Proyectos de ley › 90.ª Asamblea General
Relating to the assessment and taxation of certain sanitary sewage and storm water drainage property and including effective date and retroactive applicability provisions
Presentado por el comité Ways and Means de la Cámara
Temas:Taxes
Dónde está ahora
- Hecho: Presentado20 de enero de 2023
- Hecho: Subcomité20 de enero de 2023
- Hecho: Comité de la Cámara1 de febrero de 2023
- Hecho: Lo aprueba la Cámara15 de febrero de 202399–0
- Hecho: Comité del Senado18 de abril de 2024
- Hecho: Lo aprueba el Senado19 de abril de 202446–0
- Hecho: A gobernador(a)29 de abril de 2024
- Hecho: Firmado como ley1 de mayo de 2024
Firmado como ley ¿Qué es el embudo (funnel)?
Qué contiene
Resumen con IA Public utilities that provide sewage or storm water drainage services through pipes would no longer have to pay property taxes on that equipment. These companies must update their rates by October 1, 2023, and may need to give a credit to the people paying for these services. This change applies to property used for these services starting from the 2023 assessment year. (Todavía no está traducido al español.)1
Lea la explicación oficial (en inglés)
1 to establish a property tax exemption for property owned or operated by a public utility that is directly and primarily used for furnishing sanitary sewage or storm water drainage disposal by piped collection system to the public for compensation.1.1 in all assessor jurisdictions in the state. The bill requires public utilities that own or operate the property exempted under the bill to file revised tariffs under Code chapter 476 on or before October 1, 2023, to reflect the exemption in the bill and, if applicable, provide a credit to ratepayers. 7.7 provides that for a property tax credit or exemption enacted on or after January 1, 1997, if a state appropriation made to fund the credit or exemption is not sufficient to fully fund the credit or exemption, the political subdivision shall be required to extend to the taxpayer only that portion of the credit or exemption estimated by the department of revenue to be funded by the state appropriation. The bill takes effect upon enactment and applies retroactively to assessment years beginning on or after January 1, 2023.
Cambiado después por la enmienda S-5198; vea Enmiendas.
Texto completo del proyecto (en inglés) · Qué cambió antes de aprobarse2
Senate subcommittee
Named April 1, 2024. On April 2, 2024 it recommended amendment and passage. [].
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Nota fiscal
Cost: up to $68,000 Compare con otros proyectos
Resumen con IA This bill creates a new property tax exemption for property owned or operated by a public utility that provides sanitary or storm water drainage. This exemption is estimated to reduce annual property taxes by $68,000 beginning in fiscal year 2026. This change will increase the state's General Fund appropriation for school aid by an estimated $11,000 and reduce local government property tax revenue by an estimated $57,000. (en inglés)3
Lea la nota fiscal (en inglés)
Description
House File 207 establishes a new property tax exemption for property owned or operated by a public utility as defined in Iowa Code section 476.1 where the property is used to provide sanitary or storm water drainage for compensation through a piped collection system. The Bill makes Iowa Code section 25B.7 (State funding of property tax credits and exemptions) inapplicable to the new property tax exemption.
The Bill takes effect upon enactment and applies retroactively to assessment year 2024 and after.
Background
The Department of Revenue reports that a private, rate-regulated water utility company recently purchased an existing municipal wastewater system. As a municipal system, the property involved was exempt from property tax. As a system owned by a private company, the property is subject to property tax. With acquisition occurring after January 1, 2022, but before January 1, 2023, the system would first become taxable for assessment year 2023 under existing law.
Assumptions
- The wastewater system situation described above is assumed to be the only property fitting the exemption requirements specified in the Bill at this time.
- The assessed value of the wastewater property is not known. The purchase price of the property was $2.0 million. This purchase price is used as the assessed value for property tax fiscal impact calculations.
- Property taxes owed for assessment year 2024 are due in the fall of 2025 and the spring of 2026 (FY 2026).
- The consolidated property tax rate for the particular property is assumed to equal $33.85 per $1,000 of taxed value. The State basic school levy equals $5.40 of the $33.85 consolidated rate.
Fiscal Impact
Creating a new property tax exemption for a privately-owned wastewater system will reduce the annual property taxes owed by an estimated $68,000, beginning with FY 2026. The reduction in taxes owed will increase the State standing General Fund appropriation for school aid by an estimated $11,000 and reduce local government property tax revenue by an estimated $57,000. The property tax exemption will also apply to any future purchases of existing wastewater facilities by privately owned public wastewater utility companies.
Sources
- Department of Revenue
- Department of Management property tax rate files
- Legislative Services Agency analysis
El cálculo no cambió
4- Final Fiscal Note — Wastewater Infrastructure, Taxation · 7 de mayo de 2024 · $68,000
- Wastewater Infrastructure, Taxation · 16 de febrero de 2023 · $68,000
- Wastewater Infrastructure, Taxation · 14 de febrero de 2023 · $68,000
Lo que cambia del Código de Iowa (Iowa Code)
Modifica§427.1
Cabildeo
2 a favor · 0 en contra · 16 indecisos · Quiénes →
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90th General Assembly