Amend  the amendment, H-1735, to House File 697 as follows:
   1.  By striking page 1, line 5, through page 25, line 23, and inserting: 

<PROPERTY TAX

COMMERCIAL AND INDUSTRIAL PROPERTY

ASSESSMENT LIMITATIONS
   Sec. ___.  Section 441.21, subsection 5, Code 2011, is amended to read as follows:
   5.
  a.  For valuations established as of January 1, 1979, commercial property and industrial property, excluding properties referred to in section 427A.1, subsection 8, shall be assessed as a percentage of the actual value of each class of property. The percentage shall be determined for each class of property by the director of revenue for the state in accordance with the provisions of this section. For valuations established as of January 1, 1979, the percentage shall be the quotient of the dividend and divisor as defined in this section. The dividend for each class of property shall be the total actual valuation for each class of property established for 1978, plus six percent of the amount so determined. The divisor for each class of property shall be the valuation for each class of property established for 1978, as reported by the assessors on the abstracts of assessment for 1978, plus the amount of value added to the total actual value by the revaluation of existing properties in 1979 as equalized by the director of revenue pursuant to section 441.49. For valuations established as of January 1, 1979, property valued by the department of revenue pursuant to chapters 428, 433, 437, and 438 shall be considered as one class of property and shall be assessed as a percentage of its actual value. The percentage shall be determined by the director of revenue in accordance with the provisions of this section. For valuations established as of January 1, 1979, the percentage shall be the quotient of the dividend and divisor as defined in this section. The dividend shall be the total actual valuation established for 1978 by the department of revenue, plus ten percent of the amount so determined. The divisor for property valued by the department of revenue pursuant to chapters 428, 433, 437, and 438 shall be the valuation established for 1978, plus the amount of value added to the total actual value by the revaluation of the property by the department of revenue as of January 1, 1979. For valuations established as of January 1, 1980, commercial property and industrial property, excluding properties referred to in section 427A.1, subsection 8, shall be assessed at a percentage of the actual value of each class of property. The percentage shall be determined for each class of property by the director of revenue for the state in accordance with the provisions of this section. For valuations established as of January 1, 1980, the percentage shall be the quotient of the dividend and divisor as defined in this section. The dividend for each class of property shall be the dividend as determined for each class of property for valuations established as of January 1, 1979, adjusted by the product obtained by multiplying the percentage determined for that year by the amount of any additions or deletions to actual value, excluding those resulting from the revaluation of existing properties, as reported by the assessors on the abstracts of assessment for 1979, plus four percent of the amount so determined. The divisor for each class of property shall be the total actual value of all such property in 1979, as equalized by the director of revenue pursuant to section 441.49, plus the amount of value added to the total actual value by the revaluation of existing properties in 1980. The director shall utilize information reported on the abstracts of assessment submitted pursuant to section 441.45 in determining such percentage. For valuations established as of January 1, 1980, property valued by the department of revenue pursuant to chapters 428, 433, 437, and 438 shall be assessed at a percentage of its actual value. The percentage shall be determined by the director of revenue in accordance with the provisions of this section. For valuations established as of January 1, 1980, the percentage shall be the quotient of the dividend and divisor as defined in this section. The dividend shall be the total actual valuation established for 1979 by the department of revenue, plus eight percent of the amount so determined. The divisor for property valued by the department of revenue pursuant to chapters 428, 433, 437, and 438 shall be the valuation established for 1979, plus the amount of value added to the total actual value by the revaluation of the property by the department of revenue as of January 1, 1980. For valuations established as of January 1, 1981, and each year thereafter, the percentage of actual value as equalized by the director of revenue as provided in section 441.49 at which commercial property and industrial property, excluding properties referred to in section 427A.1, subsection 8, shall be assessed shall be calculated in accordance with the methods provided herein, except that any references to six percent in this subsection shall be four percent. For valuations established as of January 1, 1981, and each year thereafter, the percentage of actual value at which property valued by the department of revenue pursuant to chapters 428, 433, 437, and 438 shall be assessed shall be calculated in accordance with the methods provided herein, except that any references to ten percent in this subsection shall be eight percent. Beginning with valuations established as of January 1, 1979, and each year thereafter, property valued by the department of revenue pursuant to chapter 434 shall also be assessed at a percentage of its actual value which percentage shall be equal to the percentage determined by the director of revenue for commercial property, industrial property, or property valued by the department of revenue pursuant to chapters 428, 433, 437, and 438, whichever is lowest.
   b.  Notwithstanding paragraph “a”, for valuations established for the assessment year beginning January 1, 2012, through valuations established for the assessment year beginning January 1, 2031, the percentage of actual value, as equalized by the director of revenue as provided in section 441.49, at which commercial property, excluding properties referred to in section 427A.1, subsection 8, shall be assessed shall be the percentage of actual value that commercial property was assessed in the previous assessment year minus one percentage point. For valuations established as of January 1, 2032, and each year thereafter, the percentage of actual value, as equalized by the director of revenue as provided in section 441.49, at which commercial property, excluding properties referred to in section 427A.1, subsection 8, shall be assessed shall be the percentage of actual value that commercial property was assessed in the assessment year beginning January 1, 2031.
   c.  Notwithstanding paragraph “a”, for valuations established for the assessment year beginning January 1, 2012, through valuations established for the assessment year beginning January 1, 2031, the percentage of actual value, as equalized by the director of revenue as provided in section 441.49, at which industrial property, excluding properties referred to in section 427A.1, subsection 8, shall be assessed shall be the percentage of actual value that industrial property was assessed in the previous assessment year minus one percentage point. For valuations established as of January 1, 2032, and each year thereafter, the percentage of actual value, as equalized by the director of revenue as provided in section 441.49, at which industrial property, excluding properties referred to in section 427A.1, subsection 8, shall be assessed shall be the percentage of actual value that industrial property was assessed in the assessment year beginning January 1, 2031.
   Sec. ___.  COMMERCIAL AND INDUSTRIAL PROPERTY TAX REVIEW COMMITTEE.
   1.  Effective January 1, 2017, a commercial and industrial property tax review committee is established. Staffing assistance to the committee shall be provided by the department of revenue and the legislative services agency. The committee shall consist of six members of the general assembly, two appointed by the majority leader of the senate, one appointed by the minority leader of the senate, two appointed by the speaker of the house of representatives, and one appointed by the minority leader of the house of representatives.
   2.  The commercial and industrial property tax review committee shall review the implementation and fiscal impact of the commercial and industrial property assessment limitations established in this division of this Act. The commercial and industrial property tax review committee shall report to the general assembly by January 15, 2018. The report shall include any recommended changes in laws relating to the commercial and industrial property tax assessment limitations established in this division of this Act.
   Sec. ___.  APPLICABILITY.  This division of this Act applies to assessment years beginning on or after January 1, 2012.>
   2.  Page 25, after line 37 by inserting: 

<DIVISION ___

EDUCATION FINANCE

REGULAR PROGRAM AND CATEGORICAL STATE PERCENT 

OF GROWTH FOR EDUCATION —— FY 2011-2012
   Sec. ___.  Section 257.8, subsection 1, Code 2011, is amended to read as follows:
   1.  State percent of growth.  The state percent of growth for the budget year beginning July 1, 2009, is four percent. The state percent of growth for the budget year beginning July 1, 2010, is two percent.  The state percent of growth for the budget year beginning July 1, 2011, is two percent. The state percent of growth for each subsequent budget year shall be established by statute which shall be enacted within thirty days of the submission in the year preceding the base year of the governor’s budget under section 8.21. The establishment of the state percent of growth for a budget year shall be the only subject matter of the bill which enacts the state percent of growth for a budget year.
   Sec. ___.  Section 257.8, subsection 2, Code 2011, is amended to read as follows:
   2.  Categorical state percent of growth.  The categorical state percent of growth for the budget year beginning July 1, 2010, is two percent.  The categorical state percent of growth for the budget year beginning July 1, 2011, is two percent. The categorical state percent of growth for each budget year shall be established by statute which shall be enacted within thirty days of the submission in the year preceding the base year of the governor’s budget under section 8.21. The establishment of the categorical state percent of growth for a budget year shall be the only subject matter of the bill which enacts the categorical state percent of growth for a budget year. The categorical state percent of growth may include state percents of growth for the teacher salary supplement, the professional development supplement, and the early intervention supplement.
   Sec. ___.  CODE SECTION 257.8 —— APPLICABILITY.  The requirements of section 257.8 regarding the time period of enactment and the subject matter of the legislation establishing the state percent of growth and the categorical state percent of growth for a budget year are not applicable to the division. The requirements of section 257.8 regarding enactment of the regular program state percent of growth and categorical state percent of growth within thirty days of the submission in the year preceding the base year of the governor’s budget and the requirements that the subject matter of each bill establishing the state percent of growth or the categorical state percent of growth be the only subject matter of the bill do not apply to this division of this Act.
   Sec. ___.  APPLICABILITY.  This division of this Act is applicable for computing state aid under the state school foundation program for the school budget year beginning July 1, 2011.>
   3.  By striking page 25, line 44, through page 26, line 8, and inserting: 
   <(2)  “Total approved tax credits” means for the tax year beginning in the 2006 calendar year, two million five hundred thousand dollars, for the tax year beginning in the 2007 calendar year, five million dollars, and for tax years beginning on or after January 1, 2008, and before January 1, 2012, seven million five hundred thousand dollars.  For tax years beginning on or after January 1, 2012, and only if legislation is enacted by the eighty-fourth general assembly, 2011 session, amending section 257.8, subsections 1 and 2, to establish both the state percent of growth and the categorical state percent of growth for the budget year beginning July 1, 2011, at two percent or greater than two percent,“total approved tax credits” means ten million dollars.>
   4.  By renumbering as necessary.

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JACOBY of Johnson

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