Bill Text: IA HF2093 | 2017-2018 | 87th General Assembly | Introduced
Bill Title: A bill for an act relating to a tax credit for pollution-control and recycling property connected to property used for the care and feeding of livestock, and including effective date and applicability provisions.
Spectrum: Partisan Bill (Democrat 10-0)
Status: (Introduced - Dead) 2018-01-24 - Subcommittee: Vander Linden, Kurth and Windschitl. H.J. 150. [HF2093 Detail]
Download: Iowa-2017-HF2093-Introduced.html
House File 2093 - Introduced HOUSE FILE BY STECKMAN, HUNTER, STAED, MASCHER, JACOBY, OLDSON, BENNETT, MEYER, KURTH, and KEARNS A BILL FOR 1 An Act relating to a tax credit for pollution=control and 2 recycling property connected to property used for the care 3 and feeding of livestock, and including effective date and 4 applicability provisions. 5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: TLSB 5220YH (3) 87 da/rn PAG LIN 1 1 Section 1. Section 427.1, subsection 19, paragraph e, 1 2 subparagraph (1), Code 2018, is amended to read as follows: 1 3 (1) For the purposes of thissubsection, "pollution=control 1 4 property"subsection: 1 5 (a) "Pollution=control property" means personal property or 1 6 improvements to real property, or any portion thereof, used 1 7 primarily to control or abate pollution of any air or water of 1 8 this state or used primarily to enhance the quality of any air 1 9 or water of this state and "recycling property" means personal 1 10 property or improvements to real property or any portion of 1 11 the property, used primarily in the manufacturing process and 1 12 resulting directly in the conversion of waste glass, waste 1 13 plastic, wastepaper products, waste paperboard, or waste wood 1 14 products into new raw materials or products composed primarily 1 15 of recycled material. In the event such property shall also 1 16 serve other purposes or uses of productive benefit to the owner 1 17 of the property, only such portion of the assessed valuation 1 18 thereof as may reasonably be calculated to be necessary for 1 19 and devoted to the control or abatement of pollution, to the 1 20 enhancement of the quality of the air or water of this state, 1 21 or for recycling shall be exempt from taxation under this 1 22 subsection. 1 23 (b) "Pollution=control property" or "recycling property" 1 24 does not include property used for purposes related to the 1 25 care and feeding of livestock as defined in section 169C.1, 1 26 except for property which is eligible for a family farm tax 1 27 credit as provided in chapter 425A. The exemption calculated 1 28 for pollution=control property or recycling property used for 1 29 the purpose of care and feeding of livestock and which is 1 30 eligible for a family farm tax credit is limited to the first 1 31 one hundred thousand dollars of the property's assessed value. 1 32 Sec. 2. EFFECTIVE DATE. This Act takes effect January 1, 1 33 2019. 1 34 Sec. 3. APPLICABILITY. This Act applies to tax years 1 35 beginning on or after January 1, 2019. 2 1 EXPLANATION 2 2 The inclusion of this explanation does not constitute agreement with 2 3 the explanation's substance by the members of the general assembly. 2 4 This bill amends Code section 427.1, which provides a 2 5 number of exemptions from property taxation. The Code section 2 6 includes an exemption for certain types of pollution=control 2 7 and recycling property as certified by the department of 2 8 natural resources. The bill limits this tax exemption for such 2 9 property that is related to the care and feeding of livestock 2 10 by requiring that the property used for the care and feeding 2 11 of livestock must be eligible for a family farm tax credit 2 12 under Code chapter 425A. The bill also provides that the tax 2 13 credit still available is limited to the first $100,000 of the 2 14 property's assessed value. The bill takes effect January 1, 2 15 2019, and is applicable for tax years beginning on and after 2 16 that date. LSB 5220YH (3) 87 da/rn
