Bill Text: IA SF15 | 2017-2018 | 87th General Assembly | Introduced

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Bill Title: A bill for an act extending the period of time for collecting sales tax for deposit in the secure an advanced vision for education fund.

Spectrum: Partisan Bill (Independent 1-0)

Status: (Introduced - Dead) 2017-01-12 - Subcommittee: Feenstra, Quirmbach, and Smith. S.J. 83. [SF15 Detail]

Download: Iowa-2017-SF15-Introduced.html

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Senate File 15 - Introduced




                                 SENATE FILE       
                                 BY  D. JOHNSON

                                      A BILL FOR

  1 An Act extending the period of time for collecting sales tax
  2    for deposit in the secure an advanced vision for education
  3    fund.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
    TLSB 1516SS (4) 87
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PAG LIN



  1  1    Section 1.  Section 423.2, subsection 11, paragraph b,
  1  2 subparagraph (3), Code 2017, is amended to read as follows:
  1  3    (3)  Transfer one=sixth of the remaining revenues to the
  1  4 secure an advanced vision for education fund created in section
  1  5 423F.2. This subparagraph (3) is repealed December 31, 2029
  1  6  effective January 1, 2050.
  1  7    Sec. 2.  Section 423.2, subsection 14, Code 2017, is amended
  1  8 to read as follows:
  1  9    14.  The sales tax rate of six percent is reduced to five
  1 10 percent on January 1, 2030 2050.
  1 11    Sec. 3.  Section 423.5, subsection 5, Code 2017, is amended
  1 12 to read as follows:
  1 13    5.  The use tax rate of six percent is reduced to five
  1 14 percent on January 1, 2030 2050.
  1 15    Sec. 4.  Section 423.43, subsection 1, paragraph b, Code
  1 16 2017, is amended to read as follows:
  1 17    b.  Subsequent to the deposit into the general fund of
  1 18 the state and after the transfer of such revenues collected
  1 19 under chapter 423B, the department shall transfer one=sixth of
  1 20 such remaining revenues to the secure an advanced vision for
  1 21 education fund created in section 423F.2. This paragraph is
  1 22 repealed December 31, 2029 effective January 1, 2050.
  1 23    Sec. 5.  Section 423F.6, Code 2017, is amended to read as
  1 24 follows:
  1 25    423F.6  Repeal.
  1 26 This chapter is repealed December 31, 2029 effective January
  1 27 1, 2050.
  1 28                           EXPLANATION
  1 29 The inclusion of this explanation does not constitute agreement with
  1 30 the explanation's substance by the members of the general assembly.
  1 31    Code section 423.2 imposes a state tax of 6 percent upon
  1 32 the sales price of all sales of tangible personal property,
  1 33 consisting of goods, wares, merchandise, and other items
  1 34 designated by statute, sold at retail in the state to
  1 35 consumers, except as otherwise provided by Code chapter 423.
  2  1 Generally, by operation of law, a sale subject to the sales
  2  2 tax is also subject to the use tax. Following the transfer
  2  3 of amounts required by statute, if applicable, one=sixth of
  2  4 the remaining state sales tax revenue from the 6 percent tax
  2  5 is transferred to the secure an advanced vision for education
  2  6 (SAVE) fund created in Code section 423F.2.  Moneys in the SAVE
  2  7 fund are allocated to school districts on a per pupil basis to
  2  8 be used for infrastructure and property tax reduction purposes
  2  9 specified in Code chapter 423F.  Under current law, the sales
  2 10 tax rate of 6 percent is reduced to 5 percent on January 1,
  2 11 2030, and Code chapter 423F, along with other corresponding
  2 12 provisions, is repealed December 31, 2029.
  2 13    This bill extends the 6 percent sales tax rate, the
  2 14 allocation to the SAVE fund, and the statutory repeal of Code
  2 15 chapter 423F until January 1, 2050.
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