7, by inserting after the word
2 23 "unused" the following: "and eligible for refund".
2 24 #12. Page 11, line 9, by striking the word "is"
2 25 and inserting the following: "shall be refunded as
2 26 provided in section 404A.4, subsection 3."
2 27 #13. Page 11, by striking lines 10 and 11.
2 28 #14. Page 11, by striking lines 19 through 23.
2 29 #15. Page 12, line 21, by striking the figure "9"
2 30 and inserting the following: "8A".
2 31 #16. Page 16, line 4, by striking the figure
2 32 "422.11D" and inserting the following: "422.11E".
2 33 #17. Page 17, by striking lines 9 through 15 and
2 34 inserting the following: "tax liability shall be
2 35 refunded as provided in section 404A.4, subsection 3."
2 36 #18. Page 17, by inserting after line 17 the
2 37 following:
2 38 "Sec. 100. Section 427.1, Code Supplement 1999, is
2 39 amended by adding the following new subsection:
2 40 NEW SUBSECTION. 31. BARN PRESERVATION. The
2 41 increase in assessed value added to a farm structure
2 42 constructed prior to 1937 as a result of improvements
2 43 made to the farm structure for purposes of preserving
2 44 the integrity of the internal and external features of
2 45 the structure as a barn is exempt from taxation. To
2 46 be eligible for the exemption, the structure must have
2 47 been first placed in service as a barn prior to 1937.
2 48 The exemption shall apply to the assessment year
2 49 beginning after the completion of the improvements to
2 50 preserve the structure as a barn.
3 1 For purposes of this subsection, "barn" means an
3 2 agricultural structure, in whatever shape or design,
3 3 which is used for the storage of farm products or feed
3 4 or for the housing of farm animals, poultry, or farm
3 5 equipment.
3 6 Application for this exemption shall be filed with
3 7 the assessing authority not later than February 1 of
3 8 the first year for which the exemption is requested,
3 9 on forms provided by the department of revenue and
3 10 finance. The application shall describe and locate
3 11 the specific structure for which the added value is
3 12 requested to be exempt.
3 13 Once the exemption is granted, the exemption shall
3 14 continue to be granted for subsequent assessment years
3 15 without further filing of applications as long as the
3 16 structure continues to be used as a barn. The
3 17 taxpayer shall notify the assessing authority when the
3 18 structure ceases to be used as a barn.
3 19 Sec. . Section 25B.7 does not apply to the
3 20 exemption granted pursuant to section 100 of this
3 21 Act."
3 22 #19. Page 17, by inserting before line 18 the
3 23 following:
3 24 "Sec. 200. Section 427.1, Code Supplement 1999, is
3 25 amended by adding the following new subsection:
3 26 NEW SUBSECTION. 32. ONE-ROOM SCHOOLHOUSE
3 27 PRESERVATION. The increase in assessed value added to
3 28 a one-room schoolhouse as a result of improvements
3 29 made to the structure for purposes of preserving the
3 30 integrity of the internal and external features of the
3 31 structure as a one-room schoolhouse is exempt from
3 32 taxation. The exemption shall apply to the assessment
3 33 year beginning after the completion of the
3 34 improvements to preserve the structure as a one-room
3 35 schoolhouse.
3 36 Application for this exemption shall be filed with
3 37 the assessing authority not later than February 1 of
3 38 the first year for which the exemption is requested,
3 39 on forms provided by the department of revenue and
3 40 finance. The application shall describe and locate
3 41 the specific one-room schoolhouse for which the added
3 42 value is requested to be exempt.
3 43 Once the exemption is granted, the exemption shall
3 44 continue to be granted for subsequent assessment years
3 45 without further filing of applications as long as the
3 46 structure is not used for dwelling purposes and the
3 47 structure is preserved as a one-room schoolhouse. The
3 48 taxpayer shall notify the assessing authority when the
3 49 structure ceases to be eligible. The exemption in
3 50 this subsection applies even though the one-room
4 1 schoolhouse is no longer used for instructional
4 2 purposes.
4 3 Sec. . Section 25B.7 does not apply to the
4 4 exemption granted pursuant to section 200 of this
4 5 Act."
4 6 #20. Title page, line 9, by inserting after the
4 7 word "purposes" the following: "and a property tax
4 8 exemption for increasing the value of certain barns as
4 9 a result of the rehabilitation of the barns,".
4 10 #21. Title page, line 9, by inserting after the
4 11 word "purposes" the following: "and a property tax
4 12 exemption for increasing the value of one-room
4 13 schoolhouses as a result of the rehabilitation of the
4 14 one-room schoolhouses,".
4 15 #22. By renumbering, relettering, or redesignating
4 16 and correcting internal references as necessary.
4 17 HF 2560S
4 18 mg/cc/26
Text: H09093 Text: H09095 Text: H09000 - H09099 Text: H Index Bills and Amendments: General Index Bill History: General Index
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