701—80.16 (426) Agricultural land tax credit.
	 80.16(1) Eligibility for credit. The credit shall be allowed on land in tracts of ten acres or more, or land of less than ten acres if part of other land of more than ten acres, and used for agricultural or horticultural purposes.
	 80.16(2) Application for credit. No application for credit is required.
	 80.16(3) Application of credit. The county auditor shall certify to the department of revenue by April 1 the total amount of agricultural land tax credits due the county. The county auditor shall apply the credit to each eligible tract of land in an amount equal to the school district tax rate which is in excess of $5.40 multiplied by the taxable value of the eligible tract.
This rule is intended to implement Iowa Code chapter 426 as amended by 2001 Iowa Acts, House File 713.