7.04 AMOUNTS ELIGIBLE FOR EXEMPTION.

The amount of actual value added, which is eligible to be exempt from taxation, shall be as follows:

(Code of Iowa, Sec. 427B.3)

   1.   For the first year, 75 percent.

   2.   For the second year, 60 percent.

   3.   For the third year, 45 percent.

   4.   For the fourth year, 30 percent.

   5.   For the fifth year, 15 percent.