S.F. 17 Section 1. Section 403.19, subsection 1, Code 2017, 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 established on or after the effective date of 8 this Act or located on territory added to an existing urban 9 renewal area on or after the effective date of this Act shall 10 be allocated to and when collected paid into the funds for the 11 respective taxing districts in the same manner as all other 12 property taxes. 13 Sec. 2. EFFECTIVE UPON ENACTMENT. This Act, being deemed of 14 immediate importance, takes effect upon enactment. 15 EXPLANATION 16 The inclusion of this explanation does not constitute agreement with 17 the explanation’s substance by the members of the general assembly. 18 Code section 403.19 authorizes municipalities to provide 19 by ordinance for the division of property tax revenue (tax 20 increment financing) collected against property located within 21 an urban renewal area. This bill provides that property taxes 22 levied on or after the effective date of the bill against wind 23 energy conversion property located in an urban renewal area 24 established on or after the effective date of the bill or 25 located on territory added to an existing urban renewal area 26 on or after the effective date of the bill shall be allocated 27 to and when collected paid into the funds for the respective 28 taxing districts in the same manner as all other property 29 taxes. 30 The bill takes effect upon enactment. 31 -1- LSB 1499SS (2) 87 md/sc 1/ 1