Text: HF00484 Text: HF00486 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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, to1 5the extent of six dollars and seventy-five cents per thousand1 6dollars 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 allor a portionof 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 the1 14credit to be not more than six dollars and seventy-five cents1 15per thousand dollars of assessed value of property which would1 16be subject to the tax, except for the military service tax1 17exemption. 1 18 Sec. 3. Section 426A.5, Code 1999, is amended to read as 1 19 follows: 1 20 426A.5PROPORTIONATESHARES 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 26proportionateshare of the military service tax credit allowed 1 27 on each and every tax exemption allowed insuchthe taxing 1 28 district, in the proportion that the levy made by such taxing1 29district upon general property bears to the total levy upon1 30all property subject to general property taxation by all1 31taxing districts imposing a general property tax in such1 32taxing districtbased 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. The increase in state reimbursement resulting from 2 1 the amendment to section 426A.2 in this Act is not subject to 2 2 the limitation on its use by local governments as provided in 2 3 section 25B.7, subsection 3. 2 4 Sec. 5. This Act, being deemed of immediate importance, 2 5 takes effect upon enactment and applies to the military 2 6 service property tax exemption allowed for property taxes due 2 7 and payable during fiscal years beginning on or after July 1, 2 8 1999. 2 9 EXPLANATION 2 10 Under present law, the state will reimburse local 2 11 governments for the lost tax revenue resulting from the 2 12 military service tax exemption. However, the amount of 2 13 reimbursement is limited to $6.75 per $1,000 of the assessed 2 14 value of the exemption. Since the consolidated levies 2 15 throughout the state exceed $6.75 per $1,000 of the assessed 2 16 value, the local governments are not reimbursed for all the 2 17 lost property tax revenue. This bill increases the amount of 2 18 the reimbursement to equal the full amount of the property 2 19 taxes lost by local governments as a result of the military 2 20 service tax exemption. 2 21 The bill does not require the increase in reimbursement to 2 22 local governments be used for property tax relief and 2 23 infrastructure needs. 2 24 The bill takes effect upon enactment and applies to taxes 2 25 due and payable during fiscal years beginning on or after July 2 26 1, 1999. 2 27 LSB 2647HH 78 2 28 mg/jw/5
Text: HF00484 Text: HF00486 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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