Bill Text: IA SF17 | 2017-2018 | 87th General Assembly | Introduced
Bill Title: A bill for an act relating to the division 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. [SF17 Detail]
Download: Iowa-2017-SF17-Introduced.html
Senate File 17 - Introduced SENATE FILE BY D. JOHNSON A BILL FOR 1 An Act relating to the division of property taxes levied 2 against wind energy conversion property located in an urban 3 renewal area and including effective date provisions. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: TLSB 1499SS (2) 87 md/sc 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. For the purpose of allocating taxes 1 4 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 Sec. 2. EFFECTIVE UPON ENACTMENT. This Act, being deemed of 1 15 immediate importance, takes effect upon enactment. 1 16 EXPLANATION 1 17 The inclusion of this explanation does not constitute agreement with 1 18 the explanation's substance by the members of the general assembly. 1 19 Code section 403.19 authorizes municipalities to provide 1 20 by ordinance for the division of property tax revenue (tax 1 21 increment financing) collected against property located within 1 22 an urban renewal area. This bill provides that property taxes 1 23 levied on or after the effective date of the bill against wind 1 24 energy conversion property located in an urban renewal area 1 25 established on or after the effective date of the bill or 1 26 located on territory added to an existing urban renewal area 1 27 on or after the effective date of the bill shall be allocated 1 28 to and when collected paid into the funds for the respective 1 29 taxing districts in the same manner as all other property 1 30 taxes. 1 31 The bill takes effect upon enactment. LSB 1499SS (2) 87 md/sc