Text: HF00643                           Text: HF00645
Text: HF00600 - HF00699                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

House File 644

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.  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

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