Iowa Code 426C.1 – Definitions
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For the purposes of this chapter, unless the context otherwise requires:
1. “Contiguous parcels” means any of the following:
a. Parcels that share a common boundary.
b. Parcels within the same building or structure regardless of whether the parcels share a common boundary.
c. Permanent improvements to the land that are situated on one or more parcels of land that are assessed and taxed separately from the permanent improvements if the parcels of land upon which the permanent improvements are situated share a common boundary.
Terms Used In Iowa Code 426C.1
- Business: means any trade, occupation, activity, or enterprise engaged in for the purpose of selling or distributing tobacco products in this state. See Iowa Code 453A.42
- 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
- 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
- Use: means the exercise of any right or power incidental to the ownership of tobacco products. See Iowa Code 453A.42
2. “Department” means the department of revenue.
3. “Fund” means the business property tax credit fund created in section 426C.2.
4. a. “Parcel” means as defined in section 445.1.
b. (1) For purposes of business property tax credits claimed for the fiscal year beginning July 1, 2016, “parcel” also means that portion of a parcel assigned a classification of commercial property, industrial property, or railway property under chapter 434 pursuant to section 441.21, subsection 13, paragraph “c”.
(2) For purposes of business property tax credits claimed for fiscal years beginning on or after July 1, 2017, “parcel” also means that portion of a parcel assigned a classification of commercial property or industrial property pursuant to section 441.21, subsection 13, paragraph “c”.
5. “Property unit” means contiguous parcels all of which are located within the same county, with the same property tax classification, are owned by the same person, and are operated by that person for a common use and purpose.