Text: SF02307 Text: SF02309 Text: SF02300 - SF02399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 426B.2, subsections 1 and 3, Code 1 2 Supplement 2001, are amended to read as follows: 1 3 1. The moneys in the property tax relief fund available to 1 4 counties for a fiscal year shall be distributed as provided in 1 5 this section. A county's proportion of the moneys shall be 1 6 equivalent to the sum of the following three factors: 1 7 a. One-third based upon the county's proportion of the 1 8 state's general population. 1 9 b. One-third based upon the county's proportion of the 1 10 state's total taxable property valuation assessed for taxes 1 11 payable in the previous fiscal year. 1 12 c. One-third based upon the county's proportion of all 1 13 counties' base year expenditures, as defined in section 1 14 331.438. 1 15 Moneys provided to a county for property tax relief in a 1 16 fiscal year, excluding replacement generation taxes in the 1 17 property tax relief fund, in accordance with this subsection 1 18 shall not be less than the amount provided for property tax 1 19 relief in the previous fiscal year. 1 20 3. The director of human services shall draw warrants on 1 21 the property tax relief fund, payable to the county treasurer 1 22 in the amount due to a county in accordance with subsection 1 1 23 and mail the warrants to the county auditors in July and 1 24 January of each year. Any replacement generation tax in the 1 25 property tax relief fund as of November 1 shall be paid to the 1 26 county treasurers in July and January of the fiscal year 1 27 beginning the following July 1. 1 28 Sec. 2. Section 437A.3, subsection 1, Code Supplement 1 29 2001, is amended by adding the following new unnumbered 1 30 paragraph: 1 31 NEW UNNUMBERED PARAGRAPH. The assessed value of a new 1 32 electric power generating plant shall be eight percent of the 1 33 assessed value determined in section 437A.19, but construction 1 34 work in progress shall be excluded from the assessed value of 1 35 a new electric power generating plant. 2 1 Sec. 3. Section 437A.3, subsection 10, Code Supplement 2 2 2001, is amended by adding the following new unnumbered 2 3 paragraph: 2 4 NEW UNNUMBERED PARAGRAPH. "New electric power generating 2 5 plant" means an electric power generating plant that is owned 2 6 by or leased to an electric company, electric cooperative, or 2 7 municipal utility, and that initially generates electricity 2 8 subject to replacement generation tax, under section 437A.6, 2 9 on or after January 1, 2002. 2 10 Sec. 4. Section 437A.7, Code Supplement 2001, is amended 2 11 by adding the following new subsection: 2 12 NEW SUBSECTION. 1A. In lieu of the replacement 2 13 transmission tax imposed in subsection 1, a municipal utility 2 14 whose replacement tax liability for the tax year 1999 was 2 15 limited to the tax imposed by this section and whose 2 16 anticipated tax revenues from a taxpayer, as defined in 2 17 section 437A.15, subsection 4, for the tax year 1999, exceeded 2 18 its replacement transmission tax by more than one hundred 2 19 thousand dollars shall be subject to replacement transmission 2 20 tax on all transmission lines owned by or leased to the 2 21 municipal utility as of the last day of the tax year 2000 as 2 22 follows: 2 23 a. Three thousand twenty-five dollars per pole mile of 2 24 transmission line owned or leased by the taxpayer not 2 25 exceeding one hundred kilovolts. 2 26 b. Seven thousand dollars per pole mile of transmission 2 27 line owned or leased by the taxpayer greater than one hundred 2 28 fifty kilovolts but not exceeding three hundred kilovolts. 2 29 Sec. 5. Section 437A.8, subsection 4, Code Supplement 2 30 2001, is amended by adding the following new paragraph: 2 31 NEW PARAGRAPH. d. Notwithstanding paragraph "a", a 2 32 taxpayer who owns or leases a new electric power generating 2 33 plant and who has no other operating property in the state of 2 34 Iowa, if any, except for operating property directly serving 2 35 the new electric power generating plant, as described in 3 1 section 437A.16, shall pay the replacement generation tax 3 2 associated with the allocation of the local amount to the 3 3 county treasurer of the county in which the local amount is 3 4 located and shall remit the remaining replacement generation 3 5 tax, if any, to the director, according to paragraph "a", for 3 6 remittance of the tax to county treasurers. The director 3 7 shall notify each taxpayer on or before August 31 following a 3 8 tax year of its remaining replacement generation tax to be 3 9 remitted to the director. All remaining replacement 3 10 generation tax revenues received by the director shall be 3 11 deposited in the property tax relief fund created in section 3 12 426B.1, and shall be distributed as provided in section 3 13 426B.2. 3 14 Sec. 6. Section 437A.15, subsection 3, Code Supplement 3 15 2001, is amended by adding the following new paragraph: 3 16 NEW PARAGRAPH. f. Notwithstanding the provisions of this 3 17 section, if the taxpayer is a municipal utility or a municipal 3 18 owner of an electric power facility financed under the 3 19 provisions of chapter 28F or 476A, the assessed value, other 3 20 than the local amount, of a new electric power generating 3 21 plant shall be allocated to each taxing district in which the 3 22 municipal utility or municipal owner is serving customers and 3 23 has electric meters in operation, in the ratio that the number 3 24 of operating electric meters of the municipal utility or 3 25 municipal owner located in the taxing district bears to the 3 26 total number of operating electric meters of the municipal 3 27 utility or municipal owner in the state as of January 1 of the 3 28 tax year. If the municipal utility or municipal owner of an 3 29 electric power facility financed under the provisions of 3 30 chapter 28F or 476A has a new electric power generating plant 3 31 but the municipal utility or municipal owner has no operating 3 32 electric meters in this state, the municipal utility or 3 33 municipal owner shall pay the replacement generation tax 3 34 associated with the new electric power generating plant 3 35 allocation of the local amount to the county treasurer of the 4 1 county in which the local amount is located and shall remit 4 2 the remaining replacement generation tax, if any, to the 4 3 director at the times contained in section 437A.8, subsection 4 4 4, for remittance of the tax to the county treasurers. All 4 5 remaining replacement generation tax revenues received by the 4 6 director shall be deposited in the property tax relief fund 4 7 created in section 426B.1, and shall be distributed as 4 8 provided in section 426B.2. 4 9 Sec. 7. RETROACTIVE APPLICABILITY DATE. This Act applies 4 10 retroactively to tax years beginning on or after January 1, 4 11 2002. 4 12 EXPLANATION 4 13 This bill amends various provisions of Code chapter 437A, 4 14 relating to the replacement generation tax, and related 4 15 provisions in Code section 426B.2. The bill makes conforming 4 16 amendments to various replacement generation tax provisions 4 17 relating to new electric power generating plants to be built 4 18 in the state of Iowa and the allocation of replacement 4 19 generation tax of stand-alone new electric power generating 4 20 plants. 4 21 The bill adds a new definition for "new electric power 4 22 generating plant" and addresses its assessed value in Code 4 23 section 437A.3. The bill defines the assessed value of a new 4 24 electric power generating plant as 8 percent of the assessed 4 25 value, which under Code section 437A.19 would be the book 4 26 value of the completed plant, but excludes construction work 4 27 in progress from the assessed value of a new electric power 4 28 generating plant. 4 29 The bill provides, in Code section 437A.7, a replacement 4 30 transmission tax at increased rates on municipal utilities 4 31 whose anticipated tax revenue exceeded its replacement 4 32 transmission tax by more than $100,000 for the tax year 1999. 4 33 If such utility acquires transmission lines in 2001 or 4 34 thereafter, those lines will be subject to tax at the rates in 4 35 Code section 437A.7, subsection 1, paragraphs "a" through "d". 5 1 The bill adds a new paragraph to Code section 437A.8, 5 2 subsection 4, to provide for the remission of replacement 5 3 generation tax in cases of certain new electric power 5 4 generating plants. The bill provides a method for allocation 5 5 of replacement generation tax incurred by a stand-alone new 5 6 electric power generating plant whereby the tax attributed to 5 7 the local amount as defined in Code section 437A.3, subsection 5 8 13, is paid to the county treasurer and the remaining tax, if 5 9 any, is paid to the director who deposits the tax receipts 5 10 into the property tax relief fund created in Code section 5 11 426B.1 for distribution as provided in Code section 426B.2. 5 12 This provision is applicable even if the taxpayer has other 5 13 Iowa operating property as long as the taxpayer's other Iowa 5 14 operating property is limited to operating property directly 5 15 serving the new electric power generating plant. The 5 16 replacement generation tax is placed in the property tax 5 17 relief fund for distribution, along with other state moneys, 5 18 to counties to reimburse the counties for their qualified 5 19 mental health, mental retardation, and developmental 5 20 disabilities services expenditures. 5 21 The bill provides in Code section 426B.2 that in 5 22 determining whether property tax relief fund moneys provided 5 23 to a county are more or less than in the previous fiscal year, 5 24 replacement taxes shall not be considered in such 5 25 determination. The bill also amends Code section 426B.2, 5 26 subsection 3, to provide that all replacement tax receipts in 5 27 the property tax relief fund as of November 1 of the calendar 5 28 year immediately preceding the following fiscal year shall be 5 29 paid to the county treasurers in July and January of each 5 30 year. 5 31 The bill adds a new paragraph to Code section 437A.15, 5 32 subsection 3, pertaining to the assessed value of a new 5 33 electric power generating plant owned by a municipal utility 5 34 or municipal owner. The bill provides a method of allocation 5 35 of replacement generation tax incurred by stand-alone electric 6 1 power generating plants of municipal utilities and municipal 6 2 owners who have an electric power facility financed under Code 6 3 chapter 28F or 476A and provides a method of allocation of 6 4 replacement generation tax on the basis of operating electric 6 5 meters with respect to other municipal utilities and municipal 6 6 owners who have an electric power facility financed under Code 6 7 chapter 28F or 476A. 6 8 The bill applies retroactively to tax years beginning on or 6 9 after January 1, 2002. 6 10 LSB 5241SV 79 6 11 jj/cls/14
Text: SF02307 Text: SF02309 Text: SF02300 - SF02399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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