Bill Text: IA SF2005 | 2015-2016 | 86th General Assembly | Introduced

Iowa Senate Bill 2005 (Prior Session Legislation)

IA State Legislature page for SF2005

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) 2016-01-13 - Subcommittee, Petersen, Feenstra, and Quirmbach. S.J. 61. [SF2005 Detail]

Download: Iowa-2015-SF2005-Introduced.html

Senate File 2005 - Introduced




                                 SENATE FILE       
                                 BY  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:
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PAG LIN



  1  1    Section 1.  Section 403.19, subsection 1, Code 2016, 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.
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