Text: HF00373 Text: HF00375 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 427.1, subparagraph 19, unnumbered 1 2 paragraph 8, Code 2001, is amended to read as follows: 1 3 For the purposes of this subsection, "pollution-control 1 4 property" means personal property or improvements to real 1 5 property, or any portion thereof, used primarily to control or 1 6 abate pollution of any air or water of this state or used 1 7 primarily to enhance the quality of any air or water of this 1 8 state and "recycling property" means personal property or 1 9 improvements to real property or any portion of the property, 1 10 used primarily in the manufacturing process and resulting 1 11 directly in the conversion of waste plastic, wastepaper 1 12 products,orwaste paperboard, or wood products into new raw 1 13 materials or products composed primarily of recycled material. 1 14 In the event such property shall also serve other purposes or 1 15 uses of productive benefit to the owner of the property, only 1 16 such portion of the assessed valuation thereof as may 1 17 reasonably be calculated to be necessary for and devoted to 1 18 the control or abatement of pollution, to the enhancement of 1 19 the quality of the air or water of this state, or for 1 20 recycling shall be exempt from taxation under this subsection. 1 21 Sec. 2. IMPLEMENTATION OF ACT. Section 25B.7 does not 1 22 apply to the exemption in section 1 of this Act. 1 23 Sec. 3. APPLICABILITY. This Act applies to assessment 1 24 years beginning on or after January 1, 2002. 1 25 EXPLANATION 1 26 This bill expands the definition of recycling property for 1 27 purposes of the exemption from property tax for recycling 1 28 property. Present law provides that in order for the property 1 29 to be considered recycling property, the property must be 1 30 primarily used in the manufacturing process that results 1 31 directly in the conversion of waste plastic, wastepaper 1 32 products, or waste paperboard into new materials or products. 1 33 The bill expands this exemption to include property used to 1 34 convert wood products into new raw materials or products. 1 35 The bill applies to assessment years beginning on or after 2 1 January 1, 2002. 2 2 LSB 2887YH 79 2 3 mg/pj/5
Text: HF00373 Text: HF00375 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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