General Assembly: 76 (1995 Regular GA) - Chapter 84 - Property tax exemption for speculative shell buildings


Published: 1995-04-26

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.

CH. 84 lAWS OF THE SEVENIY-SIXTH GA, 1995 SESSION

CHAPTER84 PROPER1Y TAX EXEMPTION FOR SPECULATIVE SHELL BUILDINGS

H.F. 556

158

AN ACT relating to the definition of entities eligible for property tax exemption for construction of speculative shell buildings.

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

Section 1. Section 427.1, subsection 41, unnumbered paragraph 1, Code 1995, is amended to read as follows:

New construction of shell buildings by community development organizations. not-for- profit cooperative associations under chapter 499. or for-profit entities for speculative pur- poses or the portion of the value added to buildings being reconstructed or renovated by community development organizations. not-for-profit cooperative associations under chap- ter 499, or for-profit entities in order to become speculative shell buildings. The exemp- tion or partial exemption shall be allowed only pursuant to ordinance of a city council or board of supervisors, which ordinance shall specify if the exemption will be available for community development organizations, not-for-profit cooperative associations under chap- ter 499. or for-profit entities, eF beth, and shall be effective for the assessment year in which the building is first assessed for property taxation or the assessment year in which the reconstruction or renovation first adds value and all subsequent years until the prop- erty is leased or sold or for a specific time period stated in the ordinance or until the exemption is terminated by ordinance of the city council or board of supervisors which approved the exemption. Eligibility for an exemption as a speculative shell building shall be determined as of January 1 of the assessment year. However, an exemption shall not be granted a speculative shell building of a not-for-profit cooperative association under chap- ter 499 or a for-profit entity if the building is used by the cooperative association or for- profit entity, or a subsidiary ef the feF pFefit eBtity, or majority owners ef the feF pFefit eBtity thereof for other than as a speculative shell building. If the shell building or any portion of the shell building is leased or sold, the portion of the shell building which is leased or sold shall not be entitled to an exemption under this subsection for subsequent years. An application shall be filed pursuant to section 427B.4 for each project for which an exemption is claimed. Upon the sale of the shell building, the shell building shall be considered new construction for purposes of section 427B.1 if used for purposes set forth in section 427B.l.

Sec. 2. Section 427.1, subsection 41, paragraph b, Code 1995, is amended to read as follows:

b. "New construction" means new buildings or structures and includes new buildings or structures which are constructed as additions to existing buildings or structures. "New construction" also includes reconstruction or renovation of an existing building or struc- ture which constitutes complete replacement of an existing building or structure or refit- ting of an existing building or structure, if the reconstruction or renovation of the existing building or structure is required due to economic obsolescence, if the reconstruction or renovation is necessary to implement recognized industry standards for the manufactur- ing or processing of products, and the reconstruction or renovation is required in order to competitively manufacture or process products or for community development organiza- tions. not-for-profit cooperative associations under chapter 499, or for-profit entities to market a building or structure as a speculative shell building, which determination must receive prior approval from the city council of the city or county board of supervisors of the county.

Sec. 3. Section 427.1, subsection 41, paragraph c, Code 1995, is amended to read as follows:

c. "Speculative shell building" means a building or structure owned and constructed or reconstructed by a community development organization, a not-for-profit cooperative

159 lAWS OF THE SEVEN1Y-SIXTH GA, 1995 SESSION CH. 85

association under chapter 499, or a for-profit entity without a tenant or buyer for the pur- pose of attracting an employer or user which will complete the building to the employer's or user's specification for manufacturing, processing, or warehousing the employer's or user's product line.

Approved April25, 1995

CHAPTER85 VICTIM COMPENSATION

S.F. 132

AN ACT relating to compensation for victims of crimes, by providing for compensation to secondary victims of crimes and increasing the maximum amount that may be recovered for loss of work income due to injuries received by victims.

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

Section 1. Section 912.1, Code 1995, is amended by adding the following new subsec- tion:

NEW SUBSECTION. 4A. "Secondary victim" means the victim's spouse, children, par- ents, and siblings, and any person who resides in the victim's household at the time of the crime or at the time of the discovery of the crime. Secondary victim does not include persons who are the survivors of a victim who dies as a result of a crime.

Sec. 2. Section 912.6, subsection 2, Code 1995, is amended to read as follows: 2. Loss of income from work the victim would have performed and for which the victim

would have received remuneration if the victim had not been injured not to exceed twe six thousand dollars.

Sec. 3. Section 912.6, Code 1995, is amended by adding the following new subsection: NEW SUBSECTION. 8. Reasonable charges incurred for mental health care for sec-

ondary victims which includes the services provided by a psychologist licensed under chap- ter 154B, a person holding at least a masters in social work, counseling, or a related field, a victim counselor as defined in section 236A 1, or a psychiatrist licensed under chapter 147, 148, or 150A The allowable charges under this subsection shall not exceed one thou- sand dollars per secondary victim or a total of six thousand dollars.

Approved April 26, 1995