Text: SF00094 Text: SF00096 Text: SF00000 - SF00099 Text: SF 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 1248SS 76 3 19 mg/jw/5
Text: SF00094 Text: SF00096 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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