Bill Text: IA HF641 | 2011-2012 | 84th General Assembly | Introduced
Bill Title: A bill for an act providing for the transfer of certain excess moneys from the Iowa economic emergency fund to the property tax equity and relief fund and including effective date and applicability provisions.
Spectrum: Slight Partisan Bill (Republican 6-2)
Status: (Introduced - Dead) 2011-12-31 - END OF 2011 ACTIONS [HF641 Detail]
Download: Iowa-2011-HF641-Introduced.html
House
File
641
-
Introduced
HOUSE
FILE
641
BY
JORGENSEN
,
J.
TAYLOR
,
HALL
,
GARRETT
,
MUHLBAUER
,
SWEENEY
,
HANUSA
,
and
PEARSON
A
BILL
FOR
An
Act
providing
for
the
transfer
of
certain
excess
moneys
1
from
the
Iowa
economic
emergency
fund
to
the
property
tax
2
equity
and
relief
fund
and
including
effective
date
and
3
applicability
provisions.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
5
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H.F.
641
Section
1.
Section
8.55,
subsection
2,
Code
2011,
is
amended
1
to
read
as
follows:
2
2.
a.
The
maximum
balance
of
the
fund
is
the
amount
equal
3
to
two
and
one-half
percent
of
the
adjusted
revenue
estimate
4
for
the
fiscal
year.
If
the
amount
of
moneys
in
the
Iowa
5
economic
emergency
fund
is
equal
to
the
maximum
balance,
moneys
6
in
excess
of
this
amount
shall
be
transferred
to
the
general
7
fund
as
follows:
8
(1)
To
the
property
tax
equity
and
relief
fund
created
9
in
section
257.16A
.
Moneys
transferred
to
the
property
tax
10
equity
and
relief
fund
for
each
fiscal
year
shall
not,
however,
11
exceed
an
amount
equal
to
twenty-five
million
dollars
minus
12
the
amount
credited
to
the
property
tax
equity
and
relief
fund
13
under
section
423F.2,
subsection
3,
for
the
same
fiscal
year
if
14
such
amount
credited
to
the
property
tax
equity
and
relief
fund
15
under
section
423F.2
is
less
than
twenty-five
million
dollars.
16
(2)
Moneys
remaining
following
the
transfer
of
moneys
to
17
the
property
tax
equity
and
relief
fund
in
accordance
with
18
subparagraph
(1)
shall
be
transferred
to
the
general
fund
of
19
the
state.
20
b.
Notwithstanding
paragraph
“a”
,
any
moneys
in
excess
of
21
the
maximum
balance
in
the
economic
emergency
fund
after
the
22
distribution
of
the
surplus
in
the
general
fund
of
the
state
at
23
the
conclusion
of
each
fiscal
year
shall
not
be
transferred
to
24
the
property
tax
equity
and
relief
fund
or
the
general
fund
of
25
the
state
but
shall
be
transferred
to
the
senior
living
trust
26
fund.
The
total
amount
appropriated,
reverted,
or
transferred,
27
in
the
aggregate,
under
this
paragraph,
section
8.57,
28
subsection
2
,
and
any
other
law
providing
for
an
appropriation
29
or
reversion
or
transfer
of
an
appropriation
to
the
credit
of
30
the
senior
living
trust
fund,
for
all
fiscal
years
beginning
on
31
or
after
July
1,
2004,
shall
not
exceed
the
amount
specified
in
32
section
8.57,
subsection
2
,
paragraph
“c”
.
33
Sec.
2.
EFFECTIVE
DATE
AND
APPLICABILITY.
34
1.
This
Act,
being
deemed
of
immediate
importance,
takes
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641
effect
upon
enactment.
1
2.
The
section
of
this
Act
amending
section
8.55
by
2
providing
for
transfer
of
moneys
from
the
Iowa
economic
3
emergency
fund
applies
to
transfers
made
from
the
Iowa
economic
4
emergency
fund
after
the
effective
date
of
this
Act
and
the
5
state
general
fund
expenditure
limitation
calculated
for
6
the
fiscal
year
beginning
July
1,
2011,
shall
be
adjusted
7
accordingly.
8
EXPLANATION
9
This
bill
amends
Code
section
8.55
by
providing
that
when
10
the
Iowa
economic
emergency
fund
achieves
its
maximum
balance
11
the
excess
funds
are
first
transferred
to
the
property
tax
12
equity
and
relief
fund,
under
Code
section
257.16A.
The
amount
13
transferred
to
the
property
tax
equity
and
relief
fund
is
14
limited
to
an
amount
equal
to
$25
million
minus
the
amount
15
credited
to
the
property
tax
equity
and
relief
fund
under
Code
16
section
423F.2(3)
for
the
same
fiscal
year
if
such
amount
17
credited
under
Code
section
423F.2(3)
is
less
than
$25
million.
18
The
bill
provides
that
after
such
transfer
to
the
property
19
tax
equity
and
relief
fund
the
remaining
moneys
in
the
Iowa
20
economic
emergency
fund
in
excess
of
the
maximum
balance
are
21
transferred
to
the
general
fund
of
the
state.
22
The
bill
takes
effect
upon
enactment,
applies
to
transfers
23
made
from
the
Iowa
economic
emergency
fund
on
or
after
the
24
effective
date,
and
requires
the
effect
of
such
transfers
to
25
be
reflected
by
adjusting
the
state
general
fund
expenditure
26
limitation
calculated
for
fiscal
year
2011-2012
accordingly.
27
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