SSB 1255 (LSB 2807XC (4) 89)

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 and including effective date and retroactive applicability provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 427.1, subsection 39, Code 2021, is amended to read as follows:
   39.  County fair property.  Fairgrounds Property, including fairgrounds, as defined in section 174.1, that are owned by a county or a fair, as defined in section 174.1, and fairgrounds, as defined in section 174.1, owned by a county. The use of such property or fairgrounds for purposes other than a fair event, as defined in section 174.1, by the owner or by a lessee, including uses for pecuniary profit, shall not affect the exemption.
    Sec. 2.  EFFECTIVE DATE.  This Act, being deemed of immediate importance, takes effect upon enactment.
    Sec. 3.  RETROACTIVE APPLICABILITY.  This Act applies retroactively to assessment years beginning on or after January 1, 2020.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   Current Code section 427.1(39) establishes a property tax exemption for fairgrounds, as defined in Code section 174.1, that are owned by a county or a fair, as defined in Code section 174.1, and the use of such fairgrounds for purposes other than a fair event by the owner or by a lessee, including uses for pecuniary profit, do not affect the exemption.
   This bill modifies the exemption to specify that property, including fairgrounds, owned by a fair and fairgrounds owned by a county qualify for the exemption.
   The bill takes effect upon enactment and applies retroactively to assessment years beginning on or after January 1, 2020.