House Study Bill 42 - Introduced HOUSE FILE _____ BY (PROPOSED COMMITTEE ON VETERANS AFFAIRS BILL BY CHAIRPERSON SALMON) A BILL FOR An Act relating to eligibility for a property tax exemption for 1 certain property of veterans associations. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 1761YC (2) 89 dg/rn
H.F. _____ Section 1. Section 427.1, subsection 5, Code 2021, is 1 amended to read as follows: 2 5. Property of associations of war veterans. 3 a. The property of any organization composed wholly of 4 veterans of any war , when such property is, except as otherwise 5 provided in this subsection or subsection 14 , devoted entirely 6 to its own use and not held for pecuniary profit. 7 b. The operation of bingo games on property of such 8 organization shall not adversely affect the exemption of that 9 property under this subsection if all proceeds, in excess 10 of expenses, are used for the legitimate purposes of the 11 organization. 12 c. The occasional or irregular lease or rental of all 13 or a portion of the property of such organization shall not 14 adversely affect the exemption of that property under this 15 subsection if the proceeds from such lease or rental do not 16 exceed two hundred fifty dollars per lease or rental, and the 17 proceeds, in excess of expenses, are used for the legitimate 18 purposes of the organization. In addition, the occasional 19 or irregular lease or rental shall be considered a use for 20 the appropriate objects of the organization for purposes of 21 subsection 14 . 22 EXPLANATION 23 The inclusion of this explanation does not constitute agreement with 24 the explanation’s substance by the members of the general assembly. 25 This bill concerns the property tax exemption for certain 26 property of an organization composed of veterans. The bill 27 strikes the requirement that the exemption is limited only to 28 those organizations wholly composed of veterans of any war and 29 instead allows the exemption for organizations composed of 30 veterans. 31 -1- LSB 1761YC (2) 89 dg/rn 1/ 1