1. As used in this section, unless the context otherwise requires:
a. "Taxable value" means one hundred percent of the actual value of an electric power generating plant.
b. "Electric power generating plant" means each taxable name plate rated electric power generating plant owned solely or jointly by any person or electric power facility financed under the provisions of chapter 28F in which electrical energy is produced from other forms of energy, including all equipment used in the production of such energy through its step-up transformer.
c. "Electric operating property" means all electric property belonging to such owner, as determined by the department of revenue and finance and assessed by it under this chapter and chapter 437, except electric power generating plants.
2. Notwithstanding sections 428.25 and 428.27, the taxable value of an electric power generating plant placed in commercial service after December 31, 1972, shall be apportioned by the director of revenue and finance, commencing with the year 1973, as follows:
a. The first forty-four million, four hundred forty-four thousand, four hundred forty-five dollars of taxable value shall be apportioned to the taxing districts in which each such electric power generating plant is situated.
b. The remaining taxable value shall be apportioned to each taxing district in which electric operating property of the owner thereof is located, in the ratio that the actual value of that part of such owner's electric operating property which is located in the affected taxing district bears to the total actual value of the electric operating property of such owner located in the state. If the owner has no taxable property in this state other than the electric power generating plant which is assessed, then the remainder shall be assessed and levied on at the current rate of the taxing district in which the plant is located. Tax moneys received from such remainder assessments and levies shall be paid to the county treasurer, who shall pay such tax moneys to the treasurer of state not later than fifteen days from the date the moneys are received by the county treasurer for deposit in the general fund of the state.
c. Notwithstanding the provisions of paragraph "b" of this subsection, if the owner is a municipal electric utility or electric power facility financed under the provisions of chapter 28F, the remaining taxable value shall be allocated to each taxing district in which the municipal electric utility is serving customers and has electric meters in operation in the ratio that the number of operating electric meters of the municipal electric utility located in the taxing district bears to the total number of operating electric meters of the municipal electric utility in the state as of January 1 of the calendar year in which the assessment is made. If the municipal electric utility or electric power facility financed under the provisions of chapter 28F has no operating electric meters in this state, then the remainder shall be assessed and levied on at the current rate of the taxing district in which the electric power generating plant is located. Tax moneys received from such remainder assessment and levies shall be paid to the county treasurer, who shall pay such tax moneys to the treasurer of state not later than fifteen days from the date the tax moneys are received by the county treasurer for deposit in the general fund of the state.
All municipal electric utilities which shall have taxable value apportioned under this section shall, annually on or before the first day of May of each calendar year, make a report listing the total operating meters of the municipal electric utility in each taxing district it serves as of the first day of January of each calendar year on forms provided by the department of revenue and finance.
d. If an electric power generating plant is jointly owned by two or more owners, each owner's pro rata share of the first forty-four million, four hundred forty-four thousand, four hundred forty-five dollars of taxable value shall be apportioned to the taxing district or districts in which such plant is situated. Each owner's pro rata share of the remainder of such taxable value shall be allocated as provided in paragraphs "b" and "c" of this subsection, whichever is applicable.
[C75, 77, 79, 81, § 428.37; 81 Acts, ch 31, § 11, 12]
Referred to in § 404.2
Iowa General Assembly
Search: Iowa Code 1995
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