Text: SF00504 Text: SF00506 Text: SF00500 - SF00599 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 422.65, unnumbered paragraph 1, Code 1 2 1997, is amended by striking the unnumbered paragraph and 1 3 inserting in lieu thereof the following: 1 4 Fifty-five percent of the total moneys received from the 1 5 franchise tax shall be deposited in the general fund of the 1 6 state. The remaining moneys received from the franchise tax 1 7 shall be deposited in a franchise tax fund established in the 1 8 office of the treasurer of state, and shall be paid quarterly 1 9 on warrants by the director, after certification by the 1 10 director, as follows: 1 11 Sec. 2. Section 422.65, unnumbered paragraph 3, Code 1997, 1 12 is amended to read as follows: 1 13 Quarterly, the director shall certify to the treasurer of 1 14 state the amounts to be paid to each city and county from the 1 15state generalfranchise tax fund. All moneys received from 1 16 the franchise tax are appropriated according to the provisions 1 17 of this section. 1 18 Sec. 3. APPLICABILITY. This Act applies to franchise tax 1 19 revenues received on or after July 1, 1997. 1 20 EXPLANATION 1 21 Present law provides that all franchise tax revenues are to 1 22 be deposited into the general fund of the state. There is 1 23 appropriated $8.8 million to be paid quarterly to cities and 1 24 counties based upon the amount of franchise tax collected in 1 25 the city or county. This bill returns the allocation 1 26 provisions to what they were in 1987. That law and this bill 1 27 provide that 55 percent of franchise tax revenues are 1 28 deposited into the general fund of the state and the remaining 1 29 45 percent are deposited into a franchise tax fund. The 1 30 moneys in the franchise tax fund are appropriated and 1 31 distributed quarterly to cities and counties based upon the 1 32 amount of franchise tax collected in the city or county. 1 33 The bill applies to franchise tax revenues received on or 1 34 after July 1, 1997. 1 35 LSB 2196SS 77 2 1 mg/sc/14
Text: SF00504 Text: SF00506 Text: SF00500 - SF00599 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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