HF 391 (LSB 2280YH (2) 85)

HOUSE FILE 391

BY  T. OLSON

A BILL FOR

An Act relating to the filing for an exemption from property taxes for certain property of educational institutions and including effective date and retroactive applicability provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  EDUCATIONAL INSTITUTION PROPERTY TAX EXEMPTION —— FILING.  Notwithstanding the requirement for the filing of a statement claiming the property tax exemption by February 1 as provided in section 427.1, subsection 9, for the assessment year beginning January 1, 2013, the statement claiming the exemption under section 427.1, subsection 9, for property owned by an educational institution as part of its endowment fund that was acquired by the educational institution from a governmental entity after January 1, 2012, and that is located in a county having a population of at least two hundred thousand but not more than two hundred fifty thousand according to the 2010 federal decennial census, shall be filed not later than June 1, 2013.
    Sec. 2.  EFFECTIVE UPON ENACTMENT.  This Act, being deemed of immediate importance, takes effect upon enactment.
    Sec. 3.  RETROACTIVE APPLICABILITY.  This Act applies retroactively to January 1, 2013, for assessment years beginning on or after that date.
EXPLANATION
   This bill provides that notwithstanding the requirement for the filing of a statement claiming the educational institution property tax exemption by February 1 as provided in Code section 427.1(9), for the assessment year beginning January 1, 2013, the statement claiming the exemption for property owned by an educational institution as part of its endowment fund that was acquired by the educational institution from a governmental entity after January 1, 2012, and that is located in a county having a population of at least 200,000 but not more than 250,000 according to the 2010 federal decennial census, shall be filed not later than June 1, 2013.
   The bill takes effect upon enactment and applies retroactively to January 1, 2013, for assessment years beginning on or after that date.