Bill Text: IA HF2634 | 2023-2024 | 90th General Assembly | Introduced
Bill Title: A bill for an act removing the maximum annual amount of real estate transfer tax receipts that may be transferred into the housing trust fund.(Formerly HF 2188, HSB 557.)
Spectrum: Committee Bill
Status: (Engrossed) 2024-04-02 - Subcommittee: Dawson, Koelker, and Quirmbach. S.J. 727. [HF2634 Detail]
Download: Iowa-2023-HF2634-Introduced.html
House
File
2634
-
Introduced
HOUSE
FILE
2634
BY
COMMITTEE
ON
WAYS
AND
MEANS
(SUCCESSOR
TO
HF
2188)
(SUCCESSOR
TO
HSB
557)
A
BILL
FOR
An
Act
removing
the
maximum
annual
amount
of
real
estate
1
transfer
tax
receipts
that
may
be
transferred
into
the
2
housing
trust
fund.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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H.F.
2634
Section
1.
Section
428A.8,
subsection
3,
Code
2024,
is
1
amended
by
striking
the
subsection.
2
EXPLANATION
3
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
4
the
explanation’s
substance
by
the
members
of
the
general
assembly.
5
The
housing
trust
fund
(HTF)
was
established
for
the
6
development
and
preservation
of
affordable
housing
for
7
low-income
people
in
the
state
and
for
the
Iowa
mortgage
help
8
initiative.
9
Each
month
county
recorders
remit
82.75
percent
of
the
10
real
estate
transfer
tax
(RETT)
receipts
to
the
department
11
of
revenue
(DOR),
and
deposit
the
remaining
17.25
percent
of
12
the
RETT
receipts
in
the
county
general
fund.
Of
the
RETT
13
receipts
transferred
to
DOR,
DOR
transfers
65
percent
to
the
14
state
general
fund,
30
percent
to
the
HTF,
and
5
percent
to
the
15
shelter
assistance
fund.
Currently,
DOR
may
deposit
a
maximum
16
of
$7
million
of
RETT
receipts
into
the
HTF
per
year.
Any
17
amounts
over
$7
million
are
deposited
into
the
state
general
18
fund.
19
This
bill
removes
the
$7
million
annual
maximum
that
may
be
20
deposited
into
the
HTF.
21
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