Iowa Code 16.77 – Definitions
Current as of: 2023 | Check for updates
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As used in this subpart, unless the context otherwise requires:
1. “Agricultural development board” means the agricultural development board created in section 16.2C.
Terms Used In Iowa Code 16.77
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the Iowa finance authority board of directors created pursuant to section 16. See Iowa Code 16.1
- 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
- Program: means any program administered by the authority or any program in which the authority is directed or authorized to participate pursuant to any statute, executive order, or interagency agreement, or any other program participation or administration of which the authority finds useful and convenient to further the goals and purposes of the authority. See Iowa Code 16.1
2. “Agricultural lease agreement” or “agreement” means an agreement for the transfer of agricultural assets from an eligible taxpayer to a qualified beginning farmer as provided in section 16.79A.
3. “Department” means the department of revenue.
4. “Eligible taxpayer” means a taxpayer who may participate in the beginning farmer tax credit program, including by meeting all the criteria as provided in section 16.79.
5. “Program” means the beginning farmer tax credit program created pursuant to section 16.78.
6. “Qualified beginning farmer” means a beginning farmer as defined in section 16.58 who meets the requirements to participate in a beginning farmer tax credit program as provided in section 16.79.
7. “Tax credit” means the beginning farmer tax credit allowed under section 16.82.