Section 425A.7 – Apportionment by auditor.
425A.7 Apportionment by auditor. Upon receiving the pro rata percentage from the director of revenue, the county auditor shall determine the amount to be credited to each tract of agricultural land, and shall enter upon tax lists as a credit against the tax levied on each tract of agricultural land on which there has been […]
Section 425A.8 – False claim — penalty.
425A.8 False claim — penalty. 1. A person making a false claim or affidavit with fraudulent intent to obtain the credit under section 425A.3 is guilty of a fraudulent practice and the claim shall be disallowed in full. If the credit has been paid, the amount of the credit plus a penalty equal to twenty-five […]
Section 425A.1 – Family farm tax credit fund.
425A.1 Family farm tax credit fund. The family farm tax credit fund is created in the office of the treasurer of state. There shall be transferred annually to the fund the first ten million dollars of the amount annually appropriated to the agricultural land credit fund, provided in section 426.1. Any balance in the fund […]
Section 425A.2 – Definitions.
425A.2 Definitions. As used in this chapter, unless the context otherwise requires: 1. “Actively engaged in farming” means the designated person is personally involved in the production of crops and livestock on the eligible tract on a regular, continuous, and substantial basis. However, a lessor, whether under a cash or a crop share lease, is […]
Section 425A.3 – Where credit given.
425A.3 Where credit given. 1. The family farm tax credit fund shall be apportioned each year in the manner provided in this chapter so as to give a credit against the tax on each eligible tract of agricultural land within the several school districts of the state in which the levy for the general school […]
Section 425A.4 – Claim for credit.
425A.4 Claim for credit. 1. To apply for the credit, the person shall deliver to the county assessor a verified statement and designation of the tracts of agricultural land for which the credit is claimed. The assessor shall return the statement and designation on or before November 15 of each year to the county board […]
Section 425A.5 – Computation by county auditor.
425A.5 Computation by county auditor. The family farm tax credit allowed each year shall be computed as follows: On or before April 1, the county auditor shall list by school districts all tracts of agricultural land which are entitled to credit, the taxable value for the previous year, the budget from each school district for […]
Section 425A.6 – Warrants authorized by director — proration.
425A.6 Warrants authorized by director — proration. After receiving from the county auditors the certifications provided for in section 425A.5, and during the following fiscal year, the director of revenue shall authorize the department of administrative services to draw warrants on the family farm tax credit fund created in section 425A.1, payable to the county […]