Text: HF00123 Text: HF00125 Text: HF00100 - HF00199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 260C.30 LEVIES – ANNUAL
1 2 INFLATION FACTOR.
1 3 1. The maximum levy limits specified in sections 260C.17,
1 4 260C.22, and 260C.28 shall be subject to an annual inflation
1 5 factor adjustment. The amount of the adjustment shall be
1 6 calculated as provided in subsection 2 of this section.
1 7 2. a. Notwithstanding section 260C.17, unnumbered
1 8 paragraph 2, or any other provision of law to the contrary,
1 9 for the fiscal year beginning in the 2004 calendar year and
1 10 for each subsequent fiscal year, the maximum levy limits
1 11 specified in sections 260C.17, 260C.22, and 260C.28 shall be
1 12 multiplied by the cumulative adjustment factor for that fiscal
1 13 year. "Cumulative adjustment factor" means the product of the
1 14 annual adjustment factor for the 2003 calendar year and all
1 15 annual adjustment factors for subsequent calendar years. The
1 16 cumulative adjustment factor applies to the fiscal year
1 17 beginning in the calendar year for which the latest annual
1 18 adjustment factor has been determined.
1 19 b. The annual adjustment factor for the 2003 calendar year
1 20 is one hundred percent. For each subsequent calendar year,
1 21 the annual adjustment factor equals the annual inflation
1 22 factor for the calendar year as computed in section 422.4 for
1 23 purposes of the individual income tax.
1 24 Sec. 2. APPLICABILITY DATES. The inflation factor
1 25 adjustment provisions in this Act are applicable to the
1 26 maximum levy limits applicable to levies which have been
1 27 authorized on or before the effective date of this Act,
1 28 including the voter-approved levies pursuant to sections
1 29 260C.22 and 260C.28, and to amounts which shall be certified
1 30 for levy on or after the effective date of this Act.
1 31 EXPLANATION
1 32 This bill provides for the addition of an annual inflation
1 33 factor applicable to the maximum community college levy limits
1 34 specified in Code sections 260C.17, 260C.22, and 260C.28. The
1 35 bill provides that the annual inflation factor shall be
2 1 determined by a formula that multiplies the maximum levy limit
2 2 for the fiscal year beginning in the 2004 calendar year by a
2 3 cumulative adjustment factor for that fiscal year. The bill
2 4 provides that the cumulative adjustment factor refers to the
2 5 product of an annual adjustment factor for the 2003 calendar
2 6 year and all annual adjustment factors for subsequent calendar
2 7 years, and applies to the fiscal year beginning in the
2 8 calendar year for which the latest annual adjustment factor
2 9 has been determined. The bill provides that the annual
2 10 adjustment factor for the 2003 calendar year is 100 percent,
2 11 and that for each subsequent calendar year, the annual
2 12 adjustment factor equals the annual inflation factor for the
2 13 calendar year as computed in Code section 422.4 for purposes
2 14 of the individual income tax. The bill provides that the
2 15 annual inflation factor shall be applied notwithstanding any
2 16 other Code provision to the contrary, and shall be applicable
2 17 to previously authorized levies, including voter-approved
2 18 levies, in existence on the effective date of the bill, as
2 19 well as levies authorized on or after that date.
2 20 LSB 1369YH 80
2 21 rn/cl/14
Text: HF00123 Text: HF00125 Text: HF00100 - HF00199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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