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Text: HF00053                           Text: HF00055
Text: HF00000 - HF00099                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

House File 54

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 422B.10, subsection 2, Code 1997, is
  1  2 amended to read as follows:
  1  3    2.  a.  The director of revenue and finance within fifteen
  1  4 days of the beginning of each fiscal year shall send to each
  1  5 city or county where the local option tax is imposed, an
  1  6 estimate of the amount of tax moneys each city or county will
  1  7 receive for the year and for each quarter month of the year.
  1  8 At the end of each quarter month, the director may revise the
  1  9 estimates for the year and remaining quarters months.
  1 10    b.  The director of revenue and finance shall remit ninety
  1 11 percent all of the estimate tax receipts actually collected
  1 12 during a month for the city or county, including any interest
  1 13 earned on the receipts and any penalties, to the city or
  1 14 county after the end of each quarter no later than the tenth
  1 15 day of the following dates:  November 10, February 10, May 10,
  1 16 and August 10 month.
  1 17    c.  The director of revenue and finance shall remit a final
  1 18 payment of the remainder of tax moneys due the city or county
  1 19 for the fiscal year before the due date for the payment of the
  1 20 first quarter of the next fiscal year.  If an overpayment has
  1 21 resulted during the previous fiscal year, the first payment of
  1 22 the new fiscal year shall be adjusted to reflect any
  1 23 overpayment.  
  1 24                           EXPLANATION
  1 25    Presently 90 percent of local option sales and services tax
  1 26 receipts is distributed at the end of each quarter to cities
  1 27 and counties.  This bill requires all of the receipts actually
  1 28 collected, along with interest earned and any penalties, to be
  1 29 distributed monthly.  In addition, present law requires the
  1 30 director of revenue and finance to provide the cities and
  1 31 counties with an estimate of the amounts to be received for
  1 32 each quarter.  The bill changes the estimate to be for each
  1 33 month.  
  1 34 LSB 1448HH 77
  1 35 mg/jw/5
     
Text: HF00053                           Text: HF00055
Text: HF00000 - HF00099                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index
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