Text: HF00002 Text: HF00000 - HF00099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. HOMESTEAD TAX CREDIT.
1 2 1. 2002 Iowa Acts, Second Extraordinary Session, chapter
1 3 1003, section 181, subsection 10, is amended by striking the
1 4 subsection.
1 5 2. Additional funds available from the appropriation in
1 6 section 425.1, as a result of subsection 1 of this section of
1 7 this Act, shall be used to reimburse all counties for
1 8 homestead credit claims granted pursuant to subsection 425.1
1 9 as provided in this section. The department of revenue and
1 10 finance shall determine an additional reimbursement percentage
1 11 by dividing the amount of additional funds available by the
1 12 total statewide claims reimbursed by the department.
1 13 3. The department shall reimburse to each county that
1 14 granted to taxpayers the maximum allowable homestead credit
1 15 pursuant to section 425.1, the amount of the additional
1 16 reimbursement percentage for each homestead credit granted.
1 17 Payments made pursuant to this subsection shall not be made
1 18 sooner than March 15, 2003.
1 19 4. Each county that did not grant the maximum homestead
1 20 credit allowed pursuant to section 425.1 shall grant a
1 21 carryover homestead credit. The carryover homestead credit
1 22 shall apply against taxes due and payable in the fiscal year
1 23 beginning July 1, 2003, to each property that was granted a
1 24 homestead credit for taxes due and payable in the fiscal year
1 25 beginning July 1, 2002. The carryover homestead credit shall
1 26 be granted whether the property continues to qualify for the
1 27 regular homestead credit for taxes due and payable in the
1 28 fiscal year beginning July 1, 2003. The amount of the
1 29 carryover credit equals the additional reimbursement
1 30 percentage. A county granting the carryover homestead credit
1 31 shall be reimbursed for the amount of the carryover credit
1 32 from the homestead credit fund. Payments made pursuant to
1 33 this subsection shall be made one-half on November 15, 2003,
1 34 and one-half on March 15, 2004.
1 35 Notwithstanding sections 8.33 and 425.1, any funds
2 1 remaining from the appropriation made in section 425.1 shall
2 2 not revert but shall be available for use as provided in this
2 3 subsection for the succeeding fiscal year.
2 4 Sec. 2. AGRICULTURAL LAND TAX CREDIT.
2 5 1. 2002 Iowa Acts, Second Extraordinary Session, chapter
2 6 1003, section 181, subsection 11, is amended by striking the
2 7 subsection.
2 8 2. Additional funds available from the appropriation in
2 9 section 426.1, as a result of subsection 1 of this section of
2 10 this Act, shall be used to reimburse counties for granting an
2 11 additional agricultural land tax credit as follows:
2 12 a. The director of revenue and finance shall compute a pro
2 13 rata percentage in the manner provided in section 426.7 based
2 14 upon the additional funds available and notify each county
2 15 auditor of this pro rata percentage.
2 16 b. Upon receipt of this pro rata percentage, the auditor
2 17 shall determine the amount to be credited to each tract of
2 18 agricultural land in the manner provided in section 426.8.
2 19 However, the credit shall be applied against taxes due and
2 20 payable in the fiscal year beginning July 1, 2003. This
2 21 credit is in addition to any other agricultural land tax
2 22 credit granted under chapter 426.
2 23 c. Payments made pursuant to this subsection shall be made
2 24 on July 15, 2003.
2 25 3. Additional funds available as a result of subsection 1
2 26 shall be deposited into a separate account in the agricultural
2 27 land credit fund and shall only be used as provided in
2 28 subsection 2. Notwithstanding sections 8.33 and 426.1, moneys
2 29 remaining in the agricultural land credit fund on June 30,
2 30 2003, shall not revert to the general fund of the state but
2 31 shall be used as provided in subsection 2 in the following
2 32 fiscal year.
2 33 Sec. 3. ELDERLY AND DISABLED TAX CREDIT.
2 34 1. 2002 Iowa Acts, Second Extraordinary Session, chapter
2 35 1003, section 182, is repealed.
3 1 2. Additional funds available from the appropriation in
3 2 section 425.39, as a result of subsection 1 of this section of
3 3 this Act, shall be used to reimburse all counties for elderly
3 4 and disabled tax credits allowed pursuant to section 425.23.
3 5 The department of revenue and finance shall determine an
3 6 additional reimbursement percentage by dividing the amount of
3 7 additional funds available by the total statewide claims
3 8 reimbursed by the department.
3 9 3. The department shall reimburse to each county that
3 10 granted to the taxpayers the maximum allowable elderly and
3 11 disabled tax credit pursuant to section 425.23, the amount of
3 12 the additional reimbursement percentage for each credit
3 13 granted. Payments made pursuant to this subsection shall not
3 14 be made sooner than March 15, 2003.
3 15 4. Each county that did not grant the maximum elderly and
3 16 disabled tax credit allowed pursuant to section 425.23 to each
3 17 taxpayer shall grant a carryover elderly and disabled tax
3 18 credit. The carryover elderly and disabled tax credit shall
3 19 apply against taxes due and payable in the fiscal year
3 20 beginning July 1, 2003, to each property that was granted the
3 21 elderly and disabled tax credit for taxes due and payable in
3 22 the fiscal year beginning July 1, 2002. The carryover credit
3 23 shall be granted whether the property or taxpayer continues to
3 24 qualify for the elderly and disabled tax credit for taxes due
3 25 and payable in the fiscal year beginning July 1, 2003. The
3 26 amount of the carryover credit equals the additional
3 27 reimbursement percentage. A county granting the carryover tax
3 28 credit shall be reimbursed for the amount of the credit from
3 29 the elderly and disabled tax credit fund. Payments made
3 30 pursuant to this subsection shall be made one-half on November
3 31 15, 2003, and one-half on March 15, 2004.
3 32 Notwithstanding sections 8.33 and 425.39, any funds
3 33 remaining from the appropriation made in section 425.39 shall
3 34 not revert but shall be available for use as provided in this
3 35 subsection for the succeeding fiscal year.
4 1 Sec. 4. EFFECTIVE DATE. This Act, being deemed of
4 2 immediate importance, takes effect upon enactment.
4 3 EXPLANATION
4 4 As a result of the 2002 regular and special sessions, the
4 5 homestead, agricultural land, and elderly and disabled tax
4 6 credits were not funded at the level required by Code. One of
4 7 two options were taken by the counties. The first was to
4 8 grant the taxpayer the maximum credit allowed and be
4 9 reimbursed by the state for an amount less than the reduction
4 10 in taxes. This bill provides for an increase in
4 11 appropriations so that these counties will receive additional
4 12 reimbursement otherwise specified in the Code for fiscal year
4 13 2002-2003. The second option was for counties to reduce the
4 14 credit granted so that the amount reimbursed would be equal to
4 15 the reduction in taxes. The bill requires these counties to
4 16 grant a carryover tax credit to be applied to taxes due and
4 17 payable in fiscal year 2003-2004 for an additional amount.
4 18 The additional amount of reimbursement or carryover credit is
4 19 based upon the increase in appropriation made as a result of
4 20 the bill.
4 21 The bill takes effect upon enactment.
4 22 LSB 1593YH 80
4 23 mg/sh/8
Text: HF00002 Text: HF00000 - HF00099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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