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