Text: HF00065                           Text: HF00067
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House File 66

Partial Bill History

Bill Introduced: H.J. 75
Complete Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 25B.7, subsection 2, paragraph c, Code
  1  2 1999, is amended to read as follows:
  1  3    c.  Military service property tax credit and exemption
  1  4 pursuant to chapter 426A and sections 427.3 through 427.7, to
  1  5 the extent of six dollars and seventy-five cents per thousand
  1  6 dollars of assessed value of the exempt property.
  1  7    Sec. 2.  Section 426A.2, Code 1999, is amended to read as
  1  8 follows:
  1  9    426A.2  MILITARY SERVICE TAX CREDIT.
  1 10    The moneys shall be apportioned each year so as to replace
  1 11 all or a portion of the tax which would be due on property
  1 12 eligible for military service tax exemption in the state, if
  1 13 the property were subject to taxation, the amount of the
  1 14 credit to be not more than six dollars and seventy-five cents
  1 15 per thousand dollars of assessed value of property which would
  1 16 be subject to the tax, except for the military service tax
  1 17 exemption.
  1 18    Sec. 3.  Section 426A.5, Code 1999, is amended to read as
  1 19 follows:
  1 20    426A.5  PROPORTIONATE SHARES TO DISTRICTS.
  1 21    The amount of credits received under this chapter shall
  1 22 then be apportioned by each county treasurer to the several
  1 23 taxing districts in the same manner as though the amount of
  1 24 the credit had been paid by the owner of the property
  1 25 receiving the credit.  Each taxing district shall receive its
  1 26 proportionate share of the military service tax credit allowed
  1 27 on each and every tax exemption allowed in such the taxing
  1 28 district, in the proportion that the levy made by such taxing
  1 29 district upon general property bears to the total levy upon
  1 30 all property subject to general property taxation by all
  1 31 taxing districts imposing a general property tax in such
  1 32 taxing district based upon the amount of property taxes which
  1 33 would be due on the property receiving the credit, if the
  1 34 property were subject to taxation.
  1 35    Sec. 4.  This Act, being deemed of immediate importance,
  2  1 takes effect upon enactment and applies to the military
  2  2 service property tax exemption allowed for property taxes due
  2  3 and payable during fiscal years beginning on or after July 1,
  2  4 2000.  
  2  5                           EXPLANATION
  2  6    Under present law, the state will reimburse local
  2  7 governments for the lost tax revenue resulting from the
  2  8 military service tax exemption.  However, the amount of
  2  9 reimbursement is limited to $6.75 per $1,000 of the assessed
  2 10 value of the exemption.  Since the consolidated levies
  2 11 throughout the state exceed $6.75 per $1,000 of the assessed
  2 12 value, the local governments are not reimbursed for all the
  2 13 lost property tax revenue.  This bill increases the amount of
  2 14 the reimbursement to equal the full amount of the property
  2 15 taxes lost by local governments as a result of the military
  2 16 service tax exemption.
  2 17    The bill takes effect upon enactment and applies to taxes
  2 18 due and payable during fiscal years beginning on or after July
  2 19 1, 2000.  
  2 20 LSB 1584HH 78
  2 21 mg/jw/5

Text: HF00065                           Text: HF00067
Text: HF00000 - HF00099                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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