Form 54-024a - Application For Business Property Tax Credit - 2017 Page 2
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2Business Property Tax Credit
Sec. 3. NEW SECTION. 426C.1 Definitions. For the purposes of this chapter, unless the context otherwise requires:
1. “Contiguous parcels” means any of the following: a. Parcels that share a common boundary. b. Parcels within the
same building or structure regardless of whether the parcels share a common boundary. c. Permanent improvements to
the land that are situated on one or more parcels of land that are assessed and taxed separately from the permanent
improvements if the parcels of land upon which the permanent improvements are situated share a common boundary.
2. “Department” means the department of revenue.
3. “Fund” means the business property tax credit fund created in section 426C.2.
4. “Parcel” means as defined in section 445.1 and, for purposes of business property tax credits claimed for fiscal years
beginning on or after January 1, 2016, “parcel” also means that portion of a parcel assigned to be commercial
property, industrial property, or railway property under chapter 434 pursuant to section 441.21, subsection 13, paragraph
“c”.
5. “Property unit” means contiguous parcels all of which are located within the same county, with the same property tax
classification, are owned by the same person, and are operated by that person for a common use and purpose.
Summary of Sec. 5. NEW SECTION. 426C.3 Claims for credit.
• The initial application form may be filed by a “Person” which under Iowa law is defined as an Individual, Corporation,
Limited Liability Company, Government, Government Subdivision or Agency, Business Trust, Estate, Trust,
Partnership or Association or any other legal entity. A reapplication must be filed by the property owner.
• Claims for the business property tax credit against taxes due and payable in fiscal years beginning on or after July 1,
2017, shall be filed not later than July 1 proceeding the fiscal year during which the taxes for which the credit is
claimed are due and payable.
• The assessor remits the claims for credit to the county auditor with the assessor’s recommendation for allowance or
disallowance. If disallowance is recommended, the assessor shall submit the reasons for the recommendation, in
writing, to the county auditor.
• The county auditor forwards the claims and recommendations to the board of supervisors.
• The board shall allow or disallow the claims. The board shall notify claimant of disallowance.
• If the claim for the tax credit is allowed, it continues to be allowed on the parcel or property for successive years as
long as the parcel or property unit satisfies the requirements for the credit.
• If the parcel or property unit no longer qualifies for the credit, the owner shall provide written notice to the assessor on
or before the filing date after the date the property ceases to be qualified for the credit.
•
If all or a portion of a parcel or property unit that is allowed a credit is sold, transferred, or ownership
otherwise changes, the buyer, transferee, or new owner who wishes to receive the credit must refile the claim for
credit. In addition, the owner of the portion of the parcel or property unit for which ownership did not change shall refile
the claim for credit as well.
Summary of Sec. 6. NEW SECTION. 426C.4 Eligibility and amount of credit.
• A person may claim and receive one credit for each eligible parcel unless the parcel is part of a property unit for
which a credit is claimed.
• A person may claim and receive one credit for each property unit. A credit approved for a property unit shall be
proportionally allocated to the several parcels within the property unit proportionately based on each parcel’s total
amount of property taxes due and payable bears as part of the total amount of property taxes due and payable on the
property unit.
• What qualifies as a parcel: parcels classified and taxed as commercial property, industrial property, or railway property
under chapter 434 is eligible for a credit under this chapter.
• What qualifies as a property unit: property units are comprised of property assessed as commercial property, industrial
property, or railway property under chapter 434, in the same county, with the same classification, owned by the same
person, are contiguous as defined in 426C.1, are separate items on a tax list, and are operated by that person for a
common use and purpose.
• What DOES NOT qualify: (1) Property that is rented or leased and authorized by section 42 of the Internal Revenue
Code for the applicable assessment year. (2) Property that is classed Multiresidential.
54-024b (11/18/16)
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