Iowa HF1050 exempts aboveground storage tanks with a capacity of 91,000 gallons or less from being assessed and taxed as real property.

Iowa HF1050 amends the Code to exclude aboveground storage tanks with a capacity of 91,000 gallons or less from being assessed and taxed as real property, regardless of their use or intended use. This change applies retroactively to assessment years beginning on or after January 1, 2025. The bill also makes inapplicable Code section 25B.7, which deals with property tax credits or exemptions that are not fully funded by state appropriations. The Act takes effect upon enactment.

Iowa HF1050 exempts aboveground storage tanks with a capacity of 91,000 gallons or less from being assessed and taxed as real property.

Iowa HF1050 amends the Code to exclude aboveground storage tanks with a capacity of 91,000 gallons or less from being assessed and taxed as real property, regardless of their use or intended use. This change applies retroactively to assessment years beginning on or after January 1, 2025. The bill also makes inapplicable Code section 25B.7, which deals with property tax credits or exemptions that are not fully funded by state appropriations. The Act takes effect upon enactment.