Text: S05576 Text: S05578 Text: S05500 - S05599 Text: S 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, 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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