Text: SF02040 Text: SF02042 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 425A.2, subsection 4, Code 2003, is 1 2 amended by adding the following new paragraphs: 1 3 NEW PARAGRAPH. bb. If the owner is a family farm limited 1 4 partnership, a family member who holds a partnership interest 1 5 in the limited partnership. 1 6 NEW PARAGRAPH. cc. If the owner is a family farm limited 1 7 liability company, a family member who is a member of the 1 8 limited liability company. 1 9 NEW PARAGRAPH. ee. If the owner is an individual who 1 10 leases the tract to a family farm limited liability company, a 1 11 member of the limited liability company if the combined 1 12 membership interest of the family farm limited liability 1 13 company held by the owner of the tract and persons related to 1 14 the owner as enumerated in paragraph "a" is equal to at least 1 15 fifty-one percent of the membership interest of the family 1 16 farm limited liability company. 1 17 NEW PARAGRAPH. g. If the owner is an individual who 1 18 leases the tract to a family farm limited partnership, a 1 19 limited partner of the limited partnership if the combined 1 20 interest of the family farm limited partnership held by the 1 21 owner of the tract and persons related to the owner as 1 22 enumerated in paragraph "a" is equal to at least fifty-one 1 23 percent of the interest of the family farm limited 1 24 partnership. 1 25 Sec. 2. Section 425A.2, subsection 6, paragraph f, Code 1 26 2003, is amended to read as follows: 1 27 f. A family farm corporation,orauthorized farm 1 28 corporation, family farm limited liability company, or a 1 29 family farm limited partnership, asboth aredefined in 1 30 section 9H.1, which owns the agricultural land. 1 31 Sec. 3. APPLICABILITY. This Act is effective January 1, 1 32 2005, for family farm tax credits allowed for property taxes 1 33 payable in fiscal years beginning on or after July 1, 2005. 1 34 EXPLANATION 1 35 This bill amends provisions in Code chapter 425A providing 2 1 for a family farm tax credit. The chapter provides that the 2 2 tax credit is available to certain individual, partnership, or 2 3 corporate owners who are actively engaged in farming and is 2 4 patterned after the agricultural land tax credit (Code chapter 2 5 426). The bill amends definitions in Code chapter 425A, 2 6 including the definitions of "designated person" and "owner" 2 7 who are eligible to file for the tax credit. The bill 2 8 provides that individuals with an interest in a family farm 2 9 limited liability company or a family farm limited partnership 2 10 may file for the credit. Code section 9H.1 provides a 2 11 definition of these family farm entities. Generally, the 2 12 entity must be founded for purposes of farming, a majority of 2 13 persons holding an interest in the entity must be family 2 14 members, the persons must be individuals, and 60 percent of 2 15 the gross revenues of the entity must come from farming (over 2 16 the last three-year period). 2 17 The bill is effective January 1, 2005, for family farm tax 2 18 credits allowed for property taxes payable in fiscal years 2 19 beginning on or after July 1, 2005. 2 20 LSB 5192XS 80 2 21 da/sh/8
Text: SF02040 Text: SF02042 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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