Senate
File
255
-
Introduced
SENATE
FILE
255
BY
JOCHUM
,
SINCLAIR
,
McCOY
,
QUIRMBACH
,
DVORSKY
,
DOTZLER
,
BOLKCOM
,
PETERSEN
,
and
HORN
A
BILL
FOR
An
Act
extending
the
period
of
time
for
collecting
sales
tax
1
for
deposit
in
the
secure
an
advanced
vision
for
education
2
fund.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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255
Section
1.
Section
423.2,
subsection
11,
paragraph
b,
1
subparagraph
(3),
Code
2015,
is
amended
to
read
as
follows:
2
(3)
Transfer
one-sixth
of
the
remaining
revenues
to
the
3
secure
an
advanced
vision
for
education
fund
created
in
section
4
423F.2
.
This
subparagraph
(3)
is
repealed
December
31,
2029
5
effective
January
1,
2050
.
6
Sec.
2.
Section
423.2,
subsection
13,
Code
2015,
is
amended
7
to
read
as
follows:
8
13.
The
sales
tax
rate
of
six
percent
is
immediately
reduced
9
to
five
percent
following
repeal
of
chapter
423F,
section
10
423.3,
subsection
11,
paragraph
“b”
,
and
section
423.43,
11
subsection
1,
paragraph
“b”
,
on
January
1,
2030
2050
.
12
Sec.
3.
Section
423.5,
subsection
5,
Code
2015,
is
amended
13
to
read
as
follows:
14
5.
The
use
tax
rate
of
six
percent
is
immediately
reduced
15
to
five
percent
following
the
repeal
of
chapter
423F,
section
16
423.3,
subsection
11,
paragraph
“b”
,
and
section
423.43,
17
subsection
1,
paragraph
“b”
,
on
January
1,
2030
2050
.
18
Sec.
4.
Section
423.43,
subsection
1,
paragraph
b,
Code
19
2015,
is
amended
to
read
as
follows:
20
b.
Subsequent
to
the
deposit
into
the
general
fund
of
21
the
state
and
after
the
transfer
of
such
revenues
collected
22
under
chapter
423B
,
the
department
shall
transfer
one-sixth
of
23
such
remaining
revenues
to
the
secure
an
advanced
vision
for
24
education
fund
created
in
section
423F.2
.
This
paragraph
is
25
repealed
December
31,
2029
effective
January
1,
2050
.
26
Sec.
5.
Section
423F.6,
Code
2015,
is
amended
to
read
as
27
follows:
28
423F.6
Repeal.
29
This
chapter
is
repealed
December
31,
2029
effective
January
30
1,
2050
.
31
EXPLANATION
32
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
33
the
explanation’s
substance
by
the
members
of
the
general
assembly.
34
Code
section
423.2
imposes
a
state
tax
of
6
percent
upon
35
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255
the
sales
price
of
all
sales
of
tangible
personal
property,
1
consisting
of
goods,
wares,
merchandise,
and
other
items
2
designated
by
statute,
sold
at
retail
in
the
state
to
3
consumers,
except
as
otherwise
provided
by
Code
chapter
423.
4
Generally,
by
operation
of
law,
a
sale
subject
to
the
sales
5
tax
is
also
subject
to
the
use
tax.
Following
the
transfer
6
of
amounts
required
for
the
natural
resources
and
outdoor
7
recreation
trust
fund,
one-sixth
of
the
remaining
state
sales
8
tax
revenue
from
the
6
percent
tax
is
transferred
to
the
9
secure
an
advanced
vision
for
education
(SAVE)
fund
created
in
10
Code
section
423F.2.
Moneys
in
the
SAVE
fund
are
allocated
11
to
school
districts
on
a
per
pupil
basis
to
be
used
for
12
infrastructure
and
property
tax
reduction
purposes
specified
13
in
Code
chapter
423F.
Under
current
law,
the
sales
tax
rate
of
14
6
percent
is
reduced
to
5
percent
on
January
1,
2030,
and
Code
15
chapter
423F,
along
with
other
corresponding
provisions,
is
16
repealed
December
31,
2029.
17
This
bill
extends
the
6
percent
sales
tax
rate,
the
18
allocation
to
the
SAVE
fund,
and
the
statutory
repeal
of
Code
19
chapter
423F
until
January
1,
2050.
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