Senate File 154 - Introduced SENATE FILE 154 BY ZAUN A BILL FOR An Act relating to the filing requirements for the business 1 property tax credit and including effective date provisions. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 2213XS (1) 88 md/jh

S.F. 154 Section 1. Section 426C.3, subsection 7, Code 2019, is 1 amended to read as follows: 2 7. When all or a portion of a parcel or property unit that 3 is allowed a credit under this chapter is sold, transferred, 4 or ownership otherwise changes, the buyer, transferee, or 5 new owner who wishes to receive the credit shall refile the 6 claim for credit. In addition, when a portion of a parcel or 7 property unit that is allowed a credit under this chapter is 8 sold, transferred, or ownership otherwise changes, the owner of 9 the portion of the parcel or property unit for which ownership 10 did not change shall refile the claim for credit. 11 Sec. 2. EFFECTIVE DATE. This Act, being deemed of immediate 12 importance, takes effect upon enactment. 13 EXPLANATION 14 The inclusion of this explanation does not constitute agreement with 15 the explanation’s substance by the members of the general assembly. 16 This bill strikes the provision in Code section 426C.3 17 requiring that when a portion of a parcel or property unit that 18 is allowed a business property tax credit is sold, transferred, 19 or ownership otherwise changes, the owner of the portion of the 20 parcel or property unit for which ownership did not change must 21 refile the claim for credit. 22 The bill takes effect upon enactment. 23 -1- LSB 2213XS (1) 88 md/jh 1/ 1