Terms Used In Iowa Code > Chapter 425A - Family Farm Tax Credit

• Actively engaged in farming: means the designated person is personally involved in the production of crops and livestock on the eligible tract on a regular, continuous, and substantial basis. See Iowa Code 425A.2
• Actively engaged in farming: means the designated person is personally involved in the production of crops and livestock on the eligible tract on a regular, continuous, and substantial basis. See Iowa Code 425A.2
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Agricultural land: means land in tracts of ten acres or more excluding any buildings or other structures located on the land, and not laid off into lots of less than ten acres or divided by streets and alleys into parcels of less than ten acres, lying within a school corporation and in good faith used for agricultural or horticultural purposes. See Iowa Code 425A.2
• Agricultural land: means land in tracts of ten acres or more excluding any buildings or other structures located on the land, and not laid off into lots of less than ten acres or divided by streets and alleys into parcels of less than ten acres, lying within a school corporation and in good faith used for agricultural or horticultural purposes. See Iowa Code 425A.2
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Child: includes child by adoption. See Iowa Code 4.1
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Designated person: means one of the following:
   a. See Iowa Code 425A.2
• Designated person: means one of the following:
   a. See Iowa Code 425A.2
• Devise: To gift property by will.
• Director: means the director of the department of revenue. See Iowa Code 453A.42
• eligible tract of agricultural land: means an area of agricultural land which meets all of the following:
   a. See Iowa Code 425A.2
• eligible tract of agricultural land: means an area of agricultural land which meets all of the following:
   a. See Iowa Code 425A.2
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Livestock: includes but is not limited to an animal classified as an ostrich, rhea, or emu. See Iowa Code 4.1
• Owner: means any of the following:
   a. See Iowa Code 425A.2
• Owner: means any of the following:
   a. See Iowa Code 425A.2
• Partner: means a person that holds an interest, directly or indirectly, in a partnership or pass-through entity. See Iowa Code 422.25A
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Partnership: means an entity subject to taxation under subchapter K of the Internal Revenue Code and the regulations thereunder and includes but is not limited to a syndicate, group, pool, joint venture, or other unincorporated organization through or by means of which any business, financial operation, or venture is carried on and which is not, within the meaning of this chapter, a trust, estate, or corporation. See Iowa Code 422.25A
• Person: means any individual, firm, association, partnership, joint stock company, joint adventure, corporation, trustee, agency, or receiver, or any legal representative of any of the foregoing. See Iowa Code 453A.42
• property: includes personal and real property. See Iowa Code 4.1
• state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
• year: means twelve consecutive months. See Iowa Code 4.1