House Amendment 1467
PAG LIN
1 1 Amend House File 847 as follows:
1 2 #1. Page 5, by inserting after line 15, the
1 3 following:
1 4 <Sec. . NEW SECTION. 426C.1 COMMERCIAL AND
1 5 INDUSTRIAL PROPERTY TAX CREDIT == FUND ==
1 6 APPORTIONMENT == PAYMENT.
1 7 1. A commercial and industrial property tax credit
1 8 fund is created. There is appropriated from the
1 9 general fund of the state to the department of revenue
1 10 to be credited to the commercial and industrial
1 11 property tax credit fund for the fiscal year beginning
1 12 July 1, 2006, and for each subsequent fiscal year, an
1 13 amount sufficient to pay the warrants required under
1 14 this chapter.
1 15 The director of the department of administrative
1 16 services shall issue warrants on the commercial and
1 17 industrial property tax credit fund payable to the
1 18 county treasurers of the several counties of the state
1 19 under this chapter.
1 20 2. The commercial and industrial property tax
1 21 credit fund shall be apportioned each year so as to
1 22 give a credit against the tax on eligible commercial
1 23 and industrial property in the state in an amount
1 24 equal to ten percent of the actual levy on the actual
1 25 value of such property.
1 26 3. The amount due each county shall be paid in two
1 27 payments on November 15 and March 15 of each fiscal
1 28 year, drawn upon warrants payable to the respective
1 29 county treasurers. The two payments shall be as
1 30 nearly equal as possible.
1 31 4. The amount of credits shall be apportioned by
1 32 each county treasurer to the several taxing districts
1 33 as provided by law, in the same manner as though the
1 34 amount of the credit had been paid by the owners.
1 35 However, the several taxing districts shall not draw
1 36 the funds so credited until after the semiannual
1 37 allocations have been received by the county
1 38 treasurer, as provided in this chapter.
1 39 Sec. . NEW SECTION. 426C.2 COMPUTATION BY
1 40 AUDITOR.
1 41 On or before May 15, the county auditor shall
1 42 compute the amount of property taxes to be levied on
1 43 or estimated to be levied on all property eligible for
1 44 the commercial and industrial property tax credit
1 45 which are due and payable in the ensuing fiscal year
1 46 and on or before May 15 shall certify the total amount
1 47 to the department of revenue.
1 48 Sec. . NEW SECTION. 426C.3 WARRANTS
1 49 AUTHORIZED BY DIRECTOR.
1 50 After receiving from the county auditors the
2 1 certifications provided for in section 426C.2, and
2 2 during the following fiscal year, the director of
2 3 revenue shall authorize the department of
2 4 administrative services to draw warrants on the
2 5 commercial and industrial property tax credit fund
2 6 payable to the county treasurers as provided in
2 7 section 426C.1.
2 8 Sec. . NEW SECTION. 426C.4 APPORTIONMENT BY
2 9 AUDITOR.
2 10 The county auditor shall determine the amount to be
2 11 credited to each parcel of commercial or industrial
2 12 property, and shall enter upon tax lists as a credit
2 13 against the tax levied on each parcel of commercial or
2 14 industrial property on which there has been made an
2 15 allowance of credit before delivering said tax lists
2 16 to the county treasurer. Upon receipt of the warrant
2 17 by the county auditor, the auditor shall deliver the
2 18 warrant to the county treasurer for apportionment.
2 19 The county treasurer shall show on each tax receipt
2 20 the amount of tax credit for each parcel of business
2 21 property. In case of change of ownership the credit
2 22 shall follow the title.
2 23 Sec. . NEW SECTION. 426C.5 RULES.
2 24 The director of revenue shall prescribe forms and
2 25 rules, not inconsistent with this chapter, necessary
2 26 to carry out its purposes.>
2 27 #2. By striking page 8, line 16, through page 13,
2 28 line 23.
2 29 #3. Page 20, by striking lines 26 through 29, and
2 30 inserting the following:
2 31 <Sec. . APPLICABILITY DATE. The sections of
2 32 this Act enacting chapter 426C apply to property taxes
2 33 due and payable in fiscal years beginning on or after
2 34 July 1, 2006.>
2 35 #4. Page 20, by inserting before line 30, the
2 36 following:
2 37 <Sec. . IMPLEMENTATION. The provisions of
2 38 section 25B.7 do not apply to the commercial and
2 39 industrial property tax credits established in this
2 40 Act.>
2 41 #5. Title page, by striking lines 5 through 7, and
2 42 inserting the following: <actions of local boards of
2 43 review, providing for a property tax credit for
2 44 property taxes due on commercial and industrial
2 45 property, making an appropriation, and providing an
2 46 applicability date.>
2 47 #6. By renumbering as necessary.
2 48
2 49
2 50
3 1 HOGG of Linn
3 2 HF 847.305 81
3 3 sc/cf/2790
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