Text: HF00545 Text: HF00547 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 428A.8, Code 1995, is amended to read
1 2 as follows:
1 3 428A.8 REMITTANCE TO STATE TREASURER &endash; PORTION RETAINED
1 4 IN COUNTY.
1 5 On or before the tenth day of each month the county
1 6 recorder shall determine and pay to the treasurer of state
1 7 eighty-two and three-fourths percent, except as otherwise
1 8 provided in this section, of the receipts from the real estate
1 9 transfer tax collected during the preceding month and the
1 10 treasurer of state shall deposit ninety-five percent of the
1 11 receipts in the general fund of the state and transfer five
1 12 percent of the receipts to the Iowa finance authority for
1 13 deposit in the housing improvement fund created in section
1 14 16.100.
1 15 The county recorder shall deposit the remaining seventeen
1 16 and one-fourth percent of the receipts in the county general
1 17 fund. However, the county may retain up to fifty percent of
1 18 the total receipts from the real estate transfer tax if the
1 19 county deposits the original seventeen and one-fourth percent
1 20 and any additional amounts retained into a low or moderate
1 21 income family housing account to be used solely for purposes
1 22 of providing for or assisting in the providing of housing for
1 23 low or moderate income families, as defined in section 16.1.
1 24 Receipts deposited into a low or moderate income family
1 25 housing account shall be used for programs similar to those
1 26 described in section 16.100.
1 27 The county recorder shall keep records and make reports
1 28 with respect to the real estate transfer tax as the director
1 29 of revenue and finance prescribes.
1 30 EXPLANATION
1 31 Present law allows the county to deposit 17.25 percent of
1 32 the receipts from the state real estate transfer tax in its
1 33 general fund. The bill allows the county to retain up to 50
1 34 percent of the receipts if all the amounts retained, including
1 35 the original 17.25 percent, are deposited in an account to be
2 1 used solely to provide or assist in providing housing for low
2 2 or moderate income families. "Low or moderate income
2 3 families" are those who cannot afford to pay enough to cause
2 4 private enterprise in their locality to build an adequate
2 5 supply of decent, safe, and sanitary dwellings for their use.
2 6 LSB 2432HH 76
2 7 mg/jw/5.2
Text: HF00545 Text: HF00547 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
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