House File 19 - Introduced



                                       HOUSE FILE       
                                       BY  KUHN and WHITAKER


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

                                      A BILL FOR

  1 An Act changing the amounts of appropriations available for the
  2    agricultural land credit fund and the family farm tax credit
  3    fund and including effective and applicability date
  4    provisions.
  5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  6 TLSB 1371HH 81
  7 mg/pj/5

PAG LIN



  1  1    Section 1.  Section 425A.1, Code 2005, is amended to read
  1  2 as follows:
  1  3    425A.1  FAMILY FARM TAX CREDIT FUND.
  1  4    The family farm tax credit fund is created in the office of
  1  5 the treasurer of state.  There shall be transferred annually
  1  6 to the fund the first ten twenty million dollars of the amount
  1  7 annually appropriated to the agricultural land credit fund,
  1  8 provided in section 426.1.  Any balance in the fund on June 30
  1  9 shall revert to the general fund.
  1 10    Sec. 2.  Section 426.1, Code 2005, is amended to read as
  1 11 follows:
  1 12    426.1  AGRICULTURAL LAND CREDIT FUND.
  1 13    There is created as a permanent fund in the office of the
  1 14 treasurer of state a fund to be known as the agricultural land
  1 15 credit fund, and for the purpose of establishing and
  1 16 maintaining this fund for each fiscal year there is
  1 17 appropriated thereto from funds in the general fund not
  1 18 otherwise appropriated the sum of thirty=nine million one
  1 19 hundred thousand dollars of which the first ten twenty million
  1 20 dollars shall be transferred to and deposited into the family
  1 21 farm tax credit fund created in section 425A.1.  Any balance
  1 22 in said fund on June 30 shall revert to the general fund.
  1 23    Sec. 3.  EFFECTIVE AND APPLICABILITY DATES.  This Act,
  1 24 being deemed of immediate importance, takes effect upon
  1 25 enactment and applies to family farm tax credits and
  1 26 agricultural land tax credits allowed for property taxes
  1 27 payable in fiscal years beginning on or after July 1, 2005.
  1 28                           EXPLANATION
  1 29    This bill increases from $10 million to $20 million the
  1 30 amount available for family farm tax credits.  Since the
  1 31 amount available is transferred from the appropriation made to
  1 32 the agricultural land credit fund, the amount available for
  1 33 agricultural land tax credits is reduced by $10 million.
  1 34    The bill takes effect upon enactment and applies to family
  1 35 farm and agricultural land tax credits allowed for property
  2  1 taxes payable in fiscal years beginning on or after July 1,
  2  2 2005.
  2  3 LSB 1371HH 81
  2  4 mg/pj/5