Text: HF00643 Text: HF00645 Text: HF00600 - HF00699 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. The owner shall provide written notice if the 1 30 person actively engaged in farming changes. 1 31 NEW SUBSECTION. 4. The assessor shall retain a permanent 1 32 file of current family farm credit claims filed in the 1 33 assessor's office. 1 34 The county recorder shall give notice to the assessor of 1 35 each transfer of title filed in the recorder's office. The 2 1 notice shall describe the tract of agricultural land 2 2 transferred, the name of the person transferring the title to 2 3 the tract, and the name of the person to whom title to the 2 4 tract has been transferred. 2 5 The assessor shall file with the county board of 2 6 supervisors a notice of transfer of property for which a claim 2 7 is filed when notice is received from the office of the county 2 8 recorder. 2 9 The assessor shall send notice to the new owner that the 2 10 person may be eligible for the family farm tax credit under 2 11 this chapter and that forms for filing for the tax credit are 2 12 available upon request. 2 13 Sec. 3. Section 425A.8, Code 2001, is amended by adding 2 14 the following new unnumbered paragraph: 2 15 NEW UNNUMBERED PARAGRAPH. A person who fails to notify the 2 16 assessor of a change in the person who is actively engaged in 2 17 farming the tract for which the credit under section 425A.3, 2 18 is allowed shall be liable for the amount of the credit plus a 2 19 penalty equal to five percent of the amount of the credit. 2 20 The amounts shall be collected by the county treasurer in the 2 21 same manner as other property taxes and any penalty are 2 22 collected and when collected shall be paid to the director of 2 23 revenue and finance. 2 24 Sec. 4. This Act takes effect July 1, 2001, and applies to 2 25 claims for family farm tax credits filed on or after that 2 26 date. 2 27 EXPLANATION 2 28 Under current law, to obtain the family farm tax credit, an 2 29 owner must file annually. The bill provides that after the 2 30 first filing and approval, the owner need not file again until 2 31 such time as the person actively engaged in the farming of the 2 32 tract of land changes. In addition, the owner must notify the 2 33 assessor of such change. The bill also allows the owner 2 34 claiming the credit to file at any time instead of between 2 35 July 1 and October 15 as in current law. However, if the 3 1 claim is filed after November 15, it shall be considered as 3 2 being filed for the following year. If the tract is 3 3 transferred, the new owner must file for the credit. The 3 4 assessor is to provide notice to the new owner that the person 3 5 may qualify for the family farm tax credit and the recorder 3 6 must notify the assessor of the change in ownership. 3 7 The bill also provides a penalty if the person actively 3 8 engaged in farming changes and notification is not provided. 3 9 The penalty equals the amount of credit paid plus 5 percent of 3 10 the amount of credit paid. The bill takes effect July 1, 3 11 2001, and applies to claims filed on or after that date. 3 12 LSB 2631HV 79 3 13 mg/pj/5
Text: HF00643 Text: HF00645 Text: HF00600 - HF00699 Text: HF Index Bills and Amendments: General Index Bill History: General Index
© 2001 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Wed May 9 09:40:40 CDT 2001
URL: /DOCS/GA/79GA/Legislation/HF/00600/HF00644/010316.html
jhf