Iowa Code 437B.1 – Purposes
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 437B.1
- Delivery: means the physical transfer of water, excluding nonrevenue water, to a consumer for sale. See Iowa Code 437B.2
- property: includes personal and real property. See Iowa Code 4.1
- Replacement tax: means the excise tax imposed on the delivery of water under section 437B. See Iowa Code 437B.2
- 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
The purposes of this chapter are to replace property taxes imposed on rate-regulated water utilities with a system of taxation which will remove fluctuations in property taxes by imposing a system of taxation based on the delivery of water, to preserve revenue neutrality and debt capacity for local governments and taxpayers, to preserve neutrality in the allocation and cost impact of any replacement tax among and upon consumers of rate-regulated water utilities in this state, and to provide a system of taxation which reduces existing administrative burdens on state government.