§ 260E.4 — Incremental property taxes

Iowa § 260E.4

• Jurisdiction: Iowa
• Title VII: EDUCATION, HISTORY, AND CULTURE
• Ch. 260E: INDUSTRIAL NEW JOBS TRAINING

Text

If an agreement provides that all or part of program costs are to be paid for by incremental
property taxes, the board of directors shall provide by resolution that taxes levied on the
employer’staxablebusinessproperty,wherenewjobsarecreatedasaresultofaproject,each
year by or for the benefit of the state, city, county, school district, or other taxing district after
3 INDUSTRIAL NEW JOBS TRAINING, §260E.5
the effective date of the resolution shall be divided as provided in section 403.19, subsections
1 and 2, in the same manner as if the employer’s business property, where new jobs are
created as a result of a project, was taxable property in an urban renewal project and the
resolution was an ordinance within the meaning of those subsections. The taxes received by
the board of directors shall be allocated to and when collected be paid into a special fund
of the community college and may be irrevocably pledged by the community college to pay
the principal of and interest on the certificates issued by the community college to finance
or refinance, in whole or in part, the project. However, with respect to any urban renewal
projectastowhichanordinanceisineffectundersection403.19,thecollectionofincremental
property taxes authorized by this chapter are suspended in favor of collection of incremental
taxes under section 403.19. As used in this section, “taxes” includes, but is not limited to, all
levies on an ad valorem basis upon land or real property of the employer’s business, where
new jobs are created as a result of a project.