House Journal: Page 1190: Monday, April 12, 1999

22   income tax return.  However, a surviving spouse who is

23   not disabled or fifty-five years of age or older can
24   only exclude the amount of pension or retirement pay
25   received as a result of the death of the other spouse.
26   A husband and wife filing separate state income tax
27   returns or separately on a combined state return are
28   allowed a combined maximum exclusion under this
29   subsection of up to ten twelve thousand dollars.  The
30   ten twelve thousand dollar exclusion shall be
31   allocated to the husband or wife in the proportion
32   that each spouse's respective pension and retirement
33   pay received bears to total combined pension and
34   retirement pay received.
35     Sec. 7.  Section 425A.3, subsection 1, Code 1999,
36   is amended to read as follows:
37     1.  The family farm tax credit fund shall be
38   apportioned each year in the manner provided in this
39   chapter so as to give a credit against the tax on each
40   eligible tract of agricultural land within the several
41   school districts of the state in which the levy for
42   the general school fund exceeds five dollars and forty
43   fifty cents per thousand dollars of assessed value.
44   The amount of the credit on each eligible tract of
45   agricultural land shall be the amount the tax levied
46   for the general school fund exceeds the amount of tax
47   which would be levied on each eligible tract of
48   agricultural land were the levy for the general school
49   fund five dollars and forty fifty cents per thousand
50   dollars of assessed value for the previous year.
Page 4
 1   However, in the case of a deficiency in the family
 2   farm tax credit fund to pay the credits in full, the
 3   credit on each eligible tract of agricultural land in
 4   the state shall be proportionate and applied as
 5   provided in this chapter.
 6     Sec. 8.  Section 425A.5, Code 1999, is amended to
 7   read as follows:
 8     425A.5  COMPUTATION BY COUNTY AUDITOR.
 9     The family farm tax credit allowed each year shall
10   be computed as follows:  On or before March 1, the
11   county auditor shall list by school districts all
12   tracts of agricultural land which are entitled to
13   credit, the taxable value for the previous year, the
14   budget from each school district for the previous
15   year, and the tax rate determined for the general fund
16   of the school district in the manner prescribed in
17   section 444.3 for the previous year, and if the tax
18   rate is in excess of five dollars and forty fifty
19   cents per thousand dollars of assessed value, the
20   auditor shall multiply the tax levy which is in excess

© 1999 Cornell College and League of Women Voters of Iowa

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