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House Journal: Page 559: Monday, February 27, 1995

49   fiscal years, moneys remaining following the
50   appropriations made pursuant to section 8.57,
Page   4
 1   subsection 1, shall not be appropriated to the Iowa
 2   economic emergency fund but are instead appropriated
 3   to the personal income tax rate reduction replacement
 4   fund.
 5     3.  Effective for the fiscal year beginning July 1,
 6   1995, and the subsequent three fiscal years, on or
 7   before December 31 of each of the fiscal years, the
 8   state revenue estimating conference created in section
 9   8.22A shall certify an estimate of the net change in
10   revenues deposited into the general fund of the state
11   for that fiscal year due to the personal income tax
12   rate reduction implemented pursuant to section 422.5.
13   The director of the department of management shall
14   transfer not more than the certified amount from the
15   personal income tax rate reduction replacement fund to
16   the general fund of the state.  Prior to the transfer,
17   the director shall determine whether the balance of
18   the general fund of the state is sufficient to absorb
19   the revenue change, and if the certified balance is
20   sufficient the director may defer the transfer to a
21   succeeding fiscal year.  Moneys transferred to the
22   general fund of the state pursuant to this section
23   shall be added to the general fund expenditure
24   limitation, to the extent not already included, for
25   the fiscal year in which the transfer takes place and
26   ninety-nine percent of the transferred amount is
27   available for expenditure as directed by the general
28   assembly.
29     4.  Notwithstanding section 12C.7, subsection 2,
30   interest or earnings on moneys deposited in the
31   personal income tax rate reduction replacement fund
32   shall be credited to the rebuild Iowa infrastructure
33   account created in section 8.57.
34     5.  This section is repealed September 1, 2000.
35     Sec. 8.  TRANSFER TO INFRASTRUCTURE ACCOUNT.
36   Moneys in the Iowa economic emergency fund, created in
37   section 8.55, at the conclusion of the fiscal year
38   beginning July 1, 1994, shall be transferred to the
39   rebuild Iowa infrastructure account.
40     Sec. 9.  EFFECTIVE DATES.
41     1.  Sections 1 and 2 of this Act, being deemed of
42   immediate importance, take effect upon enactment and
43   apply retroactively to January 1, 1995, for tax years
44   beginning on or after that date.
45     2.  Sections 3 through 9 of this Act, being deemed
46   of immediate importance, take effect upon enactment.
47	DIVISION II
48	SUBCHAPTER S CORPORATIONS
49     Sec. 10.  Section 422.5, subsection 1, paragraph j,
50   Code 1995, is amended by adding the following new

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 1)

© 1995 Cornell College and League of Women Voters of Iowa

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URL: /DOCS/GA/76GA/Session.1/HJournal/00500/00559.html
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