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IA HF1050
Bill
Status
5/13/2025
Primary Sponsor
Ways and Means
Click for details
AI Summary
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Aboveground storage tanks with a capacity of 91,000 gallons or less shall not be assessed and taxed as real property, regardless of the use or intended use of the property
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Amends Iowa Code section 427A.1, which currently requires certain structures on or attached to land to be taxed as real property
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Exempts this act from Code section 25B.7, which normally requires the state to fully fund any new property tax exemptions or else limit the exemption to the funded portion
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Takes effect immediately upon enactment
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Applies retroactively to assessment years beginning on or after January 1, 2025
Legislative Description
A bill for an act relating to the assessment of property containing certain aboveground storage tanks and including effective date and retroactive applicability provisions.(Formerly HSB 238.)
Last Action
Subcommittee recommends passage.
2/5/2026