Text: HF00508 Text: HF00510 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 425A.4, subsection 1, Code 2001, is 1 2 amended to read as follows: 1 3 1. To apply for the credit, the person shalleach year1 4between July 1 and October 15deliver to the county assessor a 1 5 verified statement and designation of the tracts of 1 6 agricultural land for which the credit is claimed. The 1 7 assessor shall return the statement and designation on or 1 8 before November 15 of each year to the county board of 1 9 supervisors with a recommendation for allowance or 1 10 disallowance. A claim for credit filed after November 15 of 1 11 the year shall be considered as a claim filed for the 1 12 following year. 1 13 Sec. 2. Section 425A.4, Code 2001, is amended by adding 1 14 the following new subsections: 1 15 NEW SUBSECTION. 3. Upon the filing and allowance of the 1 16 claim, the claim shall be allowed on that tract for successive 1 17 years without further filing as long as the property is 1 18 legally or equitably owned by that person or that person's 1 19 spouse on July 1 of each of those successive years, and the 1 20 designated person who is actively engaged in farming remains 1 21 the same during these years. When the property is sold or 1 22 transferred, the buyer or transferee who wishes to qualify 1 23 shall file for the credit. However, when the property is 1 24 transferred as part of a distribution made pursuant to chapter 1 25 598, the transferee who is the spouse retaining ownership of 1 26 the property is not required to file for the credit. In the 1 27 case where the owner remains the same but the person who is 1 28 actively engaged in farming changes, the owner shall refile 1 29 for the credit. A person who sells or transfers the tract or 1 30 the personal representative of a deceased person who owned the 1 31 tract at the time of death, shall provide written notice to 1 32 the assessor that the property is no longer owned by the 1 33 former claimant. The owner shall also provide notice if the 1 34 person actively engaged in farming changes. 1 35 NEW SUBSECTION. 4. The assessor shall retain a permanent 2 1 file of current family farm credit claims filed in the 2 2 assessor's office. 2 3 The county recorder shall give notice to the assessor of 2 4 each transfer of title filed in the recorder's office. The 2 5 notice shall describe the tract of agricultural land 2 6 transferred, the name of the person transferring the title to 2 7 the tract, and the name of the person to whom title to the 2 8 tract has been transferred. 2 9 The assessor shall file with the county board of 2 10 supervisors a notice of transfer of property for which a claim 2 11 is filed when notice is received from the office of the county 2 12 recorder. 2 13 The assessor shall send notice to the new owner that the 2 14 person may be eligible for the family farm tax credit under 2 15 this chapter and that forms for filing for the tax credit are 2 16 available upon request. 2 17 Sec. 3. Section 425A.8, Code 2001, is amended by adding 2 18 the following new unnumbered paragraph: 2 19 NEW UNNUMBERED PARAGRAPH. A person who fails to notify the 2 20 assessor of a change in ownership or the person who is 2 21 actively engaged in farming the tract for which the credit 2 22 under section 425A.3, is allowed shall be liable for the 2 23 amount of the credit plus a penalty equal to five percent of 2 24 the amount of credit plus interest, at the rate in effect 2 25 under section 421.7, from the time of payment. The amounts 2 26 shall be collected by the county treasurer in the same manner 2 27 as other property taxes, penalty, and interest are collected 2 28 and when collected shall be paid to the director of revenue 2 29 and finance. 2 30 Sec. 4. This Act takes effect July 1, 2001, and applies to 2 31 claims for family farm tax credits filed on or after that 2 32 date. 2 33 EXPLANATION 2 34 Under current law, to obtain the family farm tax credit, an 2 35 owner must file annually. The bill provides that after the 3 1 first filing and approval, the owner need not file again until 3 2 such time as the person actively engaged in the farming of the 3 3 tract of land changes. In addition, the owner must notify the 3 4 assessor of such change and notify the assessor when the owner 3 5 transfers the tract of land to another. The bill also allows 3 6 the owner claiming the credit to file at any time instead of 3 7 between July 1 and October 15 as in current law. However, if 3 8 the claim is filed after November 15, it shall be considered 3 9 as being filed for the following year. In addition, the owner 3 10 must notify the assessor of such change and notify the 3 11 assessor when the owner transfers the tract of land to 3 12 another. If the tract is transferred, the new owner must file 3 13 for the credit. The assessor is to provide notice to the new 3 14 owner that the person may qualify for the family farm tax 3 15 credit. 3 16 The bill also provides a penalty if the ownership changes 3 17 or the person actively engaged in farming changes and 3 18 notification is not provided. The penalty equals the amount 3 19 of credit paid plus interest and 5 percent of the amount of 3 20 credit paid. The bill takes effect July 1, 2001, and applies 3 21 to claims filed on or after that date. 3 22 LSB 2631HH 79 3 23 mg/pj/5
Text: HF00508 Text: HF00510 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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