Text: HF00508                           Text: HF00510
Text: HF00500 - HF00599                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

House File 509

Partial Bill History

Bill Text

  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 shall each year
  1  4 between July 1 and October 15 deliver 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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