General Assembly: 84 (2011 Regular GA) - Chapter 112 - Family farm property tax credit


Published: 2011-05-26

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CHAPTER 112 FAMILY FARM PROPERTY TAX CREDIT

S.F. 530

AN ACT relating to the family farm property tax credit by providing for eligible entities and including effective date and applicability provisions.

Be It Enacted by the General Assembly of the State of Iowa:

Section 1. Section 425A.2, subsection 4, Code 2011, is amended by adding the following new paragraphs: NEW PARAGRAPH. 0d. If the owner is a family farm limited liability company, a family

member who is a member of the family farm limited liability company or the member’s spouse. NEW PARAGRAPH. 0e. If the owner is an authorized limited liability company, a member

who holds at least fifty-one percent of all membership interests in the authorized limited liability company, or the member’s spouse. NEW PARAGRAPH. 0f. If the owner is an individual who leases the tract to a family

farm limited liability company, a member of the family farm limited liability company if the combined interests of the family farm limited liability company held by the owner of the tract and persons related to the owner as enumerated in paragraph “a” is equal to at least fifty-one percent of the interests of the family farm limited liability company.

Sec. 2. Section 425A.2, subsection 6, paragraph f, Code 2011, is amended to read as follows: f. A family farm corporation or, family farm limited liability company, authorized farm

corporation, as both are or authorized limited liability company, as defined in section 9H.1, which owns the agricultural land.

Sec. 3. EFFECTIVE DATE AND APPLICABILITY. This Act takes effect January 1, 2012, and applies to family farm limited liability company and authorized limited liability company tax credit claims filed on or after that date.

Approved May 26, 2011

Tue Oct 23 13:57:38 2012 1/ 1