Text: HF00232 Text: HF00234 Text: HF00200 - HF00299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 427.1, subsection 1, Code 2001, is
1 2 amended to read as follows:
1 3 1. FEDERAL AND STATE PROPERTY. The property of the United
1 4 States and this state, including state university, university
1 5 of science and technology, and school lands. The exemption
1 6 herein provided shall not include any real property subject to
1 7 taxation under any federal statute applicable thereto, but
1 8 such exemption shall extend to and include all machinery and
1 9 equipment owned exclusively by the United States or any
1 10 corporate agency or instrumentality thereof without regard to
1 11 the manner of the affixation of such machinery and equipment
1 12 to the land or building upon or in which such property is
1 13 located, until such time as the Congress of the United States
1 14 shall expressly authorize the taxation of such machinery and
1 15 equipment. This exemption does not apply to property owned by
1 16 the state or its agencies when that property is rented or
1 17 leased to a person for use for a commercial purpose. However,
1 18 the exemption shall extend to property owned by the state fair
1 19 board or by a state agency as part of a state park, preserve,
1 20 or recreation area. Property to which the exemption does not
1 21 apply is subject to property tax unless otherwise exempt under
1 22 another provision of law.
1 23 Sec. 2. APPLICABILITY. This Act applies to assessment
1 24 years beginning after the effective date of this Act.
1 25 EXPLANATION
1 26 Current law exempts state-owned property from property tax.
1 27 This bill provides that this exemption does not apply to state
1 28 property which is rented or leased for a commercial purpose,
1 29 except if the rented or leased property is owned by the state
1 30 fair board or is part of a state park, preserve, or
1 31 recreational area.
1 32 The bill applies to assessment years beginning after the
1 33 effective date of the bill.
1 34 LSB 1207YH 79
1 35 mg/cf/24
Text: HF00232 Text: HF00234 Text: HF00200 - HF00299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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