Text: SF00011 Text: SF00013 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 425.11, subsection 4, Code 2001, is 1 2 amended to read as follows: 1 3 4. a. The word "owner"shall mean themeans any of the 1 4 following: 1 5 (1) A person who holds the fee simple title to the 1 6 homestead,and in addition shall mean thea person occupying 1 7 the homestead as a surviving spouse, orthea person occupying 1 8 the homestead under a contract of purchase which contract has 1 9 been recorded in the office of the county recorder of the 1 10 county in which the property is located, or the. 1 11 (2) A person occupying the homestead under devise or by 1 12 operation of the inheritance laws where the whole interest 1 13 passes or where the divided interest is shared only by persons 1 14 related or formerly related to each other by blood, marriage, 1 15 or adoption, or the. 1 16 (3) A person occupying the homesteadis awho holds an 1 17 interest in a family farm entity that owns the property. The 1 18 person must be one of the following: 1 19 (a) A shareholder ofathe family farm corporation that 1 20 owns the property, or the. 1 21 (b) A member of the family farm limited liability company 1 22 that owns the property. 1 23 (c) A general or limited partner of the family farm 1 24 limited partnership that owns the property. 1 25 (d) A beneficiary of the family trust that holds the 1 26 property. 1 27 (4) A person occupying the homestead under a deed which 1 28 conveys a divided interest where the divided interest is 1 29 shared only by persons related or formerly related to each 1 30 other by blood, marriage, or adoptionor where the. 1 31 (5) A person occupying the homestead holds a life estate 1 32 with the reversion interest held by a nonprofit corporation 1 33 organized under chapter 504A,provided thatif the holder of 1 34 the life estate is liable for and pays property tax on the 1 35 homesteador where the. 2 1 (6) A person occupying the homestead holds an interest in 2 2 a horizontal property regime under chapter 499B, regardless of 2 3 whether the underlying land committed to the horizontal 2 4 property regime is in fee or as a leasehold interest,provided2 5thatif the holder of the interest in the horizontal property 2 6 regime is liable for and pays property tax on the homestead. 2 7 b. For the purpose of this chapter,the word"owner" shall 2 8 be construed to mean a bona fide owner and not one for the 2 9 purpose only of availing the person of the benefits of this 2 10 chapter. In order to qualify for the homestead tax credit, 2 11 evidence of ownership shall be on file in the office of the 2 12 clerk of the district court or recorded in the office of the 2 13 county recorder at the time the owner files with the assessor 2 14 a verified statement of the homestead claimed by the owner as 2 15 provided in section 425.2. 2 16 c. As used in this subsection, "family farm entity" means 2 17 the same as defined in section 10.1. "Family farm 2 18 corporation", "family farm limited liability company", "family 2 19 farm limited partnership", and "family trust" mean the same as 2 20 defined in section 9H.1. 2 21 Sec. 2. Section 425A.2, subsection 4, paragraphs c and e, 2 22 Code 2001, are amended to read as follows: 2 23 c. If the owner is a family farmcorporationentity, a 2 24 family member who isaany of the following: 2 25 (1) A shareholder of the family farm corporation or the 2 26 shareholder's spouse. 2 27 (2) A member of the family farm limited liability company 2 28 or the member's spouse. 2 29 (3) A general or limited partner of the family farm 2 30 limited partnership or the partner's spouse. 2 31 (d) A beneficiary of the family trust or the beneficiary's 2 32 spouse. 2 33 e. If the owner is an individual who leases the tract to a 2 34 family farmcorporationentity,aany of the following: 2 35 (1) A shareholder of the family farm corporation if the 3 1 combined stock of the family farm corporation owned by the 3 2 owner of the tract and persons related to the owner as 3 3 enumerated in paragraph "a" is equal to at least fifty-one 3 4 percent of the stock of the family farm corporation. 3 5 (2) A member of the family farm limited liability company 3 6 if the combined membership interest of the family farm limited 3 7 liability company owned by the owner of the tract and persons 3 8 related to the owner as enumerated in paragraph "a" is equal 3 9 to at least fifty-one percent of the membership interest of 3 10 the family farm limited liability company. 3 11 (3) A general or limited partner of the family farm 3 12 limited partnership if the combined partnership interest of 3 13 the family farm limited partnership owned by the owner of the 3 14 tract and persons related to the owner as enumerated in 3 15 paragraph "a" is equal to at least fifty-one percent of the 3 16 partnership interest of the family farm limited partnership. 3 17 (4) A beneficiary of the family trust if the combined 3 18 beneficial interest of the family trust held by the owner of 3 19 the tract and persons related to the owner as enumerated in 3 20 paragraph "a" is equal to at least fifty-one percent of the 3 21 beneficial interest of the family trust. 3 22 Sec. 3. Section 425A.2, subsection 6, paragraph f, Code 3 23 2001, is amended to read as follows: 3 24 f. A family farmcorporation or authorized farm3 25corporation,entity asboth aredefined in section9H.110.1, 3 26 which owns the agricultural land. 3 27 g. An authorized farm corporation as defined in section 3 28 9H.1, which owns the agricultural land. 3 29 EXPLANATION 3 30 This bill amends Code chapters 425 providing for homestead 3 31 tax credits and 425A providing for family farm tax credits. 3 32 The chapters both currently provide that in order to be 3 33 eligible to file for the credit, the owner may be a family 3 34 farm corporation as defined in Code section 9H.1 if the 3 35 individual filing for the credit is a shareholder of the 4 1 family farm corporation or in some instances has a family 4 2 relationship with the individual filing for the credit. 4 3 A family farm corporation is a corporation that is allowed 4 4 to own agricultural land under Code chapter 9H. Under that 4 5 chapter, an entity organized on a family basis can also be a 4 6 family farm limited liability company, family farm limited 4 7 partnership, or family trust. These types of businesses are 4 8 referred to as "family farm entities". A family farm 4 9 corporation must be founded for the purposes of farming and 4 10 the ownership of agricultural land; a majority of the voting 4 11 stock must be held by, and a majority of the voting 4 12 stockholders must be, relatives; all stockholders must be 4 13 individuals; and 60 percent of the corporation's gross 4 14 revenues over the last consecutive three-year period must come 4 15 from farming. Similar requirements apply to other family farm 4 16 entities. 4 17 The bill provides that to the extent that an individual who 4 18 is a shareholder of a family farm corporation owning 4 19 agricultural land can qualify to file for a homestead tax 4 20 credit under Code chapter 425 or a family farm tax credit 4 21 under Code chapter 425A, a member of a family farm limited 4 22 liability company, general or limited partner of a family farm 4 23 limited partnership, or beneficiary of a family trust can also 4 24 qualify to file for the same tax credit. 4 25 LSB 1306SS 79 4 26 da/cf/24
Text: SF00011 Text: SF00013 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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