Senate Study Bill 1255 - Introduced SENATE FILE _____ BY (PROPOSED COMMITTEE ON WAYS AND MEANS BILL BY CHAIRPERSON DAWSON) A BILL FOR An Act relating to the property tax exemption for fairgrounds 1 and including effective date and retroactive applicability 2 provisions. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 2807XC (4) 89 md/jh

S.F. _____ Section 1. Section 427.1, subsection 39, Code 2021, is 1 amended to read as follows: 2 39. County fair property. Fairgrounds Property, including 3 fairgrounds , as defined in section 174.1 , that are owned by a 4 county or a fair, as defined in section 174.1 , and fairgrounds, 5 as defined in section 174.1, owned by a county . The use of such 6 property or fairgrounds for purposes other than a fair event, 7 as defined in section 174.1 , by the owner or by a lessee, 8 including uses for pecuniary profit, shall not affect the 9 exemption. 10 Sec. 2. EFFECTIVE DATE. This Act, being deemed of immediate 11 importance, takes effect upon enactment. 12 Sec. 3. RETROACTIVE APPLICABILITY. This Act applies 13 retroactively to assessment years beginning on or after January 14 1, 2020. 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 Current Code section 427.1(39) establishes a property tax 19 exemption for fairgrounds, as defined in Code section 174.1, 20 that are owned by a county or a fair, as defined in Code section 21 174.1, and the use of such fairgrounds for purposes other than 22 a fair event by the owner or by a lessee, including uses for 23 pecuniary profit, do not affect the exemption. 24 This bill modifies the exemption to specify that property, 25 including fairgrounds, owned by a fair and fairgrounds owned by 26 a county qualify for the exemption. 27 The bill takes effect upon enactment and applies 28 retroactively to assessment years beginning on or after January 29 1, 2020. 30 -1- LSB 2807XC (4) 89 md/jh 1/ 1