House
File
1050
-
Introduced
HOUSE
FILE
1050
BY
COMMITTEE
ON
WAYS
AND
MEANS
(SUCCESSOR
TO
HSB
238)
A
BILL
FOR
An
Act
relating
to
the
assessment
of
property
containing
1
certain
aboveground
storage
tanks
and
including
effective
2
date
and
retroactive
applicability
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
TLSB
1702HV
(2)
91
jm/md
H.F.
1050
Section
1.
Section
427A.1,
Code
2025,
is
amended
by
adding
1
the
following
new
subsection:
2
NEW
SUBSECTION
.
6A.
Notwithstanding
the
other
provisions
3
of
this
section,
aboveground
storage
tanks
with
a
capacity
4
of
ninety-one
thousand
gallons
or
less,
no
matter
the
use
or
5
intended
use
in
the
subject
property,
shall
not
be
assessed
and
6
taxed
as
real
property.
7
Sec.
2.
IMPLEMENTATION.
Section
25B.7
shall
not
apply
to
8
this
Act.
9
Sec.
3.
EFFECTIVE
DATE.
This
Act,
being
deemed
of
immediate
10
importance,
takes
effect
upon
enactment.
11
Sec.
4.
RETROACTIVE
APPLICABILITY.
This
Act
applies
12
retroactively
to
assessment
years
beginning
on
or
after
January
13
1,
2025.
14
EXPLANATION
15
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
16
the
explanation’s
substance
by
the
members
of
the
general
assembly.
17
Code
section
427A.1
specifies
that
for
the
purposes
of
18
property
taxation
only,
certain
property
shall
be
assessed
19
and
taxed,
unless
otherwise
qualified
for
exemption,
as
real
20
property,
including
buildings,
structures,
or
improvements,
any
21
of
which
are
constructed
on
or
in
the
land,
attached
to
the
22
land,
or
placed
upon
a
foundation
whether
or
not
attached
to
23
the
foundation.
However,
property
is
not
“attached”
if
it
is
24
a
kind
of
property
which
would
ordinarily
be
removed
when
the
25
owner
of
the
property
moves
to
another
location.
26
This
bill
provides
that
aboveground
storage
tanks
with
27
a
capacity
of
91,000
gallons
or
less,
no
matter
the
use
or
28
intended
use
in
the
subject
property,
shall
not
be
assessed
and
29
taxed
as
real
property.
30
The
bill
makes
inapplicable
Code
section
25B.7.
Code
31
section
25B.7
provides
that
for
a
property
tax
credit
or
32
exemption
enacted
on
or
after
January
1,
1997,
if
a
state
33
appropriation
made
to
fund
the
credit
or
exemption
is
not
34
sufficient
to
fully
fund
the
credit
or
exemption,
the
political
35
-1-
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1702HV
(2)
91
jm/md
1/
2
H.F.
1050
subdivision
shall
be
required
to
extend
to
the
taxpayer
only
1
that
portion
of
the
credit
or
exemption
estimated
by
the
2
department
of
revenue
to
be
funded
by
the
state
appropriation.
3
The
bill
takes
effect
upon
enactment
and
applies
4
retroactively
to
assessment
years
beginning
on
or
after
January
5
1,
2025.
6
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1702HV
(2)
91
jm/md
2/
2