Text: HF02324 Text: HF02326 Text: HF02300 - HF02399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 425A.1, Code 2001, is amended to read 1 2 as follows: 1 3 425A.1 FAMILY FARM TAX CREDIT FUND. 1 4 The family farm tax credit fund is created in the office of 1 5 the treasurer of state. There shall be transferred annually 1 6 to the fund the firsttentwenty million dollars of the amount 1 7 annually appropriated to the agricultural land credit fund, 1 8 provided in section 426.1. Any balance in the fund on June 30 1 9 shall revert to the general fund. 1 10 Sec. 2. Section 426.1, Code 2001, is amended to read as 1 11 follows: 1 12 426.1 AGRICULTURAL LAND CREDIT FUND. 1 13 There is created as a permanent fund in the office of the 1 14 treasurer of state a fund to be known as the agricultural land 1 15 credit fund, and for the purpose of establishing and 1 16 maintaining this fund for each fiscal year there is 1 17 appropriated thereto from funds in the general fund not 1 18 otherwise appropriated the sum of thirty-nine million one 1 19 hundred thousand dollars of which the firsttentwenty million 1 20 dollars shall be transferred to and deposited into the family 1 21 farm tax credit fund created in section 425A.1. Any balance 1 22 in said fund on June 30 shall revert to the general fund. 1 23 Sec. 3. EFFECTIVE AND APPLICABILITY DATES. This Act, 1 24 being deemed of immediate importance, takes effect upon 1 25 enactment and applies to family farm tax credits and 1 26 agricultural land tax credits allowed for property taxes 1 27 payable in fiscal years beginning on or after July 1, 2002. 1 28 EXPLANATION 1 29 This bill increases from $10 million to $20 million the 1 30 amount available for family farm tax credits. Since the 1 31 amount available is transferred from the appropriation made to 1 32 the agricultural land credit fund, the amount available for 1 33 agricultural land tax credits is reduced by $10 million. 1 34 The bill takes effect upon enactment and applies to family 1 35 farm and agricultural land tax credits allowed for property 2 1 taxes payable in fiscal years beginning on or after July 1, 2 2 2002. 2 3 LSB 5661HH 79 2 4 mg/hk/91
Text: HF02324 Text: HF02326 Text: HF02300 - HF02399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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