Senate File 2188 - Introduced
SENATE FILE
BY BEALL, RAGAN, STEWART, HATCH,
DVORSKY, WOOD, KREIMAN, DEARDEN,
RIELLY, FRAISE, QUIRMBACH,
COURTNEY, KIBBIE, BLACK, BOLKCOM,
CONNOLLY, MULDER, BEHN, ZAUN,
and WARD
Passed Senate, Date Passed House, Date
Vote: Ayes Nays Vote: Ayes Nays
Approved
A BILL FOR
1 An Act creating the community foundation fund, providing an Iowa
2 individual income tax checkoff for the community foundation
3 fund, making an appropriation, and providing for the Act's
4 implementation.
5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
6 TLSB 5530SS 81
7 bp/sh/8
PAG LIN
1 1 Section 1. NEW SECTION. 15E.312 COMMUNITY FOUNDATION
1 2 FUND.
1 3 1. As used in this section, unless the context otherwise
1 4 requires, "qualified community foundation" means an endow Iowa
1 5 qualified community foundation as defined in section 15E.303.
1 6 2. A community foundation fund is created as a separate
1 7 and distinct fund in the state treasury under the control of
1 8 the department of economic development.
1 9 3. Revenue for the community foundation fund shall include
1 10 but is not limited to the following:
1 11 a. Moneys credited to the fund pursuant to section
1 12 422.12G.
1 13 b. Moneys in the form of a devise, gift, bequest,
1 14 donation, or federal or other grant intended to be used for
1 15 the purposes of the fund.
1 16 4. Moneys in the community foundation fund are not subject
1 17 to section 8.33. Notwithstanding section 12C.7, subsection 2,
1 18 interest or earnings on moneys in the fund shall be credited
1 19 to the fund.
1 20 5. Moneys in the community foundation fund are
1 21 appropriated to the department of economic development to be
1 22 distributed to qualified community foundations.
1 23 6. The department of economic development shall distribute
1 24 moneys from the community foundation fund to qualified
1 25 community foundations in each county in an amount equal to the
1 26 total dollar amount of moneys credited to the community
1 27 foundation fund and designated for the specific qualified
1 28 community foundations as a result of community foundation fund
1 29 income tax return checkoffs executed under section 422.12G.
1 30 7. The department of economic development shall establish
1 31 rules relating to the distribution of nondesignated moneys
1 32 from the community foundation fund.
1 33 Sec. 2. NEW SECTION. 422.12G INCOME TAX CHECKOFF FOR
1 34 COMMUNITY FOUNDATION FUND.
1 35 1. A person who files an individual or a joint income tax
2 1 return with the department of revenue under section 422.13 may
2 2 designate one dollar or more to be credited to the community
2 3 foundation fund created in section 15E.312 and paid to a
2 4 specific qualified community foundation. If the refund due on
2 5 the return or the payment remitted with the return is
2 6 insufficient to pay the additional amount designated by the
2 7 taxpayer to the community foundation fund, the amount
2 8 designated shall be reduced to the remaining amount of the
2 9 refund or the remaining amount remitted with the return. The
2 10 designation of a contribution to the community foundation fund
2 11 under this section is irrevocable.
2 12 2. The director of revenue shall draft the income tax form
2 13 to allow the designation of contributions to the community
2 14 foundation fund on the tax return. The department of revenue,
2 15 on or before January 31, shall transfer the total amount
2 16 designated on the tax return forms due in the preceding
2 17 calendar year to the community foundation fund created in
2 18 section 15E.312. However, before a checkoff pursuant to this
2 19 section shall be permitted, all liabilities on the books of
2 20 the department of revenue and accounts identified as owing
2 21 under section 421.17 and the political contribution allowed
2 22 under section 68A.601 shall be satisfied.
2 23 3. The department of revenue shall adopt rules to
2 24 administer this section.
2 25 4. This section is subject to repeal under section
2 26 422.12E.
2 27 Sec. 3. IMPLEMENTATION. The checkoff created in this Act
2 28 shall be eligible for placement on the individual income tax
2 29 return form beginning for the tax year commencing January 1,
2 30 2007.
2 31 EXPLANATION
2 32 This bill creates the community foundation fund under the
2 33 control of the department of economic development. Moneys in
2 34 the fund are appropriated to the department of economic
2 35 development.
3 1 The bill also creates a community foundation fund income
3 2 tax checkoff. Moneys collected from the checkoff are to be
3 3 credited to the fund and then distributed to qualified
3 4 community foundations as designated by the taxpayer.
3 5 The bill provides that the limitation on the number of
3 6 checkoffs allowed on the Iowa individual income tax return
3 7 does apply to the community foundation fund checkoff.
3 8 LSB 5530SS 81
3 9 bp:rj/sh/8