Text: SF02229 Text: SF02231 Text: SF02200 - SF02299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 296.8 TAX EXEMPTION.
1 2 Any bonds or notes issued by a school district for school
1 3 infrastructure purposes shall be exempt from taxation by this
1 4 state and the interest on the bonds or notes shall be exempt
1 5 from state income tax. For the purposes of this section,
1 6 school infrastructure purposes shall refer to the purposes
1 7 specified in section 296.1.
1 8 Sec. 2. Section 422.7, Code 1999, is amended by adding the
1 9 following new subsection:
1 10 NEW SUBSECTION. 35. Subtract interest earned on bonds and
1 11 notes issued by a school district for school infrastructure
1 12 purposes as provided in section 296.8.
1 13 EXPLANATION
1 14 This bill provides that any bonds or notes issued by a
1 15 school district for school infrastructure purposes shall be
1 16 exempt from taxation by the state and the interest on the
1 17 bonds or notes shall be exempt from state income tax. The
1 18 bill provides that school infrastructure purposes shall refer
1 19 to the purposes specified in Code section 296.1. These
1 20 purposes include the cost of purchasing, building, furnishing,
1 21 reconstructing, repairing, improving or remodeling a
1 22 schoolhouse or schoolhouses and additions thereto, a
1 23 gymnasium, stadium, field house, school bus garage, teachers'
1 24 or superintendent's home or homes, and procuring a site or
1 25 sites therefore, or purchasing land to add to a site already
1 26 owned, or procuring and improving a site for an athletic
1 27 field, or improving a site already owned for an athletic
1 28 field.
1 29 LSB 5265XS 78
1 30 rn/cf/24
Text: SF02229 Text: SF02231 Text: SF02200 - SF02299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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