Senate File 283

                                       SENATE FILE       
                                       BY  LARSON


    Passed Senate,  Date               Passed House, Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act relating to the exemption from land ownership restrictions
  2    for nonresident aliens under the new jobs and income program.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 2816XS 80
  5 tm/cl/14

PAG LIN

  1  1    Section 1.  Section 15.331B, subsection 1, unnumbered
  1  2 paragraph 2, Code 2003, is amended to read as follows:
  1  3    The eligible business may receive one or more one=year
  1  4 extensions of the time limit for complying with the
  1  5 requirements of section 9I.4.  Each extension must be approved
  1  6 by the community prior to approval by the department.  An
  1  7 eligible business may receive one five=year extension and one
  1  8 or more one=year extensions.  The eligible business shall
  1  9 comply with the remaining provisions of chapter 9I to the
  1 10 extent they do not conflict with this subsection.
  1 11                           EXPLANATION
  1 12    This bill relates to the exemption from land ownership
  1 13 restrictions for nonresident aliens under the new jobs and
  1 14 income program.
  1 15    Currently under the new jobs and income program, an
  1 16 eligible business may apply for an exemption from the
  1 17 restrictions on agricultural holdings by nonresident aliens,
  1 18 foreign businesses, or foreign governments.  An eligible
  1 19 business receiving the exemption is allowed to receive one or
  1 20 more one=year extensions of the time limit for developing
  1 21 agricultural land acquired for nonfarming purposes.
  1 22    The bill provides that, in addition to the unlimited one=
  1 23 year extensions of the time limit, an eligible business may
  1 24 also receive one five=year extension of the time limit.
  1 25 LSB 2816XS 80
  1 26 tm/cl/14
  1 27
  1 28
  1 29
  1 30
  1 31
  1 32
  1 33
  1 34
  1 35