House File 2495 - Introduced HOUSE FILE BY ALONS, RAYHONS, DRAKE, JACOBS, SODERBERG, MAY, HEATON, ROBERTS, DOLECHECK, JONES, and KURTENBACH Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to the definition of recycling property for 2 purposes of the property tax exemption for pollution=control 3 or recycling property and providing an applicability date. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 5 TLSB 6069YH 81 6 sc/je/5 PAG LIN 1 1 Section 1. Section 427.1, subsection 19, unnumbered 1 2 paragraph 8, Code Supplement 2005, is amended to read as 1 3 follows: 1 4 For the purposes of this subsection, "pollution=control 1 5 property" means personal property or improvements to real 1 6 property, or any portion thereof, used primarily to control or 1 7 abate pollution of any air or water of this state or used 1 8 primarily to enhance the quality of any air or water of this 1 9 state and "recycling property" means personal property or 1 10 improvements to real property or any portion of the property, 1 11 used primarily in the manufacturing process and resulting 1 12 directly in the conversion of waste glass, waste plastic, 1 13 wastepaper products, waste paperboard, or waste wood products 1 14 into new raw materials or products composed primarily of 1 15 recycled material. In the event such property shall also 1 16 serve other purposes or uses of productive benefit to the 1 17 owner of the property, only such portion of the assessed 1 18 valuation thereof as may reasonably be calculated to be 1 19 necessary for and devoted to the control or abatement of 1 20 pollution, to the enhancement of the quality of the air or 1 21 water of this state, or for recycling shall be exempt from 1 22 taxation under this subsection. 1 23 Sec. 2. APPLICABILITY DATE. This Act applies to taxes due 1 24 and payable in fiscal years beginning on or after July 1, 1 25 2007. 1 26 EXPLANATION 1 27 This bill adds waste glass to the list of items converted 1 28 by recycling property for which an exemption from property 1 29 taxes may be claimed. 1 30 The bill applies to property taxes due and payable in 1 31 fiscal years beginning on or after July 1, 2007. 1 32 LSB 6069YH 81 1 33 sc:nh/je/5