Text: S03592 Text: S03594 Text: S03500 - S03599 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend the amendment, S-3591, to the House 1 2 amendment, S-3082, to Senate File 69, as passed by the 1 3 Senate, as follows: 1 4 #1. Page 1, by striking line 10 and inserting the 1 5 following: 1 6 "INCOME TAX REDUCTION AND SPECIAL FUNDS 1 7 Section 1. Section 422.4, subsection 1, paragraphs 1 8 b and c, Code 1995, are amended to read as follows: 1 9 b. "Cumulative inflation factor" means the product 1 10 of the annual inflation factor for the19881995 1 11 calendar year and all annual inflation factors for 1 12 subsequent calendar years as determined pursuant to 1 13 this subsection. The cumulative inflation factor 1 14 applies to all tax years beginning on or after January 1 15 1 of the calendar year for which the latest annual 1 16 inflation factor has been determined. 1 17 c. The annual inflation factor for each of the 1 1819881995, 1996, 1997, 1998, and 1999 calendaryear1 19 years is one hundred percent. 1 20 Sec. . Section 422.5, subsection 1, unnumbered 1 21 paragraph 1, and paragraphs a through i, Code 1995, 1 22 are amended by striking the unnumbered paragraph and 1 23 lettered paragraphs and inserting in lieu thereof the 1 24 following: 1 25 A tax is imposed upon every resident and 1 26 nonresident of the state which tax shall be levied, 1 27 collected, and paid annually upon and with respect to 1 28 the entire taxable income as defined in this division 1 29 at rates and for tax years beginning in the following 1 30 calendar years as follows: 1 31 On all taxable 1 32 income exceeding 1 33 the beginning CALENDAR YEARS 1 34 amount through 1999 and 1 35 the ending subsequent 1 36 amount: 1995 1996 1997 1998 years 1 37 a. $ 0- 1,060 .4 % .4 % .35% .35% .35% 1 38 b. 1,060- 2,120 .8 .75 .75 .7 .7 1 39 c. 2,120- 4,240 2.65 2.55 2.45 2.35 2.3 1 40 d. 4,240- 9,540 4.9 4.75 4.55 4.35 4.25 1 41 e. 9,540-15,900 6.65 6.45 6.2 5.95 5.8 1 42 f. 15,900-21,200 7.05 6.8 6.6 6.3 6.1 1 43 g. 21,200-31,800 7.35 7.15 6.9 6.6 6.4 1 44 h. 31,800-47,700 8.6 8.3 8.05 7.65 7.5 1 45 i. 47,700+ 9.75 9.45 9.15 8.7 8.5" 1 46 #2. Page 1, by inserting after line 40 the 1 47 following: 1 48 "Sec. 200. Section 8.56, subsection 1, Code 1995, 1 49 is amended to read as follows: 1 50 1. A cash reserve fund is created in the state 2 1 treasury. The cash reserve fund shall be separate 2 2 from the general fund of the state and shall not be 2 3 considered part of the general fund of the state 2 4 except in determining the cash position of the state 2 5 as provided in subsection 3. The moneys in the cash 2 6 reserve fund are not subject to section 8.33 and shall 2 7 not be transferred, used, obligated, appropriated, or 2 8 otherwise encumbered except as provided in this 2 9 section. Notwithstanding section 12C.7, subsection 2, 2 10 interest or earnings on moneys deposited in the cash 2 11 reserve fund shall be credited to the rebuild Iowa 2 12economic emergency fundinfrastructure account created 2 13 in section 8.57. Moneys in the cash reserve fund may 2 14 be used for cash flow purposes provided that any 2 15 moneys so allocated are returned to the cash reserve 2 16 fund by the end of each fiscal year. However, the 2 17 fund shall be considered a special account for the 2 18 purposes of section 8.53. 2 19 Sec. 201. Section 8.56, subsection 4, paragraph b, 2 20 Code 1995, is amended to read as follows: 2 21 b. In addition to the requirements of paragraph 2 22 "a", an appropriation shall not be made from the cash 2 23 reserve fundwhich would cause the fund's balance to2 24be less than three percent of the adjusted revenue2 25estimate for the year for which the appropriation is2 26madeunless the bill or joint resolution making the 2 27 appropriation is approved by vote of at least three- 2 28 fifths of the members of both chambers of the general 2 29 assembly and is signed by the governor. 2 30 Sec. 202. Section 8.57, subsection 1, paragraph a, 2 31 Code 1995, is amended by striking the paragraph and 2 32 inserting in lieu thereof the following: 2 33 a. The cash reserve goal percentage for fiscal 2 34 years beginning on or after July 1, 1995, is five 2 35 percent of the adjusted revenue estimate. For each 2 36 fiscal year beginning on or after July 1, 1995, in 2 37 which the appropriation of the surplus existing in the 2 38 general fund of the state at the conclusion of the 2 39 prior fiscal year pursuant to paragraph "b" was not 2 40 sufficient for the cash reserve fund to reach the cash 2 41 reserve goal percentage for the current fiscal year, 2 42 there is appropriated from the general fund of the 2 43 state an amount to be determined as follows: 2 44 (1) If the balance of the cash reserve fund in the 2 45 current fiscal year is not more than four percent of 2 46 the adjusted revenue estimate for the current fiscal 2 47 year, the amount of the appropriation under this 2 48 lettered paragraph is one percent of the adjusted 2 49 revenue estimate for the current fiscal year. 2 50 (2) If the balance of the cash reserve fund in the 3 1 current fiscal year is more than four percent but less 3 2 than five percent of the adjusted revenue estimate for 3 3 that fiscal year, the amount of the appropriation 3 4 under this lettered paragraph is the amount necessary 3 5 for the cash reserve fund to reach five percent of the 3 6 adjusted revenue estimate for the current fiscal year. 3 7 (3) The moneys appropriated under this lettered 3 8 paragraph shall be credited in equal and proportionate 3 9 amounts in each quarter of the current fiscal year. 3 10 Sec. 203. Section 8.57, subsection 1, paragraph b, 3 11 Code 1995, is amended to read as follows: 3 12 b.Commencing June 30, 1993, theThe surplus 3 13 existing in the general fund of the state at the 3 14 conclusion of the fiscal year is appropriated for 3 15 distribution in the succeeding fiscal year as provided 3 16 inthis sectionsubsections 2 and 3. Moneys credited 3 17 to the cash reserve fund from the appropriation made 3 18 in this paragraph shall not exceed the amount 3 19 necessary for the cash reserve fund to reach the cash 3 20 reserve goal percentage for the succeeding fiscal 3 21 year. As used in this paragraph, "surplus" means the 3 22 excess of revenues and other financing sources over 3 23 expenditures and other financing uses for the general 3 24 fund of the state in a fiscal year. 3 25 Sec. 204. NEW SECTION. 8.57A PERSONAL INCOME TAX 3 26 RATE REDUCTION REPLACEMENT FUND. 3 27 1. The personal income tax rate reduction 3 28 replacement fund is created in the state treasury 3 29 under the authority of the department of management. 3 30 The fund shall be separate from the general fund of 3 31 the state and shall not be considered part of the 3 32 general fund of the state except in determining the 3 33 cash position of the state for payment of state 3 34 obligations. The moneys in the fund are not subject 3 35 to the provisions of section 8.33 and shall not be 3 36 transferred, used, obligated, appropriated, or 3 37 otherwise encumbered except as provided in this 3 38 section. Moneys in the fund may be used for cash flow 3 39 purposes provided that any moneys so allocated are 3 40 returned to the fund by the end of each fiscal year. 3 41 However, the fund shall be considered a special 3 42 account for the purposes of section 8.53, relating to 3 43 elimination of any GAAP deficit. The fund is created 3 44 upon the effective date of this section, and shall 3 45 remain in existence until the close of the fiscal year 3 46 beginning July 1, 1999. 3 47 2. The provisions of this subsection apply for the 3 48 fiscal years beginning July 1 of 1994, 1995, 1996, 3 49 1997, and 1998. Notwithstanding the provisions of 3 50 section 8.57, subsection 3, for each of the designated 4 1 fiscal years, moneys remaining following the 4 2 appropriations made pursuant to section 8.57, 4 3 subsection 1, shall not be appropriated to the Iowa 4 4 economic emergency fund but are instead appropriated 4 5 to the personal income tax rate reduction replacement 4 6 fund. 4 7 3. Effective for the fiscal year beginning July 1, 4 8 1995, and the subsequent three fiscal years, on or 4 9 before December 31 of each of the fiscal years, the 4 10 state revenue estimating conference created in section 4 11 8.22A shall certify an estimate of the net change in 4 12 revenues deposited into the general fund of the state 4 13 for that fiscal year due to the personal income tax 4 14 rate reduction implemented pursuant to section 422.5. 4 15 The director of the department of management shall 4 16 transfer not more than the certified amount from the 4 17 personal income tax rate reduction replacement fund to 4 18 the general fund of the state. Prior to the transfer, 4 19 the director shall determine whether the balance of 4 20 the general fund of the state is sufficient to absorb 4 21 the revenue change, and if the certified balance is 4 22 sufficient the director may defer the transfer to a 4 23 succeeding fiscal year. Moneys transferred to the 4 24 general fund of the state pursuant to this section 4 25 shall be added to the general fund expenditure 4 26 limitation, to the extent not already included, for 4 27 the fiscal year in which the transfer takes place and 4 28 ninety-nine percent of the transferred amount is 4 29 available for expenditure as directed by the general 4 30 assembly. 4 31 4. Notwithstanding section 12C.7, subsection 2, 4 32 interest or earnings on moneys deposited in the 4 33 personal income tax rate reduction replacement fund 4 34 shall be credited to the rebuild Iowa infrastructure 4 35 account created in section 8.57. 4 36 5. This section is repealed September 1, 2000. 4 37 Sec. 205. TRANSFER TO INFRASTRUCTURE ACCOUNT. 4 38 Moneys in the Iowa economic emergency fund, created in 4 39 section 8.55, at the conclusion of the fiscal year 4 40 beginning July 1, 1994, shall be transferred to the 4 41 rebuild Iowa infrastructure account." 4 42 #3. Page 2, by inserting after line 4 the 4 43 following: 4 44 "Sec. . EFFECTIVE DATE. Sections 200 through 4 45 205 and this section of this division, being deemed of 4 46 immediate importance, take effect upon enactment." 4 47 4 48 4 49 4 50 MARY A. LUNDBY 5 1 MARY LOU FREEMAN 5 2 ANDY McKEAN 5 3 O. GENE MADDOX 5 4 LYLE E. ZIEMAN 5 5 NANCY BOETTGER 5 6 MAGGIE TINSMAN 5 7 H. KAY HEDGE 5 8 DONALD B. REDFERN 5 9 JACK RIFE 5 10 WAYNE BENNETT 5 11 WILMER RENSINK 5 12 JOHN W. JENSEN 5 13 MARY E. KRAMER 5 14 ALLEN BORLAUG 5 15 SHELDON RITTMER 5 16 JIM LIND 5 17 MERLIN E. BARTZ 5 18 RICHARD F. DRAKE 5 19 SF 69.731 76 5 20 SC/SC
Text: S03592 Text: S03594 Text: S03500 - S03599 Text: S Index Bills and Amendments: General Index Bill History: General Index
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