1. An application shall be filed by an owner of a small business that owns or operates an underground storage tank for each property for which a credit is sought. Applications shall be filed with the respective county board of supervisors or the city council by September 30 of the year following the calendar year in which a cost of remedial action was paid by the owner or operator. Small business owners receiving credits shall file applications for renewal of the credit by September 30 of each year. A credit may be renewed only if title to the credited property remains in the name of the person or entity originally receiving the credit.

Terms Used In Iowa Code 427B.21

  • 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
  • clerk: means clerk of the court in which the action or proceeding is brought or is pending; and the words "clerk's office" mean the office of that clerk. See Iowa Code 4.1
  • Director: means the director of the department of revenue. See Iowa Code 453A.42
  • 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
  • Owner: means any of the following:
     a. See Iowa Code 425A.2
  • 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
  • Storage: means any keeping or retention of tobacco products for use or consumption in this state. See Iowa Code 453A.42
  • year: means twelve consecutive months. See Iowa Code 4.1
 2. In reviewing the applications, the board of supervisors or city council shall consider whether granting the credit would serve a public purpose. Upon approval of the application by the board of supervisors, and after the applicant has paid any property taxes due, the board shall direct the county treasurer to issue a warrant to the small business owner in the amount of the credit granted. Upon approval of the application by the city council, and after the applicant has paid any property taxes due, the council shall direct the city clerk to issue a warrant to the small business owner in the amount of the credit granted.
 3. Applications for credit shall be made on forms prescribed by the director of revenue and shall contain information pertaining to the nature of the release, the total cost of corrective action, the actual portion of the costs paid by the small business owner and for which the owner was not reimbursed from any other source, the small business owner’s income tax form from the most recent tax year, and other information deemed necessary by the director.
  Previous section
Next section  
 Chapter 427B Contents