Bill Text: IA SF2145 | 2017-2018 | 87th General Assembly | Introduced
Bill Title: A bill for an act relating to the property tax exemption for dwelling units owned and managed by certain nonprofit organizations and including applicability provisions.
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2018-01-31 - Subcommittee: Feenstra, Edler, and Hogg. S.J. 196. [SF2145 Detail]
Download: Iowa-2017-SF2145-Introduced.html
Senate File 2145 - Introduced SENATE FILE BY BERTRAND A BILL FOR 1 An Act relating to the property tax exemption for dwelling 2 units owned and managed by certain nonprofit organizations 3 and including applicability provisions. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: TLSB 5814XS (2) 87 md/jh PAG LIN 1 1 Section 1. Section 427.1, subsection 21A, Code 2018, is 1 2 amended to read as follows: 1 3 21A. Dwelling unit property owned by community housing 1 4 development organization. Dwelling unit property owned,and1 5 managed, or controlled by a community housing development 1 6 organization, as recognized by the state of Iowa and the 1 7 federal government pursuant to criteria for community housing 1 8 development organization designation contained in the HOME 1 9 program of the federal National Affordable Housing Act of 1990, 1 10 if the organization is also a nonprofit organization exempt 1 11 from federal income tax under section 501(c)(3) of the Internal 1 12 Revenue Code and owns and manages more than one hundred fifty 1 13 dwelling units that are located in a city with a population of 1 14 more thanone hundred teneighty thousand. For the2005 and 1 15 2006assessment years beginning January 1, 2005, and January 1 16 1, 2006, an application is not required to be filed to receive 1 17 the exemption. For the2007assessment year beginning January 1 18 1, 2007, and subsequent assessment years, an application for 1 19 exemption must be filed with the assessing authority not later 1 20 than February 1 of the assessment year for which the exemption 1 21 is sought. Upon the filing and allowance of the claim, the 1 22 claim shall be allowed on the property for successive years 1 23 without further filing as long as the property continues to 1 24 qualify for the exemption. 1 25 Sec. 2. IMPLEMENTATION. Section 25B.7 shall not apply to 1 26 this Act. 1 27 Sec. 3. APPLICABILITY. This Act applies to assessment years 1 28 beginning on or after January 1, 2019. 1 29 EXPLANATION 1 30 The inclusion of this explanation does not constitute agreement with 1 31 the explanation's substance by the members of the general assembly. 1 32 Current law provides an exemption from property taxation 1 33 for dwelling unit property owned and managed by a nonprofit 1 34 community housing development organization if the organization 1 35 owns and manages more than 150 dwelling units located in a city 2 1 with a population of more than 110,000. This bill authorizes 2 2 the property tax exemption for dwelling unit property if the 2 3 property is owned, managed, or controlled by a community 2 4 housing development organization, instead of requiring both 2 5 ownership and management of the property. The bill also lowers 2 6 the city population criteria from 110,000 to 80,000. 2 7 The bill makes inapplicable Code section 25B.7. Code 2 8 section 25B.7 provides that for a property tax credit or 2 9 exemption enacted on or after January 1, 1997, if a state 2 10 appropriation made to fund the credit or exemption is not 2 11 sufficient to fully fund the credit or exemption, the political 2 12 subdivision shall be required to extend to the taxpayer only 2 13 that portion of the credit or exemption estimated by the 2 14 department of revenue to be funded by the state appropriation. 2 15 This bill applies to assessment years beginning on or after 2 16 January 1, 2019. LSB 5814XS (2) 87 md/jh
