Text: SF00344 Text: SF00346 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 425A.2, subsection 1, Code 2001, is 1 2 amended to read as follows: 1 3 1. "Actively engaged in farming" means the designated 1 4 person is personally involved in the production of crops and 1 5 livestock on the eligible tract on a regular, continuous, and 1 6 substantial basis. However, a lessor, whether under a cash or 1 7 a crop share lease, is not actively engaged in farming on the 1 8 area of the tract covered by the lease unless the lessor is a 1 9 designated person under subsection 4, paragraph "g". This 1 10 provision applies to both written and oral leases. 1 11 Sec. 2. Section 425A.2, subsection 4, Code 2001, is 1 12 amended by adding the following new paragraph: 1 13 NEW PARAGRAPH. g. If the owner is an individual who 1 14 leases the tract to an unrelated individual, or to a 1 15 partnership or family farm corporation and the partners or 1 16 shareholders are not related to the owner, the owner if the 1 17 owner is at least sixty-five years of age and resides on a 1 18 homestead contiguous to the area of the tract covered by the 1 19 lease. 1 20 Sec. 3. APPLICABILITY DATE. This Act applies to family 1 21 farm tax credit claims filed on or after July 1, 2001. 1 22 EXPLANATION 1 23 This bill provides that, for purposes of the family farm 1 24 property tax credit, a designated person entitled to the 1 25 credit includes a lessor of a tract of agricultural land if 1 26 the lessor is an owner who is leasing to an unrelated 1 27 individual, or to a partnership or family farm corporation and 1 28 the lessor is unrelated to the partners or shareholders, is at 1 29 least 65 years of age, and resides on a homestead contiguous 1 30 to the tract being leased. 1 31 The bill applies to family farm tax credit claims filed on 1 32 or after July 1, 2001. 1 33 LSB 3036XS 79 1 34 sc/pj/5.1
Text: SF00344 Text: SF00346 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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