Text: HF00674 Text: HF00676 Text: HF00600 - HF00699 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 427.19, Code 2001, is amended to read 1 2 as follows: 1 3 427.19 EXEMPTIONS ELIGIBILITY PRORATING. 1 4 All credits for and exemptions from property taxes for 1 5 which an application is required shall be granted on the basis 1 6 of eligibility in the fiscal year for which the application is 1 7 filed. If the property which has received a credit or 1 8 exemption becomes ineligible for the credit or exemption 1 9 during the fiscal year for which it was granted, the property 1 10 is subject to the taxes in a prorated amount for that part of 1 11 the fiscal year for which the property was ineligible for the 1 12 credit or exemption. If property subject to tax is 1 13 transferred during the fiscal year to an entity whose 1 14 ownership would have made the property tax exempt, the amount 1 15 of taxes on the property payable in the fiscal year shall be 1 16 prorated so that taxes would only be paid for that part of the 1 17 fiscal year prior to the transfer. Any taxes paid in excess 1 18 of the prorated amount shall be refunded to the new owner. 1 19 Sec. 2. There is appropriated from the general fund of the 1 20 state to the department of revenue and finance for the fiscal 1 21 year beginning July 1, 2000, and ending June 30, 2001, an 1 22 amount sufficient to reimburse taxing and levying authorities 1 23 for the refunding of property taxes as a result of the 1 24 amendment to section 427.19 in this Act as it pertains to real 1 25 property purchased in the 2000 calendar year for the purposes 1 26 of converting the property to a nonprofit mental health 1 27 center. 1 28 Sec. 3. Section 25B.7 does not apply to section 1 of this 1 29 Act. 1 30 Sec. 4. EFFECTIVE AND APPLICABILITY DATES. This Act, 1 31 being deemed of immediate importance, takes effect upon 1 32 enactment and applies retroactively to July 1, 2000, for 1 33 fiscal years beginning on or after that date. 1 34 EXPLANATION 1 35 This bill provides that if taxable property is transferred 2 1 to a tax exempt entity during a fiscal year, taxes payable in 2 2 that fiscal year are to be prorated so that the only taxes 2 3 payable are those due prior to transfer. Any taxes paid in 2 4 excess of this prorated amount shall be refunded. The bill 2 5 appropriates moneys for the fiscal year beginning July 1, 2 6 2000, to reimburse cities, counties, school districts, and 2 7 other levying bodies for refunding taxes as a result of this 2 8 bill in the case of property transferred during the 2000 2 9 calendar year which property is to be converted to a nonprofit 2 10 mental health center. 2 11 The bill takes effect upon enactment and applies 2 12 retroactively to July 1, 2000, for fiscal years beginning on 2 13 or after that date. 2 14 LSB 3015HH 79 2 15 mg/cls/14
Text: HF00674 Text: HF00676 Text: HF00600 - HF00699 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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