House Journal: Page 1539: Monday, April 17, 2000
19 427B.17, subsection 5, as certified by the local
20 assessors to the county auditors for the assessment
21 date of January 1, 1997. However, "base year assessed
22 value", for purposes of property of a taxpayer that is
23 a municipal utility, which property is not a major
24 addition, was initially assessed to the taxpayer as of
25 January 1, 1998, and is not located in a county where
26 the taxpayer had property that was assessed for
27 purposes of this chapter as of January 1, 1997, is the
28 value attributable to such property for the assessment
29 date of January 1, 1998.
30 Sec. 30. Section 450.4, subsection 5, Code 1999,
31 is amended to read as follows:
32 5. On the value of that portion of any lump sum or
33 installment payments which will be includable as net
34 income as defined in section 422.7 as received by a
35 beneficiary under an annuity which was purchased under
36 an employees pension or retirement plan.
37 Sec. 31. Section 450.4, Code 1999, is amended by
38 adding the following new subsections:
39 NEW SUBSECTION. 7. The value of that portion of
40 any lump sum or installment payments which are
41 received by a beneficiary under an annuity which was
42 purchased under an employee's pension or retirement
43 plan where the employee is a nonresident of Iowa at
44 the time of death.
45 NEW SUBSECTION. 8. The value of that portion of
46 any lump sum or installment payments which are
47 received by a beneficiary under an annuity which was
48 purchased under an employee's pension or retirement
49 pan which was excluded from net income as set forth in
50 section 422.7, subsection 31.
Page 15
1 Sec. 32. Section 450.10, subsection 4, Code 1999,
2 is amended to read as follows:
3 4. When the property or any interest therein in
4 property or income therefrom from property, taxable
5 under the provisions of this chapter, passes to any
6 firm, corporation, or society organized for profit
7 either under the laws of this state or of any other
8 state, territory, province or country, including
9 fraternal and social organizations which do not
10 qualify for exemption under sections 170(c) and 2055
11 of the Internal Revenue Code, the rate of tax imposed
12 shall be as follows:
13 Fifteen percent on the entire amount so passing.
14 Sec. 33. Section 452A.2, Code Supplement 1999, is
15 amended by adding the following new subsections:
16 NEW SUBSECTION. 4A. "Denatured ethanol" means
17 ethanol that is to be blended with gasoline, has been
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League of Women Voters of Iowa
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