For property defined in section 427A.1, subsection 1, paragraphs "e" and "j", acquired or initially leased on or after January 1, 1982, the taxpayer's valuation shall be limited to thirty percent of the net acquisition cost of the property. For purposes of this section, "net acquisition cost" means the acquired cost of the property including all foundations and installation cost less any excess cost adjustment.
For purposes of this section:
1. Property assessed by the department of revenue and finance pursuant to sections 428.24 to 428.29, or chapters 433, 434 and 436 to 438 shall not receive the benefits of this section.
2. Property acquired before January 1, 1982, which was owned or used before January 1, 1982, by a related person shall not receive the benefits of this section.
3. Property acquired on or after January 1, 1982, which was owned and used by a related person shall not receive any additional benefits under this section.
4. Property which was owned or used before January 1, 1982, and subsequently acquired by an exchange of like property shall not receive the benefits of this section.
5. Property which was acquired on or after January 1, 1982, and subsequently exchanged for like property shall not receive any additional benefits under this section.
6. Property acquired before January 1, 1982, which is subsequently leased to a taxpayer or related person who previously owned the property shall not receive the benefits of this section.
7. Property acquired on or after January 1, 1982, which is subsequently leased to a taxpayer or related person who previously owned the property shall not receive any additional benefits under this section.
For purposes of this section, "related person" means a person who owns or controls the taxpayer's business and another business entity from which property is acquired or leased or to which property is sold or leased. Business entities are owned or controlled by the same person if the same person directly or indirectly owns or controls fifty percent or more of the assets or any class of stock or who directly or indirectly has an interest of fifty percent or more in the ownership or profits.
Property assessed pursuant to this section shall not be eligible to receive a partial exemption under sections 427B.1 to 427B.6.
85 Acts, ch 32, §109; 93 Acts, ch 180, §12
Iowa General Assembly
Search: Iowa Code 1995
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