S.F. 50 Section 1. Section 403.19, subsection 1, Code 2015, is 1 amended by adding the following new paragraph: 2 NEW PARAGRAPH . 0c. For the purpose of allocating taxes 3 levied by or for any taxing district, and notwithstanding 4 any provision to the contrary, taxes levied on or after the 5 effective date of this Act against wind energy conversion 6 property as defined in section 427B.26 and located in an urban 7 renewal area shall be allocated to and when collected paid 8 into the funds for the respective taxing districts in the same 9 manner as all other property taxes. 10 Sec. 2. EFFECTIVE UPON ENACTMENT. This Act, being deemed of 11 immediate importance, takes effect upon enactment. 12 EXPLANATION 13 The inclusion of this explanation does not constitute agreement with 14 the explanation’s substance by the members of the general assembly. 15 Code section 403.19 authorizes municipalities to provide 16 by ordinance for the division of property tax revenue (tax 17 increment financing) collected against property located within 18 an urban renewal area. This bill provides that property taxes 19 levied on or after the effective date of the bill against wind 20 energy conversion property located in an urban renewal area 21 shall be allocated to and when collected paid into the funds 22 for the respective taxing districts in the same manner as all 23 other property taxes. 24 The bill takes effect upon enactment. 25 -1- LSB 1065XS (3) 86 md/sc 1/ 1