This bill amends Section 427A.1 of the Iowa Code to establish that aboveground storage tanks with a capacity of 91,000 gallons or less will not be assessed or taxed as real property, regardless of their use or intended use. This new provision is inserted as a subsection (6A) to clarify the tax treatment of these storage tanks. Additionally, the bill specifies that Code section 25B.7, which relates to property tax credits or exemptions, will not apply to this Act, thereby removing any potential limitations on the implementation of this new tax exemption.

The bill is deemed to be of immediate importance, taking effect upon enactment, and it has retroactive applicability to assessment years beginning on or after January 1, 2025. This means that the tax exemption for the specified aboveground storage tanks will be effective for past assessment years, providing relief to property owners who meet the criteria established in the bill.

Statutes affected:
Introduced: 427A.1