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