Text: SF00018 Text: SF00020 Text: SF00000 - SF00099 Text: SF 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, chapter 1171, section 175, subsection
1 3 10, as amended by 2002 Iowa Acts, Second Extraordinary
1 4 Session, chapter 1003, section 181, is amended by striking the
1 5 subsection.
1 6 2. Additional funds available from the appropriation in
1 7 section 425.1, as a result of subsection 1 of this section of
1 8 this Act, shall be used to reimburse counties, to the extent
1 9 not previously reimbursed, that granted to taxpayers the
1 10 maximum allowable homestead credit pursuant to section 425.1.
1 11 Payments made pursuant to this subsection shall not be made
1 12 sooner than March 15, 2003.
1 13 3. Each county that did not grant the maximum homestead
1 14 credit allowed pursuant to section 425.1 shall grant a
1 15 carryover homestead credit. The carryover homestead credit
1 16 shall apply against taxes due and payable in the fiscal year
1 17 beginning July 1, 2003, to each property that was granted a
1 18 homestead credit for taxes due and payable in the fiscal year
1 19 beginning July 1, 2002. The carryover homestead credit shall
1 20 be granted whether the property continues to qualify for the
1 21 regular homestead credit for taxes due and payable in the
1 22 fiscal year beginning July 1, 2003. The amount of the
1 23 carryover credit equals the difference between the maximum
1 24 allowable homestead credit minus the actual amount of the
1 25 homestead credit granted for taxes due and payable in the
1 26 fiscal year beginning July 1, 2002. A county granting the
1 27 carryover homestead credit shall be reimbursed for the amount
1 28 of the carryover credit from a separate carryover homestead
1 29 credit fund. Payments made pursuant to this subsection shall
1 30 be made one-half on November 15, 2003, and one-half on March
1 31 15, 2004.
1 32 4. There is appropriated from the general fund of the
1 33 state to the department of revenue and finance for deposit
1 34 into the separate carryover homestead credit fund for the
1 35 fiscal year beginning July 1, 2002, and ending June 30, 2003,
2 1 an amount sufficient to reimburse counties as provided in
2 2 subsection 3. Notwithstanding section 8.33, any funds
2 3 remaining from the appropriation made in this subsection shall
2 4 not revert but shall be available for use as provided in this
2 5 section for the succeeding fiscal year.
2 6 Sec. 2. AGRICULTURAL LAND TAX CREDIT.
2 7 1. 2002 Iowa Acts, chapter 1171, section 175, subsection
2 8 11, as amended by 2002 Iowa Acts, Second Extraordinary
2 9 Session, chapter 1003, section 181, is amended by striking the
2 10 subsection.
2 11 2. Additional funds available from the appropriation in
2 12 section 426.1, as a result of subsection 1 of this section of
2 13 this Act, shall be used to reimburse counties for granting an
2 14 additional agricultural land tax credit as follows:
2 15 a. The director of revenue and finance shall compute a pro
2 16 rata percentage in the manner provided in section 426.7 based
2 17 upon the additional funds available and notify each county
2 18 auditor of this pro rata percentage.
2 19 b. Upon receipt of this pro rata percentage, the auditor
2 20 shall determine the amount to be credited to each tract of
2 21 agricultural land in the manner provided in section 426.8.
2 22 However, the credit shall be applied against taxes due and
2 23 payable in the fiscal year beginning July 1, 2003. This
2 24 credit is in addition to any other agricultural land tax
2 25 credit granted under chapter 426.
2 26 c. Payments made pursuant to this subsection shall be made
2 27 on July 15, 2003.
2 28 3. Additional funds available as a result of subsection 1
2 29 shall be deposited into a separate account in the agricultural
2 30 land credit fund and shall only be used as provided in
2 31 subsection 2. Notwithstanding sections 8.33 and 426.1, moneys
2 32 remaining in the agricultural land credit fund on June 30,
2 33 2003, shall not revert to the general fund of the state but
2 34 shall be used as provided in subsection 2 in the following
2 35 fiscal year.
3 1 Sec. 3. MILITARY SERVICE TAX CREDIT.
3 2 1. 2002 Iowa Acts, chapter 1171, section 175, subsection
3 3 12, is amended by striking the subsection.
3 4 2. The additional funds from the appropriation in section
3 5 426A.1A, as a result of subsection 1 of this section of this
3 6 Act, shall be used to reimburse those counties that granted
3 7 the maximum military service tax exemption authorized pursuant
3 8 to section 426A.11. The total amount each county shall
3 9 receive shall equal the maximum credit authorized in section
3 10 426A.2, less any amounts previously reimbursed. Payments made
3 11 pursuant to this section shall not be made sooner than March
3 12 15, 2003.
3 13 3. Each county that did not grant the maximum military
3 14 service tax exemption authorized pursuant to section 426A.11
3 15 shall grant an additional exemption to each designated
3 16 property equal to the difference between the maximum allowable
3 17 exemption and the actual exemption granted. This exemption
3 18 shall apply for taxes due and payable in the fiscal year
3 19 beginning July 1, 2003, and is in addition to any other
3 20 military service tax exemption granted. The county auditor
3 21 shall compute and submit the amount of military service tax
3 22 credits to the department of revenue and finance for the
3 23 exemptions granted under this subsection pursuant to section
3 24 426A.3. Payments made pursuant to this subsection shall be
3 25 made by October 1, 2003.
3 26 4. There is appropriated from the general fund of the
3 27 state to the department of revenue and finance for the fiscal
3 28 year beginning July 1, 2002, and ending June 30, 2003, an
3 29 amount sufficient to reimburse each county as provided in
3 30 subsection 3. Notwithstanding section 8.33, any funds
3 31 remaining from the appropriation made in this subsection shall
3 32 not revert but shall be available for use for the same purpose
3 33 for the succeeding fiscal year.
3 34 Sec. 4. ELDERLY AND DISABLED TAX CREDIT.
3 35 1. 2002 Iowa Acts, chapter 1171, section 176, as amended
4 1 by 2002 Iowa Acts, Second Extraordinary Session, chapter 1003,
4 2 section 182, is repealed.
4 3 2. Additional funds available from the appropriation in
4 4 section 425.39, as a result of subsection 1 of this section of
4 5 this Act, shall be used to reimburse counties, to the extent
4 6 not previously reimbursed, that granted to each taxpayer the
4 7 maximum elderly and disabled tax credit allowed that taxpayer
4 8 pursuant to section 425.23. Payments made pursuant to this
4 9 subsection shall not be made sooner than March 15, 2003.
4 10 3. Each county that did not grant the maximum elderly and
4 11 disabled tax credit allowed pursuant to section 425.23 to each
4 12 taxpayer shall grant a carryover elderly and disabled tax
4 13 credit. The carryover elderly and disabled tax credit shall
4 14 apply against taxes due and payable in the fiscal year
4 15 beginning July 1, 2003, to each property that was granted the
4 16 elderly and disabled tax credit for taxes due and payable in
4 17 the fiscal year beginning July 1, 2002. The carryover credit
4 18 shall be granted whether the property or taxpayer continues to
4 19 qualify for the elderly and disabled tax credit for taxes due
4 20 and payable in the fiscal year beginning July 1, 2003. The
4 21 amount of the carryover credit equals the difference between
4 22 the maximum allowable credit due the taxpayer minus the actual
4 23 amount of the credit granted the taxpayer for taxes due and
4 24 payable in the fiscal year beginning July 1, 2002. A county
4 25 granting the carryover tax credit shall be reimbursed for the
4 26 amount of the credit from a separate carryover elderly and
4 27 disabled tax credit fund. Payments made pursuant to this
4 28 subsection shall be made one-half on November 15, 2003, and
4 29 one-half on March 15, 2004.
4 30 4. There is appropriated from the general fund of the
4 31 state to the department of revenue and finance for deposit
4 32 into the separate carryover elderly and disabled tax credit
4 33 fund for the fiscal year beginning July 1, 2002, and ending
4 34 June 30, 2003, an amount sufficient to reimburse counties as
4 35 provided in subsection 3. Notwithstanding section 8.33, any
5 1 funds remaining from the appropriation made in this subsection
5 2 shall not revert but shall be available for use as provided in
5 3 this section for the succeeding fiscal year.
5 4 Sec. 5. EFFECTIVE DATE. This Act, being deemed of
5 5 immediate importance, takes effect upon enactment.
5 6 EXPLANATION
5 7 As a result of the 2002 regular and special sessions, the
5 8 homestead, agricultural land, military service, and elderly
5 9 and disabled tax credits were not funded at the level required
5 10 by Code. One of two options were taken by the counties. The
5 11 first was to grant the taxpayer the maximum credit allowed and
5 12 be reimbursed by the state for an amount less than the
5 13 reduction in taxes. This bill provides for an increase in
5 14 appropriations so that these counties will receive the amount
5 15 of reimbursement otherwise specified in the Code for fiscal
5 16 year 2002-2003. The second option was for counties to reduce
5 17 the credit granted so that the amount reimbursed would be
5 18 equal to the reduction in taxes. The bill requires these
5 19 counties to grant a carryover tax credit to be applied to
5 20 taxes due and payable in fiscal year 2003-2004 for the amount
5 21 of the reduction in the credit. The bill makes an
5 22 appropriation to reimburse counties under this second option
5 23 for the carryover credit.
5 24 The bill takes effect upon enactment.
5 25 LSB 1189XS 80
5 26 mg/sh/8
Text: SF00018 Text: SF00020 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
© 2003 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Thu Jan 22 03:30:01 CST 2004
URL: /DOCS/GA/80GA/Legislation/SF/00000/SF00019/030115.html
jhf