Bills › 89th General Assembly

SF 120Died when the session ended · January 21, 2021

Establishing a homestead adjustment property tax credit for certain property of persons who have attained the age of sixty-five or who are totally disabled, applying income limitations, providing a penalty, making appropriations, and including retroactive and other applicability provisions

Topics:State budgetTaxesProperty taxesTax credits & incentives

Where it is now

  1. Done: IntroducedJanuary 21, 2021
  2. Done: SubcommitteeJanuary 26, 2021
  3. Stopped: Senate committeeDied when the General Assembly ended
  4. Next: Passes the Senate
  5. Next: House committee
  6. Next: Passes the House
  7. Next: To the Governor
  8. Next: Signed into law

Died when the session ended The 2022 session adjourned on May 24, 2022, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?

What’s in it

This bill establishes a homestead adjustment credit for an owner of a homestead with an actual value of less than $250,000 if the owner is a person who is either or older or totally disabled, and who has household income of less than $30,000 per year. If the qualifications established in the bill are met, the amount of the homestead adjustment credit shall be an amount equal to the amount of property taxes levied against the homestead for the base assessment year, as defined in the bill, following application of all applicable property tax credits other than the homestead adjustment credit minus the amount of property taxes levied against the homestead for the assessment year preceding the base assessment year following application of all property tax credits.

Read the full explanation

Only one claimant per household per fiscal year may receive the credit under the bill. The bill annually appropriates from the general fund of the state to the department of revenue for deposit in the homestead adjustment credit fund, created in the bill, an amount sufficient to fund all of the homestead adjustment credits for the fiscal year. The bill provides that a person who makes a false affidavit for the purpose of obtaining a credit, knowingly receives a credit without being legally entitled to it, or makes claim for a credit in more than one county without being legally entitled to it is guilty of a fraudulent practice and is subject to a criminal penalty.7, relating to the obligation of the state to reimburse local jurisdictions for newly enacted property tax credits and exemptions, do not apply to the bill. The bill applies retroactively to January 1, 2021, for assessment years beginning on or after that date and applies to claims filed on or after January 1, 2022, for the credit.

Full bill text1

Senate subcommittee

Named January 26, 2021. It hasn’t reported yet.

Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part

Fiscal note

The property tax changes contained in the Bill will reduce property taxes owed on qualified homestead properties. 3 million for FY 2026. 5 million per year for the foreseeable future. The Bill provides for a standing unlimited appropriation from the State General Fund to reimburse the local property tax system for the reduced property tax.

Reading a fiscal note2

Iowa Code it changes

Creates§425B.1§425B.10§425B.11§425B.2§425B.3§425B.4§425B.5§425B.6§425B.7§425B.8§425B.9

How the Code works3

Lobbying

0 for · 2 against · 6 undecided · Who →

Family tree

Earlier and later bills are matched by wording or an identical title.

Tried before

This idea has been filed in an earlier General Assembly. None got through a chamber.

  • SF 2227 Establishing a homestead adjustment property tax credit for certain property of persons wh…
    88th General Assembly · Subcommittee recommends passage · same title
    Cleared committee
  • SF 100 Establishing a homestead adjustment property tax credit for certain property of persons wh…
    88th General Assembly · In committee · same title
    Cleared committee

Matched by wording or an identical title.