Text: HF00134 Text: HF00136 Text: HF00100 - HF00199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 331.427, subsection 1, unnumbered 1 2 paragraph 1, Code 1999, is amended to read as follows: 1 3 Except as otherwise provided by state law, county revenues 1 4 from taxes and other sources for general county services shall 1 5 be credited to the general fund of the county, including 1 6 revenues received under sections 101A.3, 101A.7, 123.36, 1 7 123.143, 142B.6, 176A.8, 321.105, 321.152, 321G.7, section 1 8 331.554, subsection 6, sections 341A.20, 364.3, 368.21, 1 9 422.65, 422A.2, 428A.8, 430A.3, 433.15, 434.19, 445.57, 1 10 453A.35, 458A.21, 483A.12, 533.24, 556B.1, 567.10, 583.6, 1 11 602.8108, 904.908, and 906.17, and chapter 405A, and the 1 12 following: 1 13 Sec. 2. Section 422.65, Code 1999, is amended to read as 1 14 follows: 1 15 422.65 ALLOCATION OF REVENUE. 1 16 All moneys received from the franchise tax shall be 1 17 deposited in the state general fund. Commencing with the 1 18 fiscal year beginning July 1, 1999, there is appropriated for 1 19 each fiscal year all the franchise tax moneys received and 1 20 deposited in the state general fund. Franchise tax moneys 1 21 appropriated insection 405A.10 are allocatedthis section 1 22 shall be paid quarterly as follows: 1 23 1. Sixty percent to the general fund of the city from 1 24 which the tax is collected. 1 25 2. Forty percent to the county from which the tax is 1 26 collected. 1 27 If the financial institution maintains one or more offices 1 28 for the transaction of business, other than its principal 1 29 office, a portion of its franchise tax shall be allocated to 1 30 each office, based upon a reasonable measure of the business 1 31 activity of each office. The director shall prescribe, for 1 32 each type of financial institution, a method of measuring the 1 33 business activity of each office. Financial institutions 1 34 shall furnish all necessary information for this purpose at 1 35 the request of the director. 2 1 Quarterly, the director shall certify to the treasurer of 2 2 state the amounts to be paid to each city and county from the 2 3 state general fund. All moneys received from the franchise 2 4 tax are appropriated according to this section. 2 5 Sec. 3. Section 405A.10, Code 1999, is repealed. 2 6 EXPLANATION 2 7 Commencing with the 1999-2000 fiscal year, the bill 2 8 appropriates all franchise tax revenues received by the state 2 9 to the general fund of each city and county where the state 2 10 revenue is collected. The allocation is 60 percent to the 2 11 city and 40 percent to the county where collected. Presently 2 12 $8.8 million is appropriated in this manner. 2 13 LSB 1394HH 78 2 14 mg/sc/14
Text: HF00134 Text: HF00136 Text: HF00100 - HF00199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
© 1999 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Wed Jan 12 05:55:23 CST 2000
URL: /DOCS/GA/78GA/Legislation/HF/00100/HF00135/990125.html
jhf