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House Journal: Page 1676: Tuesday, April 16, 1996

Page  28

 1   refunding bonds, and make provision for the payment of
 2   the principal and interest thereof from the proceeds
 3   of an annual property tax, or annual property tax
and
 4   income surtax, for the period covered by such
the
 5   bonds similar to the tax authorized by law or by the
 6   electors for the payment of the indebtedness so
 7   extended or renewed.
 8     Sec. ___.  NEW SECTION.  76.19  INCOME SURTAX.
 9     1.  An income surtax may be imposed by a political
10   subdivision as provided in this section, but only if
11   authorized by the electors as provided in section
12   75.1.
13     2.  The income surtax shall be imposed upon state
14   income taxes computed under section 422.5, less
15   credits allowed in sections 422.11A, 422.11B, 422.11C,
16   422.12, and 422.12B, and shall be imposed upon the
17   state income tax for each calendar year, or for a
18   taxpayer's fiscal year ending during the second half
19   of that calendar year or the first half of the
20   succeeding calendar year, and shall be imposed on all
21   taxpayers residing in the political subdivision on the
22   last day of the applicable tax year, and on taxpayers
23   residing in areas severed from the political
24   subdivision as provided in section 76.2.
25     3.  The income surtax shall be imposed to collect
26   an amount that is equivalent to sixty percent of the
27   sum of the principal and interest of the bonds over
28   the life of the bonds.  The rate of the income surtax
29   may be adjusted in any year for the sole purpose of
30   ensuring that an amount equivalent to sixty percent of
31   the principal and interest over the life of the bonds
32   is collected.
33     4.  At the time of the annual levy under section
34   76.2, the governing authority of the political
35   subdivision shall also provide in the resolution for
36   the imposition of the income surtax and shall certify
37   to the department of management such sum expressed in
38   dollars.  The department shall determine the rate of
39   income surtax to be imposed based upon the most recent
40   available figures from state income taxes paid by
41   taxpayers residing in the political subdivision.  The
42   department shall continue to make such calculations
43   and certify the income surtax rate to the county
44   auditor or the auditors of the counties in which the
45   political subdivision is located with adjustments as
46   provided in this section until the principal and
47   interest on the bonds are paid in full.  On or before
48   November 1 of each year in which the income surtax is
49   collected the director of revenue and finance shall
50   deposit with the treasurer of the political

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 2)

© 1996 Cornell College and League of Women Voters of Iowa

Comments? hjourn@legis.iowa.gov.

Last update: Wed Apr 17 13:30:02 CDT 1996
URL: /DOCS/GA/76GA/Session.2/HJournal/01600/01676.html
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