Text: HF00431 Text: HF00433 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 427B.19E ADDITIONAL ASSISTANCE
1 2 FOR CERTAIN CITIES.
1 3 1. An additional assistance fund is created to provide
1 4 additional replacement moneys to cities that qualify under
1 5 this section. Beginning with the fiscal year beginning July
1 6 1, 2001, through the fiscal year ending June 30, 2006, there
1 7 is appropriated annually from the general fund of the state to
1 8 the department of revenue and finance, to be credited to the
1 9 additional assistance fund, an amount sufficient to pay
1 10 additional assistance claims under this section.
1 11 2. If the total assessed value of the property in a city
1 12 assessed under section 427B.17 as of January 1, 1994, and
1 13 reported by the county auditor pursuant to section 427B.19,
1 14 comprised eight percent or more of the total assessed value of
1 15 taxable property in the city as of January 1, 1994, as
1 16 reported by the county or city assessor, as appropriate, the
1 17 city may file a claim for additional assistance under this
1 18 section. The claim shall include a statement indicating such
1 19 values. The city clerk must file the claim with the
1 20 department of revenue and finance on or before September 1,
1 21 2001. If the department determines that the city qualifies
1 22 for additional assistance under this section, the city shall
1 23 receive the additional assistance each year through the fiscal
1 24 year ending June 30, 2006, and need not file another claim.
1 25 3. The amount a city shall receive under this section is
1 26 equal to ninety percent of the replacement claim received by
1 27 the city under this division for the fiscal year beginning
1 28 July 1, 1996. Moneys received under this section are in
1 29 addition to replacement moneys otherwise received under this
1 30 division.
1 31 EXPLANATION
1 32 This bill creates an additional assistance fund to provide
1 33 certain cities additional funds to replace property tax
1 34 revenues lost from the phaseout of property tax on industrial
1 35 machinery, computers, and equipment (M & E). To qualify for
2 1 the additional assistance, a city must show that the city's M
2 2 & E assessed valuation as of January 1, 1994, comprised 8
2 3 percent or more of its total assessed valuation of taxable
2 4 property. A city must file a claim for additional funds with
2 5 the department of revenue and finance on or before September
2 6 1, 2001. Once a city is approved to receive additional funds,
2 7 it need not file another claim for subsequent years. The
2 8 amount of additional assistance a city may receive is equal to
2 9 90 percent of the replacement claim paid to the city in fiscal
2 10 year 1996-1997.
2 11 The additional assistance provided from this fund is to be
2 12 provided for the fiscal year beginning July 1, 2001, through
2 13 the fiscal year ending June 30, 2006. The bill provides that
2 14 additional assistance is in addition to the city's M & E
2 15 replacement moneys received.
2 16 LSB 3029YH 79
2 17 sc/gg/8
Text: HF00431 Text: HF00433 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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