Text: HSB00516                          Text: HSB00518
Text: HSB00500 - HSB00599               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

House Study Bill 517

Bill Text

PAG LIN
  1  1    Section 1.  Section 175.2, subsection 12, Code 1999, is
  1  2 amended to read as follows:
  1  3    12.  "Low or moderate net worth" means:
  1  4    a.  For an individual, an aggregate net worth of the
  1  5 individual and the individual's spouse and minor children of
  1  6 less than two hundred fifty thousand dollars.
  1  7    b.  For a partnership, an aggregate net worth of all
  1  8 partners, including each partner's net capital in the
  1  9 partnership, and each partner's spouse and minor children of
  1 10 less than four five hundred thousand dollars.  However, the
  1 11 aggregate net worth of each partner and that partner's spouse
  1 12 and minor children shall not exceed two hundred fifty thousand
  1 13 dollars.
  1 14    c.  For a family farm corporation, an aggregate net worth
  1 15 of all shareholders, including the value of each shareholder's
  1 16 share in the family farm corporation, and each shareholder's
  1 17 spouse and minor children of less than four five hundred
  1 18 thousand dollars.  However, the aggregate net worth of each
  1 19 shareholder and that shareholder's spouse and minor children
  1 20 shall not exceed two hundred fifty thousand dollars.
  1 21    d.  For a family farm limited liability company, an
  1 22 aggregate net worth of all members, including each member's
  1 23 ownership interest in the family farm limited liability
  1 24 company, and each member's spouse and minor children of less
  1 25 than four five hundred thousand dollars.  However, the
  1 26 aggregate net worth of each member and that member's spouse
  1 27 and minor children shall not exceed two hundred fifty thousand
  1 28 dollars.  
  1 29                           EXPLANATION
  1 30    This bill amends Code chapter 175 which establishes the
  1 31 agricultural development authority and a number of programs
  1 32 administered by the authority, including the beginning farmer
  1 33 loan program.  The purpose of the program is to assist
  1 34 beginning farmers in acquiring agricultural land and
  1 35 improvements and depreciable agricultural property.  A
  2  1 beginning farmer must be an individual, partnership, family
  2  2 farm corporation, or family farm limited liability company, as
  2  3 defined in Code section 9H.1, with a low or moderate net
  2  4 worth, engaging in farming or wishing to engage in farming.
  2  5    This bill amends Code section 175.2 by increasing the
  2  6 maximum amount of a farmer's net worth in order to still
  2  7 qualify for assistance under the program.  For individuals,
  2  8 the maximum net worth requirement is increased from $200,000
  2  9 to $250,000.  For nonindividuals, it is increased from
  2 10 $400,000 to $500,000.  The bill also increases the maximum
  2 11 amount of net worth of each equity holder or spouse and minor
  2 12 children of the equity holder from $200,000 to $250,000.  
  2 13 LSB 5074XD 78
  2 14 da/jw/6
     

Text: HSB00516                          Text: HSB00518
Text: HSB00500 - HSB00599               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

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