Text: SF00388 Text: SF00390 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 15.331B, subsection 1, unnumbered 1 2 paragraph 2, Code 2003, is amended to read as follows: 1 3 The eligible business may receive one or moreone-year1 4 extensions of the time limit for complying with the 1 5 requirements of section 9I.4. Each extension must be approved 1 6 by the community prior to approval by the department. An 1 7 eligible business may receive one five-year extension and one 1 8 or more one-year extensions. The eligible business shall 1 9 comply with the remaining provisions of chapter 9I to the 1 10 extent they do not conflict with this subsection. 1 11 EXPLANATION 1 12 This bill relates to the exemption from land ownership 1 13 restrictions for nonresident aliens under the new jobs and 1 14 income program. 1 15 Currently under the new jobs and income program, an 1 16 eligible business may apply for an exemption from the 1 17 restrictions on agricultural holdings by nonresident aliens, 1 18 foreign businesses, or foreign governments. An eligible 1 19 business receiving the exemption is allowed to receive one or 1 20 more one-year extensions of the time limit for developing 1 21 agricultural land acquired for nonfarming purposes. 1 22 The bill provides that, in addition to the unlimited one- 1 23 year extensions of the time limit, an eligible business may 1 24 also receive one five-year extension of the time limit. 1 25 LSB 2816SV 80 1 26 tm/cl/14
Text: SF00388 Text: SF00390 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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