Bill Text: IA SF325 | 2019-2020 | 88th General Assembly | Introduced
Bill Title: A bill for an act relating to the deposit and transfer of real estate transfer tax receipts, and including effective date provisions.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2019-03-25 - Fiscal note. [SF325 Detail]
Download: Iowa-2019-SF325-Introduced.html
Senate
File
325
-
Introduced
SENATE
FILE
325
BY
WAHLS
A
BILL
FOR
An
Act
relating
to
the
deposit
and
transfer
of
real
estate
1
transfer
tax
receipts,
and
including
effective
date
2
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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Section
1.
Section
428A.8,
subsection
2,
paragraph
f,
Code
1
2019,
is
amended
to
read
as
follows:
2
f.
For
the
each
fiscal
year
of
the
period
beginning
July
3
1,
2014,
and
each
succeeding
fiscal
year
ending
June
30,
4
2019
,
sixty-five
percent
of
the
receipts
shall
be
deposited
5
in
the
general
fund,
thirty
percent
of
the
receipts
shall
be
6
transferred
to
the
housing
trust
fund,
and
five
percent
of
the
7
receipts
shall
be
transferred
to
the
shelter
assistance
fund.
8
Sec.
2.
Section
428A.8,
subsection
2,
Code
2019,
is
amended
9
by
adding
the
following
new
paragraph:
10
NEW
PARAGRAPH
.
g.
For
the
fiscal
year
beginning
July
1,
11
2019,
and
each
succeeding
fiscal
year,
fifty-five
percent
12
of
the
receipts
shall
be
deposited
in
the
general
fund,
13
thirty-five
percent
of
the
receipts
shall
be
transferred
to
the
14
housing
trust
fund,
and
ten
percent
of
the
receipts
shall
be
15
transferred
to
the
shelter
assistance
fund.
16
Sec.
3.
Section
428A.8,
subsection
3,
Code
2019,
is
amended
17
by
striking
the
subsection.
18
Sec.
4.
EFFECTIVE
DATE.
This
Act,
being
deemed
of
immediate
19
importance,
takes
effect
upon
enactment.
20
EXPLANATION
21
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
22
the
explanation’s
substance
by
the
members
of
the
general
assembly.
23
This
bill
relates
to
the
deposit
and
transfer
of
receipts
24
paid
to
the
treasurer
of
state
from
the
real
estate
transfer
25
tax
collected
by
the
county
recorders.
26
Under
current
law,
65
percent
of
the
receipts
are
deposited
27
in
the
general
fund,
35
percent
of
the
receipts
are
transferred
28
to
the
housing
trust
fund,
and
5
percent
are
transferred
to
the
29
shelter
assistance
fund.
The
bill
changes
the
distribution
30
effective
with
the
fiscal
year
beginning
July
1,
2019,
with
31
55
percent
of
the
receipts
deposited
in
the
general
fund,
35
32
percent
of
the
receipts
transferred
to
the
housing
trust
fund,
33
and
10
percent
transferred
to
the
shelter
assistance
fund.
34
Under
current
law,
the
amount
of
money
transferred
to
the
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housing
trust
fund
in
any
one
fiscal
year
is
limited
to
$3
1
million.
Any
money
that
otherwise
would
be
transferred
to
the
2
housing
trust
fund
in
excess
of
that
amount
is
deposited
in
the
3
general
fund
of
the
state.
The
bill
removes
the
limitation
4
on
the
amount
of
money
that
may
be
transferred
to
the
housing
5
trust
fund.
6
The
bill
takes
effect
upon
enactment.
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