Text: SF00045 Text: SF00047 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 25B.7, subsection 2, paragraph c, Code 1 2 2001, is amended to read as follows: 1 3 c. Military service property tax credit and exemption 1 4 pursuant to chapter 426A, to the extent of six dollars and1 5ninety-two cents per thousand dollars of assessed value of the1 6exempt property. 1 7 Sec. 2. Section 426A.2, Code 2001, is amended to read as 1 8 follows: 1 9 426A.2 MILITARY SERVICE TAX CREDIT. 1 10 The moneys shall be apportioned each year so as to replace 1 11 all or a portion of the tax which would be due on property 1 12 eligible for military service tax exemption in the state, if 1 13 the property were subject to taxation, the amount of the1 14credit to be not more than six dollars and ninety-two cents1 15per thousand dollars of assessed value of property which would1 16be subject to the tax, except for the military service tax1 17exemption. 1 18 Sec. 3. Section 426A.5, Code 2001, is amended to read as 1 19 follows: 1 20 426A.5 PROPORTIONATE SHARES TO DISTRICTS. 1 21 The amount of credits received under this chapter shall 1 22 then be apportioned by each county treasurer to the several 1 23 taxing districts in the same manner as though the amount of 1 24 credit had been paid by the owner of the property receiving 1 25 the credit. Each taxing district shall receive its 1 26proportionateshare of the military service tax credit allowed 1 27 on eachand everytax exemption allowed insuchthe taxing 1 28 district, in the proportion that the levy made by such taxing1 29district upon general property bears to the total levy upon1 30all property subject to general property taxation by all1 31taxing districts imposing a general property tax in such1 32taxing districtbased upon the amount of property taxes which 1 33 would be due on the property receiving the credit, if the 1 34 property were subject to taxation. 1 35 Sec. 4. EFFECTIVE AND APPLICABILITY DATE. This Act, being 2 1 deemed of immediate importance, takes effect upon enactment 2 2 and applies to the military service property tax exemption 2 3 allowed for property taxes due and payable during fiscal years 2 4 beginning on or after July 1, 2002. 2 5 EXPLANATION 2 6 The bill increases the amount of state reimbursement to 2 7 local governments for the loss of property tax revenue as a 2 8 result of the military service tax exemption to equal the full 2 9 amount of the property taxes lost. Under present law, the 2 10 state reimburses local governments an amount equal to $6.92 2 11 per $1,000 of the value of the exemption. Since the 2 12 consolidated levies throughout the state exceed $6.92 per 2 13 $1,000 of the assessed value, the local governments are not 2 14 reimbursed for all of the lost property tax revenue. 2 15 This bill takes effect upon enactment and applies to taxes 2 16 due and payable during fiscal years beginning on or after July 2 17 1, 2002. 2 18 LSB 1513XS 79 2 19 tj/cls/14
Text: SF00045 Text: SF00047 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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