Bill Text: IA SF16 | 2017-2018 | 87th General Assembly | Introduced

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Bill Title: A bill for an act relating to the division and allocation of property taxes levied against wind energy conversion property located in an urban renewal area and including effective date provisions.

Spectrum: Partisan Bill (Independent 1-0)

Status: (Introduced - Dead) 2017-01-19 - Subcommittee reassigned: Feenstra, Behn, and McCoy. S.J. 106. [SF16 Detail]

Download: Iowa-2017-SF16-Introduced.html

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Senate File 16 - Introduced




                                 SENATE FILE       
                                 BY  D. JOHNSON

                                      A BILL FOR

  1 An Act relating to the division and allocation of property
  2    taxes levied against wind energy conversion property located
  3    in an urban renewal area and including effective date
  4    provisions.
  5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
    TLSB 1523SS (2) 87
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PAG LIN



  1  1    Section 1.  Section 403.19, subsection 1, Code 2017, is
  1  2 amended by adding the following new paragraph:
  1  3    NEW PARAGRAPH.  0c.  (1)  For the purpose of allocating
  1  4 taxes levied by or for any taxing district, and notwithstanding
  1  5 any provision to the contrary, taxes levied on or after the
  1  6 effective date of this Act against wind energy conversion
  1  7 property as defined in section 427B.26 and located in an urban
  1  8 renewal area established on or after the effective date of
  1  9 this Act or located on territory added to an existing urban
  1 10 renewal area on or after the effective date of this Act shall
  1 11 be allocated to and when collected paid into the funds for the
  1 12 respective taxing districts in the same manner as all other
  1 13 property taxes.
  1 14    (2)  For the purpose of allocating taxes levied by or for
  1 15 any taxing district, and notwithstanding any provision to
  1 16 the contrary, taxes levied on or after the effective date of
  1 17 this Act against wind energy conversion property as defined in
  1 18 section 427B.26 that was first assessed for taxation twenty or
  1 19 more years before the assessment year for which taxes are being
  1 20 levied shall be allocated to and when collected paid into the
  1 21 funds for the respective taxing districts in the same manner as
  1 22 all other property taxes.
  1 23    Sec. 2.  EFFECTIVE UPON ENACTMENT.  This Act, being deemed of
  1 24 immediate importance, takes effect upon enactment.
  1 25                           EXPLANATION
  1 26 The inclusion of this explanation does not constitute agreement with
  1 27 the explanation's substance by the members of the general assembly.
  1 28    Code section 403.19 authorizes municipalities to provide
  1 29 by ordinance for the division of property tax revenue (tax
  1 30 increment financing) collected against property located within
  1 31 an urban renewal area.  This bill provides that property taxes
  1 32 levied on or after the effective date of the bill against wind
  1 33 energy conversion property located in an urban renewal area
  1 34 established on or after the effective date of the bill or
  1 35 located on territory added to an existing urban renewal area
  2  1 on or after the effective date of the bill shall be allocated
  2  2 to and when collected paid into the funds for the respective
  2  3 taxing districts in the same manner as all other property
  2  4 taxes.
  2  5    The bill also provides that taxes levied on or after the
  2  6 effective date of the bill against wind energy conversion
  2  7 property that was first assessed for taxation 20 or more years
  2  8 before the assessment year for which taxes are being levied,
  2  9 shall be allocated to and when collected paid into the funds
  2 10 for the respective taxing districts in the same manner as all
  2 11 other property taxes.
  2 12    The bill takes effect upon enactment.
       LSB 1523SS (2) 87
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