Senate Study Bill 1350 



                                       SENATE FILE       
                                       BY  (PROPOSED COMMITTEE ON
                                            WAYS AND MEANS BILL BY
                                            CHAIRPERSON BOLKCOM)


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

                                      A BILL FOR

  1 An Act relating to tax exemptions for livestock=related
  2    pollution=control or recycling property.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 2887SC 82
  5 tm/je/5

PAG LIN



  1  1    Section 1.  Section 427.1, subsection 19, unnumbered
  1  2 paragraph 8, Code 2007, is amended to read as follows:
  1  3    For the purposes of this subsection, "pollution=control
  1  4 property" means personal property or improvements to real
  1  5 property, or any portion thereof, used primarily to control or
  1  6 abate pollution of any air or water of this state or used
  1  7 primarily to enhance the quality of any air or water of this
  1  8 state and "recycling property" means personal property or
  1  9 improvements to real property or any portion of the property,
  1 10 used primarily in the manufacturing process and resulting
  1 11 directly in the conversion of waste glass, waste plastic,
  1 12 wastepaper products, waste paperboard, or waste wood products
  1 13 into new raw materials or products composed primarily of
  1 14 recycled material.  In the event such property shall also
  1 15 serve other purposes or uses of productive benefit to the
  1 16 owner of the property, only such portion of the assessed
  1 17 valuation thereof as may reasonably be calculated to be
  1 18 necessary for and devoted to the control or abatement of
  1 19 pollution, to the enhancement of the quality of the air or
  1 20 water of this state, or for recycling shall be exempt from
  1 21 taxation under this subsection.  "Pollution=control property"
  1 22 and "recycling property" do not include property used for
  1 23 purposes related to the care and feeding of livestock as
  1 24 defined in section 169C.1, except for property which is
  1 25 eligible for a family farm tax credit as provided in chapter
  1 26 425A.
  1 27    The exemption calculated for pollution=control property or
  1 28 recycling property used for purposes related to the care and
  1 29 feeding of livestock as defined in section 169C.1, which is
  1 30 eligible for a family farm tax credit provided in chapter
  1 31 425A, is limited to the first one hundred thousand dollars in
  1 32 assessed value.
  1 33                           EXPLANATION
  1 34    This bill relates to tax exemptions for livestock=related
  1 35 pollution=control or recycling property.
  2  1    Currently, certain pollution=control or recycling property
  2  2 are exempted from property tax.  The bill provides that
  2  3 "pollution=control property" and "recycling property" do not
  2  4 include property used for purposes related to the care and
  2  5 feeding of livestock, except for property which is eligible
  2  6 for a family farm tax credit.  The bill provides that the
  2  7 property tax exemption calculated for pollution=control
  2  8 property or recycling property used for purposes related to
  2  9 the care and feeding of livestock, which is eligible for a
  2 10 family farm tax credit, is limited to the first $100,000 in
  2 11 assessed value.
  2 12 LSB 2887SC 82
  2 13 tm:rj/je/5