Senate File 459 - Reprinted





                                      SENATE FILE       
                                      BY  COMMITTEE ON WAYS AND MEANS

                                      (SUCCESSOR TO SF 426)
                                      (SUCCESSOR TO SSB 1292)


    Passed Senate, Date               Passed House,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act providing a property tax exemption for construction or
  2    installation of a geothermal heating or cooling system and
  3    including an applicability date provision.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  5 TLSB 2239SZ 83
  6 rn/sc/8

PAG LIN



  1  1    Section 1.  Section 427.1, Code 2009, is amended by adding
  1  2 the following new subsection:
  1  3    NEW SUBSECTION.  37.  a.  GEOTHERMAL HEATING OR COOLING
  1  4 SYSTEM.  The value added by any new or refitted construction
  1  5 or installation of a geothermal heating or cooling system on
  1  6 or after July 1, 2009, on property classified as residential.
  1  7 The exemption shall be allowed for ten years.  The exemption
  1  8 shall apply to any value added by the addition of mechanical,
  1  9 electrical, plumbing, ductwork, or other equipment, labor, and
  1 10 expenses included in or required for the construction or
  1 11 installation of the geothermal system, as well as the
  1 12 proportionate value of any well field associated with the
  1 13 system and attributable to the owner.
  1 14    b.  A person claiming an exemption under this subsection
  1 15 shall obtain the appropriate forms from the assessor.  The
  1 16 forms shall be prescribed by the director of revenue.  The
  1 17 claim shall be filed no later than February 1 of the first
  1 18 assessment year the exemption is requested and shall contain
  1 19 information pertaining to all costs and other information
  1 20 associated with construction or installation of the system.
  1 21 Once the exemption is allowed, the exemption shall continue to
  1 22 be allowed for ten consecutive years without further filing as
  1 23 long as the property remains residential.
  1 24    c.  The director of revenue shall adopt rules to implement
  1 25 this section.
  1 26    Sec. 2.  IMPLEMENTATION.  Section 25B.7 does not apply to
  1 27 the property tax exemption enacted in this Act.
  1 28    Sec. 3.  APPLICABILITY DATE.  This Act applies to
  1 29 assessment years beginning on or after January 1, 2010.
  1 30 SF 459
  1 31 rn/sc/jh/26