Text: HF02083 Text: HF02085 Text: HF02000 - HF02099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 425.23, subsection 1, Code 1997, is 1 2 amended to read as follows: 1 3 1. a. The tentative credit or reimbursement for a 1 4 claimant described in section 425.17, subsection 2, paragraph 1 5 "a" and paragraph "b" if no appropriation is made to the fund 1 6 created in section 425.40 shall be determined in accordance 1 7 with the following schedule: 1 8 Percent of property taxes 1 9 due or rent constituting 1 10 property taxes paid 1 11 If the household allowed as a credit or 1 12 income is: reimbursement: 1 13$ 0 – 5,999.99................100%1 146,000 – 6,999.99................ 851 157,000 – 7,999.99................ 701 168,000 – 9,999.99................ 501 1710,000 – 11,999.99................ 351 1812,000 – 13,999.99................ 251 19 $ 0 – 8,499.99 100% 1 20 8,500 – 9,499.99 85 1 21 9,500 – 10,499.99 70 1 22 10,500 – 12,499.99 50 1 23 12,500 – 14,499.99 35 1 24 14,500 – 16,499.99 25 1 25 b. If moneys have been appropriated to the fund created in 1 26 section 425.40, the tentative credit or reimbursement for a 1 27 claimant described in section 425.17, subsection 2, paragraph 1 28 "b", shall be determined as follows: 1 29 (1) If the amount appropriated under section 425.40 plus 1 30 any supplemental appropriation made for a fiscal year for 1 31 purposes of this lettered paragraph is at least twenty-seven 1 32 million dollars, the tentative credit or reimbursement shall 1 33 be determined in accordance with the following schedule: 1 34 Percent of property taxes 1 35 due or rent constituting 2 1 property taxes paid 2 2 If the household allowed as a credit or 2 3 income is: reimbursement: 2 4$ 0 – 5,999.99................100%2 56,000 – 6,999.99................ 852 67,000 – 7,999.99................ 702 78,000 – 9,999.99................ 502 810,000 – 11,999.99................ 352 912,000 – 13,999.99................ 252 10 $ 0 – 8,499.99 100% 2 11 8,500 – 9,499.99 85 2 12 9,500 – 10,499.99 70 2 13 10,500 – 12,499.99 50 2 14 12,500 – 14,499.99 35 2 15 14,500 – 16,499.99 25 2 16 (2) If the amount appropriated under section 425.40 plus 2 17 any supplemental appropriation made for a fiscal year for 2 18 purposes of this lettered paragraph is less than twenty-seven 2 19 million dollars the tentative credit or reimbursement shall be 2 20 determined in accordance with the following schedule: 2 21 Percent of property taxes 2 22 due or rent constituting 2 23 property taxes paid 2 24 If the household allowed as a credit or 2 25 income is: reimbursement: 2 26$ 0 – 5,999.99................ 50%2 276,000 – 6,999.99................ 422 287,000 – 7,999.99................ 352 298,000 – 9,999.99................ 252 3010,000 – 11,999.99................ 172 3112,000 – 13,999.99................ 122 32 $ 0 – 8,499.99 50% 2 33 8,500 – 9,499.99 42 2 34 9,500 – 10,499.99 35 2 35 10,500 – 12,499.99 25 3 1 12,500 – 14,499.99 17 3 2 14,500 – 16,499.99 12 3 3 Sec. 2. Section 425.23, subsection 3, paragraph a, Code 3 4 1997, is amended to read as follows: 3 5 a. A person who is eligible to file a claim for credit for 3 6 property taxes due and who has a household income ofsixeight 3 7 thousand five hundred dollars or less and who has an unpaid 3 8 special assessment levied against the homestead may file a 3 9 claim for a special assessment credit with the county 3 10 treasurer. The department shall provide to the respective 3 11 treasurers the forms necessary for the administration of this 3 12 subsection. The claim shall be filed not later than September 3 13 30 of each year. Upon the filing of the claim, interest for 3 14 late payment shall not accrue against the amount of the unpaid 3 15 special assessment due and payable. The claim filed by the 3 16 claimant constitutes a claim for credit of an amount equal to 3 17 the actual amount due upon the unpaid special assessment, plus 3 18 interest, payable during the fiscal year for which the claim 3 19 is filed against the homestead of the claimant. However, 3 20 where the claimant is an individual described in section 3 21 425.17, subsection 2, paragraph "b", and the tentative credit 3 22 is determined according to the schedule insection 425.23,3 23 subsection 1, paragraph "b", subparagraph (2), of this 3 24 section, the claim filed constitutes a claim for credit of an 3 25 amount equal to one-half of the actual amount due and payable 3 26 during the fiscal year. The treasurer shall certify to the 3 27 director of revenue and finance not later than October 15 of 3 28 each year the total amount of dollars due for claims allowed. 3 29 The amount of reimbursement due each county shall be paid by 3 30 the director of revenue and finance by November 15 of each 3 31 year, drawn upon warrants payable to the respective treasurer. 3 32 There is appropriated annually from the general fund of the 3 33 state to the department of revenue and finance an amount 3 34 sufficient to carry out the provisions of this subsection. 3 35 The treasurer shall credit any moneys received from the 4 1 department against the amount of the unpaid special assessment 4 2 due and payable on the homestead of the claimant. 4 3 Sec. 3. Section 425.23, Code 1997, is amended by adding 4 4 the following new subsection: 4 5 NEW SUBSECTION. 4. a. For the base year beginning in the 4 6 1999 calendar year and for each subsequent base year, the 4 7 dollar amounts set forth in subsections 1 and 3 shall be 4 8 multiplied by the cumulative adjustment factor for that base 4 9 year. "Cumulative adjustment factor" means the product of the 4 10 annual adjustment factor for the 1998 base year and all annual 4 11 adjustment factors for subsequent base years. The cumulative 4 12 adjustment factor applies to the base year beginning in the 4 13 calendar year for which the latest annual adjustment factor 4 14 has been determined. 4 15 b. The annual adjustment factor for the 1998 base year is 4 16 one hundred percent. For each subsequent base year, the 4 17 annual adjustment factor equals the annual inflation factor 4 18 for the calendar year, in which the base year begins, as 4 19 computed in section 422.4 for purposes of the individual 4 20 income tax. 4 21 Sec. 4. Section 435.22, subsection 2, Code 1997, is 4 22 amended to read as follows: 4 23 2. If the owner of the home is an Iowa resident, has 4 24 attained the age of twenty-three years on or before December 4 25 31 of the base year, and has an income when included with that 4 26 of a spouse which is less thansixeight thousand five hundred 4 27 dollars per year, the annual tax shall not be imposed on the 4 28 home. If the income issixeight thousand five hundred 4 29 dollars or more but less thanfourteensixteen thousand five 4 30 hundred dollars, the annual tax shall be computed as follows: 4 31 If the Household Annual Tax Per 4 32 Income is: Square Foot: 4 33$ 6,000 – 6,999.99 3.0 cents4 347,000 – 7,999.99 6.04 358,000 – 9,999.99 10.05 110,000 – 11,999.99 13.05 212,000 – 13,999.99 15.05 3 $ 8,500 – 9,499.99 3.0 cents 5 4 9,500 – 10,499.99 6.0 5 5 10,500 – 12,499.99 10.0 5 6 12,500 – 14,499.99 13.0 5 7 14,500 – 16,499.99 15.0 5 8 For purposes of this subsection "income" means income as 5 9 defined in section 425.17, subsection 7, and "base year" means 5 10 the calendar year preceding the year in which the claim for a 5 11 reduced rate of tax is filed. The home reduced rate of tax 5 12 shall only be allowed on the home in which the claimant is 5 13 residing at the time in which the claim for a reduced rate of 5 14 tax is filed. 5 15 Beginning with the 1998 base year, the income dollar 5 16 amounts set forth in this subsection shall be multiplied by 5 17 the cumulative adjustment factor for that base year as 5 18 determined in section 425.23, subsection 4. 5 19 Sec. 5. APPLICABILITY. This Act applies to claims for 5 20 credit for property taxes due, claims for reimbursement for 5 21 rent constituting property taxes paid, and claims for credit 5 22 for mobile home taxes due filed on or after January 1, 1999. 5 23 EXPLANATION 5 24 Present law grants a mobile home tax credit, additional 5 25 homestead credit, and reimbursement for rent constituting 5 26 property taxes paid for certain low-income persons based upon 5 27 household incomes. Under present law, the maximum credit and 5 28 reimbursement is granted to those with household incomes of 5 29 $6,000 or less with no credit or reimbursement granted to 5 30 those with household incomes of $14,000 or more. The bill 5 31 increases these figures to $8,500 or less and $16,500 or more, 5 32 respectively. The bill also adjusts these figures for 5 33 inflation on an annual basis. 5 34 The bill applies to claims for credits or reimbursements 5 35 filed on or after January 1, 1999. 6 1 LSB 3379HH 77 6 2 mg/sc/14
Text: HF02083 Text: HF02085 Text: HF02000 - HF02099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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