Text: S05576                            Text: S05578
Text: S05500 - S05599                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index



Senate Amendment 5577

Amendment Text

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, by striking lines 31 and 32 and
  1  4 inserting the following:  "credits in excess of tax
  1  5 liabilities shall be refunded as provided in section
  1  6 404A.4, subsection 3."
  1  7    #2.  Page 5, by striking lines 28 through 31 and
  1  8 inserting the following:  "the project completion
  1  9 date.
  1 10    For purposes of this chapter, qualified
  1 11 rehabilitation costs include amounts if they are
  1 12 properly includable in computing the basis for tax
  1 13 purposes of the eligible property.  Amounts treated as
  1 14 an expense and deducted in the tax year in which they
  1 15 are paid or incurred and amounts that are otherwise
  1 16 not added to the basis for tax purposes of the
  1 17 eligible property are not qualified rehabilitation
  1 18 costs.  Amounts incurred for architectural and
  1 19 engineering fees, site survey fees, legal expenses,
  1 20 insurance premiums, development fees, and other
  1 21 construction-related costs are qualified
  1 22 rehabilitation costs to the extent they are added to
  1 23 the basis for tax purposes of the eligible property.
  1 24 Costs of sidewalks, parking lots, and landscaping do
  1 25 not constitute qualified rehabilitation costs."
  1 26    #3.  Page 7, line 2, by striking the word
  1 27 "TRANSFER" and inserting the following:  "REFUND".
  1 28    #4.  Page 7, line 15, by inserting after the word
  1 29 "credit," the following:  "and".
  1 30    #5.  Page 7, by striking lines 16 through 30 and
  1 31 inserting the following:  "information required by the
  1 32 department of revenue and finance.
  1 33    3.  A person receiving a property rehabilitation
  1 34 tax credit under this chapter which is in excess of
  1 35 the person's tax liability for the tax year is
  1 36 entitled to a refund of the excess at a discounted
  1 37 value.  The discounted value of the tax credit refund,
  1 38 as calculated by the historical preservation office in
  1 39 consultation with the department of revenue and
  1 40 finance, shall be determined based on the discounted
  1 41 value of the tax credit five years after the tax year
  1 42 of the project completion at an interest rate
  1 43 equivalent to the prime rate plus two percent.  The
  1 44 refunded tax credit shall not exceed seventy-five
  1 45 percent of the allowable tax credit."
  1 46    #6.  Page 8, line 7, by inserting after the word
  1 47 "unused" the following:  "and eligible for refund".
  1 48    #7.  Page 11, line 9, by striking the word "is" and
  1 49 inserting the following:  "shall be refunded as
  1 50 provided in section 404A.4, subsection 3."
  2  1    #8.  Page 11, by striking lines 10 and 11.
  2  2    #9.  Page 11, by striking lines 19 through 23.
  2  3    #10.  Page 12, line 21 by striking the figure "9"
  2  4 and inserting the following:  "8A".
  2  5    #11.  Page 16, line 4, by striking the figure
  2  6 "422.11D" and inserting the following:  "422.11E".
  2  7    #12.  Page 17, by striking lines 9 through 15 and
  2  8 inserting the following:  "tax liability shall be
  2  9 refunded as provided in section 404A.4, subsection 3."
  2 10    #13.  Page 17, by inserting after line 17 the
  2 11 following:
  2 12    "Sec. 100.  Section 427.1, Code Supplement 1999, is
  2 13 amended by adding the following new subsection:
  2 14    NEW SUBSECTION.  31.  BARN PRESERVATION.  The
  2 15 increase in assessed value added to a farm structure
  2 16 constructed prior to 1937 as a result of improvements
  2 17 made to the farm structure for purposes of preserving
  2 18 the integrity of the internal and external features of
  2 19 the structure as a barn is exempt from taxation.  To
  2 20 be eligible for the exemption, the structure must have
  2 21 been first placed in service as a barn prior to 1937.
  2 22 The exemption shall apply to the assessment year
  2 23 beginning after the completion of the improvements to
  2 24 preserve the structure as a barn.
  2 25    For purposes of this subsection, "barn" means an
  2 26 agricultural structure, in whatever shape or design,
  2 27 which was originally used for the storage of farm
  2 28 products or feed or for the housing of farm animals,
  2 29 poultry, or farm equipment.
  2 30    Application for this exemption shall be filed with
  2 31 the assessing authority not later than February 1 of
  2 32 the first year for which the exemption is requested,
  2 33 on forms provided by the department of revenue and
  2 34 finance.  The application shall describe and locate
  2 35 the specific structure for which the added value is
  2 36 requested to be exempt.
  2 37    Once the exemption is granted, the exemption shall
  2 38 continue to be granted for subsequent assessment years
  2 39 without further filing of applications as long as the
  2 40 structure continues to be used as a barn.  The
  2 41 taxpayer shall notify the assessing authority when the
  2 42 structure ceases to be used as a barn.
  2 43    Sec.    .  Section 25B.7 does not apply to the
  2 44 exemption granted pursuant to section 100 of this
  2 45 Act."
  2 46    #14.  Title page, line 9, by inserting after the
  2 47 word "purposes" the following:  "and a property tax
  2 48 exemption for increasing the value of certain barns as
  2 49 a result of the rehabilitation of the barns,".
  2 50    #15.  By renumbering as necessary.  
  3  1 
  3  2 
  3  3                               
  3  4 COMMITTEE ON WAYS AND MEANS
  3  5 JoANN JOHNSON, CHAIRPERSON
  3  6 HF 2560.712 78
  3  7 mg/cls
     

Text: S05576                            Text: S05578
Text: S05500 - S05599                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

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