House Journal: Page 1191: Monday, April 12, 1999

21   of five dollars and forty fifty cents per thousand

22   dollars of assessed value by the total taxable value
23   of the agricultural land entitled to credit in the
24   school district, and on or before March 1, certify the
25   total amount of credit and the total number of acres
26   entitled to the credit to the department of revenue
27   and finance.
28     Sec. 9.  Section 426.3, Code 1999, is amended to
29   read as follows:
30     426.3  WHERE CREDIT GIVEN.
31     The agricultural land credit fund shall be
32   apportioned each year in the manner hereinafter
33   provided in this chapter so as to give a credit
34   against the tax on each tract of agricultural lands
35   within the several school districts of the state in
36   which the levy for the general school fund exceeds
37   five dollars and forty fifty cents per thousand
38   dollars of assessed value; the.  The amount of such
39   credit on each tract of such lands shall be the amount
40   the tax levied for the general school fund exceeds the
41   amount of tax which would be levied on said the tract
42   of such lands were the levy for the general school
43   fund five dollars and forty fifty cents per thousand
44   dollars of assessed value for the previous year,
45   except.  However, in the case of a deficiency in the
46   agricultural land credits fund to pay said credits in
47   full, in which case the credit on each eligible tract
48   of such lands in the state shall be proportionate and
49   shall be applied as hereinafter provided in this
50   chapter.
Page 5
 1     Sec. 10.  Section 426.6, unnumbered paragraph 1,
 2   Code 1999, is amended to read as follows:
 3     The agricultural land tax credit allowed each year
 4   shall be computed as follows:  On or before the first
 5   of June the county auditor shall list by school
 6   districts all tracts of agricultural lands which they
 7   are entitled to credit, together with the taxable
 8   value for the previous year, together with the budget
 9   from each school district for the previous year, and
10   the tax rate determined for the general fund of the
11   district in the manner prescribed in section 444.3 for
12   the previous year, and if such the tax rate is in
13   excess of five dollars and forty fifty cents per
14   thousand dollars of assessed value, the auditor shall
15   multiply the tax levy which is in excess of five
16   dollars and forty fifty cents per thousand dollars of
17   assessed value by the total taxable value of the
18   agricultural lands entitled to credit in the district,
19   and on or before the first of June certify the amount

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