Proyectos de ley › 90.ª Asamblea General
Relating to the assessment and taxation of certain sanitary sewage and storm water drainage property and including applicability provisions
Temas:Taxes
Dónde está ahora
- Hecho: Presentado25 de enero de 2023
- Hecho: Subcomité31 de enero de 2023
- Hecho: Comité del Senado18 de abril de 2024
- Hecho: Lo aprueba el Senado19 de abril de 202446–0
- Se saltó: Comité de la CámaraSe saltó
- Hecho: Lo aprueba la Cámara15 de febrero de 202399–0
- Hecho: A gobernador(a)29 de abril de 2024
- Hecho: Firmado como ley1 de mayo de 2024
HF 207 se hizo ley → La misma legislación se aprobó como HF 207, así que esta versión se dejó de lado. Ir a HF 207 ¿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. This change affects companies that charge the public to manage wastewater and drainage systems. (Todavía no está traducido al español.)1
Lea la explicación oficial (en inglés)
This bill amends Code section 427.1 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. Under the bill, “public utility” means the same as defined in Code section 476.1. Under Code section 421.17, the director of revenue has the authority to issue rules as are necessary to provide for the uniform application of the exemptions provided in Code section 427.1 in all assessor jurisdictions in the state. The bill applies to assessment years beginning on or after January 1, 2024.
Cambiado después por la enmienda S-5198; vea Enmiendas.
Texto completo del proyecto (en inglés) · Qué cambió antes de aprobarse2
Senate subcommittee
Named January 31, 2023. It hasn’t reported yet.
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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