2020 Iowa Code
Title I - STATE SOVEREIGNTY AND MANAGEMENT
Chapter 16 - IOWA FINANCE AUTHORITY
Section 16.2B - Agricultural development division — administration of programs.

16.2B Agricultural development division — administration of programs.

1. An agricultural development division is created within the authority. The agricultural development division shall administer subchapter VIII, by providing assistance to beginning farmers, agricultural producers, or other persons qualifying for such assistance under subchapter VIII.

2. The agricultural development division shall be administered in accordance with the policies of the agricultural development board created in section 16.2C. The executive director of the authority may organize the agricultural development division and employ necessary qualified personnel to administer subchapter VIII.

3. The agricultural development division shall, to every extent practical, assist persons to do all of the following:

a. Acquire agricultural land, agricultural improvements, or depreciable agricultural property, including as provided in subchapter VIII.

b. Claim beginning farmer tax credits, including tax credit certificates issued pursuant to subchapter VIII, part 5, subpart B.

c. Obtain financing for other capital requirements or operating expenses.

4. The net earnings of the agricultural development division, beyond that necessary for retirement of its notes, bonds, or other obligations or to implement the public purposes and programs authorized in subchapter VIII, shall not inure to the benefit of any person other than the state.

2014 Acts, ch 1080, §8, 78; 2015 Acts, ch 30, §14; 2019 Acts, ch 161, §4, 18, 19

Referred to in §16.2C

2019 amendment to subsection 3, paragraph b applies retroactively to January 1, 2019, for tax years beginning on or after that date; 2019 Acts, ch 161, §19

Subsection 3, paragraph b amended