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PAG LIN 1 1 Section 1. Section 425.1, subsections 1 through 5, Code 1 2 1995, are amended to read as follows: 1 3 1. A homestead credit fund is created. There is 1 4 appropriated annually from the general fund of the state to 1 5 the department of revenue and finance to be credited to the 1 6 homestead credit fund,an amount sufficient to implement this1 7chapterthe amount as provided in section 8.59. 1 8 The director of revenue and finance shall issue warrants on 1 9 the homestead credit fund payable to the county treasurers of 1 10 the several counties of the state under this chapter. 1 11 2. The homestead credit fund shall be apportioned each 1 12 year so as to give a credit against the tax on each eligible 1 13 homestead in the state in an amount equal to the actual levy 1 14 on thefirst four thousand eight hundred fifty dollars of1 15actual value for each homesteadallowable homestead value. 1 16 3. For purposes of this chapter, the "allowable homestead 1 17 value" means for the fiscal year beginning July 1, 1996, the 1 18 amount equal to the appropriation made in subsection 1 for the 1 19 fiscal year beginning July 1, 1996, divided by the actual 1 20 amount of homestead claims for taxes due in the fiscal year 1 21 beginning July 1, 1995, times four thousand eight hundred 1 22 fifty dollars. For succeeding fiscal years, the allowable 1 23 homestead value equals the appropriation for that fiscal year 1 24 divided by the actual amount of homestead claims for taxes due 1 25 in the previous fiscal year times the allowable homestead 1 26 value calculated under this subsection for the previous fiscal 1 27 year. 1 2834. The amount due each county shall be paid by the 1 29 department of revenue and finance in two payments on November 1 30 15 and March 15 of each fiscal year, drawn upon warrants 1 31 payable to the respective county treasurers. The two payments 1 32 shall be as nearly equal as possible. 1 3345.Annually the department of revenue and finance shall1 34estimate the credit not to exceed the actual levy on the first1 35four thousand eight hundred fifty dollars of actual value of2 1each eligible homestead, and shall certify to the county2 2auditor of each county the credit and its amount in dollars.2 3 The director of revenue and finance shall certify to the 2 4 county auditor of each county, by April 15 preceding the 2 5 fiscal year in which the credit is to be paid, the amount of 2 6 allowable homestead value. Each county auditor shall then 2 7 enter the credit against the tax levied on each eligible 2 8 homestead in each county payable during the ensuing year, 2 9 designating on the tax lists the credit as being from the 2 10 homestead credit fund, and credit shall then be given to the 2 11 several taxing districts in which eligible homesteads are 2 12 located in an amount equal to the credits allowed on the taxes 2 13 of the homesteads. The amount of credits shall be apportioned 2 14 by each county treasurer to the several taxing districts as 2 15 provided by law, in the same manner as though the amount of 2 16 the credit had been paid by the owners of the homesteads. 2 17 However, the several taxing districts shall not draw the funds 2 18 so credited until after the semiannual allocations have been 2 19 received by the county treasurer, as provided in this chapter. 2 20 Each county treasurer shall show on each tax receipt the 2 21 amount of credit received from the homestead credit fund. 2 22 If the appropriation made in subsection 1 is insufficient 2 23 to pay all claims in full, the director shall prorate the 2 24 amount available to each county. 2 255. If the homestead tax credit computed under this section2 26is less than sixty-two dollars and fifty cents, the amount of2 27homestead tax credit on that eligible homestead shall be2 28sixty-two dollars and fifty cents subject to the limitation2 29imposed in this section.2 30 Sec. 2. Section 425.23, subsection 2, Code 1995, is 2 31 amended to read as follows: 2 32 2. The actual credit for property taxes due shall be 2 33 determined by subtracting from the tentative credit the amount 2 34 of the homestead credit under section 425.1 which is allowed 2 35 as a credit against property taxes due in the fiscal year next 3 1 following the base year by the claimant or any person of the 3 2 claimant's household and multiplying the result by the fiscal 3 3 year appropriation percentage. If thesubtractioncalculation 3 4 produces a negative amount, there shall be no credit but no 3 5 refund shall be required. The actual reimbursement for rent 3 6 constituting property taxes paid shall be equal to the product 3 7 of the tentative reimbursement and the fiscal year 3 8 appropriation percentage. 3 9 Sec. 3. Section 425.23, Code 1995, is amended by adding 3 10 the following new subsection: 3 11 NEW SUBSECTION. 4. For purposes of this division, "fiscal 3 12 year appropriation percentage" means for the fiscal year 3 13 beginning July 1, 1996, the amount equal to the appropriation 3 14 for the fiscal year beginning July 1, 1996, divided by the 3 15 actual amount of credit and reimbursement claims eligible to 3 16 be paid during the fiscal year beginning July 1, 1995. For 3 17 succeeding fiscal years, the fiscal year appropriation 3 18 percentage equals the appropriation for that fiscal year 3 19 divided by the actual amount of credit and reimbursement 3 20 claims eligible to be paid during the previous fiscal year 3 21 times the fiscal year appropriation percentage calculated 3 22 under this subsection for the previous fiscal year. 3 23 Sec. 4. Section 425.25, Code 1995, is amended to read as 3 24 follows: 3 25 425.25 ADMINISTRATION. 3 26 The director of revenue and finance shall make available 3 27 suitable forms with instructions for claimants. Each assessor 3 28 and county treasurer shall make available the forms and 3 29 instructions. The claim shall be in a form as the director 3 30 may prescribe. The director shall certify to the county 3 31 treasurer, by April 15 preceding the fiscal year in which the 3 32 property tax credit is to be paid, the amount of the fiscal 3 33 year appropriation percentage to be applied to property tax 3 34 credit claims. The director may also devise a tax credit or 3 35 reimbursement table, with amounts rounded to the nearest even 4 1 whole dollar. Reimbursements or credits in the amount of less 4 2 than one dollar shall not be paid. 4 3 Sec. 5. EFFECTIVE AND APPLICABILITY DATE PROVISIONS. This 4 4 Act takes effect January 1, 1996, for homestead credit and 4 5 additional homestead credit claims for property taxes payable 4 6 on or after July 1, 1996. Sections 2 and 3 of this Act apply 4 7 to rent reimbursement claims filed on or after January 1, 4 8 1997. 4 9 EXPLANATION 4 10 The standing unlimited appropriations for the homestead 4 11 credit and additional homestead credit and rent reimbursement 4 12 for the low-income and disabled were frozen at the amounts 4 13 appropriated for the 1992-1993 fiscal year. Because the 4 14 amount of credit is not frozen, the taxing districts of the 4 15 state do not receive all of the credit granted as 4 16 reimbursement for those credits. 4 17 This bill provides for the credit amounts to be adjusted to 4 18 reflect the freezes in reimbursement beginning with the 1996- 4 19 1997 fiscal year. The reimbursement for rent constituting 4 20 property taxes is also adjusted. The reductions in credit 4 21 amounts are calculated based upon the previous fiscal year's 4 22 actual claims and the current fiscal year's appropriation. 4 23 The bill takes effect January 1, 1996, and applies to 4 24 credits payable in the fiscal year beginning July 1, 1996, and 4 25 for rent reimbursement claims payable after January 1, 1997. 4 26 LSB 1362SS 76 4 27 mg/sc/14
Text: SF00104 Text: SF00106 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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