Text: HF00076 Text: HF00078 Text: HF00000 - HF00099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 331.430A HOUSING TRUST FUND.
1 2 A county may establish a housing trust fund and may provide
1 3 funding by passage of an ordinance imposing a county real
1 4 estate transfer tax as provided in chapter 428A, or from any
1 5 other available source.
1 6 For purposes of this section, "housing trust fund" means a
1 7 fund established by a county through ordinance for the purpose
1 8 of meeting the housing needs of lower income families. For
1 9 purposes of this section, "lower income families" means the
1 10 same as defined in section 16.1. Housing trust fund moneys
1 11 may be used for any of the purposes described in section
1 12 16.100 or for other types of programs to meet needs of lower
1 13 income families. All moneys in the fund, appropriated or
1 14 dedicated to the fund, and interest or earnings on moneys in
1 15 the fund shall be used solely for these purposes.
1 16 Sec. 2. Section 428A.1, unnumbered paragraph 1, Code 1995,
1 17 is amended to read as follows:
1 18 There is imposed on each deed, instrument, or writing by
1 19 which any lands, tenements, or other realty in this state are
1 20 granted, assigned, transferred, or otherwise conveyed, a tax
1 21 consisting of the state tax and any county tax determined in
1 22 the following manner: When there is no consideration or when
1 23 the deed instrument or writing is executed and tendered for
1 24 recording as an instrument corrective of title, and so states,
1 25 there is no tax. When there is consideration and the actual
1 26 market value of the real property transferred is in excess of
1 27 five hundred dollars, the tax is eighty cents plus the
1 28 applicable county tax, if any, for each five hundred dollars
1 29 or fractional part of five hundred dollars in excess of five
1 30 hundred dollars. The term "consideration", as used in this
1 31 chapter, means the full amount of the actual sale price of the
1 32 real property involved, paid or to be paid, including the
1 33 amount of an encumbrance or lien on the property, whether
1 34 assumed or not by the grantee. It is presumed that the sale
1 35 price so stated includes the value of all personal property
2 1 transferred as part of the sale unless the dollar value of
2 2 personal property is stated on the instrument of conveyance.
2 3 When the dollar value of the personal property included in the
2 4 sale is so stated, it shall be deducted from the consideration
2 5 shown on the instrument for the purpose of determining the
2 6 tax.
2 7 Sec. 3. NEW SECTION. 428A.1A COUNTY TAX.
2 8 The governing body of a county may impose by ordinance a
2 9 county real estate transfer tax. Revenues from the tax shall
2 10 only be deposited in a housing trust fund to be used for the
2 11 purposes stated in the ordinance establishing the housing
2 12 trust fund. The county real estate transfer tax shall be
2 13 imposed and collected in the same manner and at the same time
2 14 as the state real estate transfer tax. Transfers exempt from
2 15 the state tax are exempt from the county tax. The rate of the
2 16 county real estate transfer tax shall not exceed fifty cents
2 17 per five hundred dollars of market value.
2 18 Sec. 4. Section 428A.8, Code 1995, is amended to read as
2 19 follows:
2 20 428A.8 REMITTANCE TO STATE TREASURER &endash; PORTION RETAINED
2 21 IN COUNTY.
2 22 On or before the tenth day of each month the county
2 23 recorder shall determine and pay to the treasurer of state
2 24 eighty-two and three-fourths percent of the receipts from the
2 25 state real estate transfer tax collected during the preceding
2 26 month and the treasurer of state shall deposit ninety-five
2 27 percent of the state receipts in the general fund of the state
2 28 and transfer five percent of the state receipts to the Iowa
2 29 finance authority for deposit in the housing improvement fund
2 30 created in section 16.100. At the time of remittance of the
2 31 state tax receipts, the county recorder shall deposit into the
2 32 housing trust fund that county's tax receipts collected during
2 33 the previous month, if a county real estate transfer tax is
2 34 imposed.
2 35 The county recorder shall deposit the remaining seventeen
3 1 and one-fourth percent of the state receipts in the county
3 2 general fund.
3 3 The county recorder shall keep records and make reports
3 4 with respect to the real estate transfer tax as the director
3 5 of revenue and finance prescribes.
3 6 EXPLANATION
3 7 The bill allows a county to impose a county real estate
3 8 transfer tax that would be collected in the same manner as the
3 9 state tax and the tax revenues would be deposited into a
3 10 housing trust fund. The trust fund is a revolving fund
3 11 established by the county for the purpose of meeting the
3 12 housing needs of lower income families. Some of the purposes
3 13 for which the moneys in the housing trust fund could be used
3 14 involve grants for group home shelters for the homeless, home
3 15 maintenance and repair programs, rental rehabilitation
3 16 programs, and a home ownership incentive program generally
3 17 limited to mortgages under $55,000.
3 18 LSB 1248YH 76
3 19 mg/jw/5
Text: HF00076 Text: HF00078 Text: HF00000 - HF00099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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