Text: SF00201 Text: SF00203 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. PROPERTY TAX REPLACEMENT CLAIMS. 2002 Iowa 1 2 Acts, chapter 1171, section 175, subsection 13, is amended to 1 3 read as follows: 1 4 13. For industrial machinery, equipment, and computers 1 5 property tax replacement claims under section 427B.19A: 1 6 .................................................. $20,990,8001 7 21,522,792 1 8 Sec. 2. PAYMENT OF CLAIMS. The increase in the funds 1 9 available as a result of section 1 of this Act shall be used 1 10 by the department of revenue and finance to pay industrial 1 11 machinery, equipment, and computers property tax replacement 1 12 claims for the fiscal year beginning July 1, 2002. 1 13 Sec. 3. GUARANTEE OF REPLACEMENT FUNDS. The revaluation 1 14 of all industrial machinery, equipment, and computers 1 15 authorized in section 427B.19B is void and taxes payable in 1 16 the fiscal year beginning July 1, 2003, shall not be levied on 1 17 the amount of such revaluation. 1 18 Sec. 4. ELDERLY AND DISABLED TAX CREDIT. 1 19 1. There is appropriated from the general fund of the 1 20 state to the department of revenue and finance for the fiscal 1 21 year beginning July 1, 2002, and ending June 30, 2003, the 1 22 following amount for the purpose designated: 1 23 For reimbursing counties for granting elderly and disabled 1 24 tax credits as provided in subsection 2: 1 25 .................................................. $ 355,349 1 26 2. a. The appropriation made in subsection 1 shall be 1 27 used to reimburse those counties, to the extent the 1 28 appropriation made in section 425.39, as limited by 2002 Iowa 1 29 Acts, chapter 1171, section 176, as amended by 2002 Iowa Acts, 1 30 Second Extraordinary Session, chapter 1003, section 182, is 1 31 insufficient, that granted to taxpayers the elderly and 1 32 disabled tax credit pursuant to section 425.23 for taxes 1 33 payable in the fiscal year beginning July 1, 2002. 1 34 b. If the amount appropriated is in excess of that needed 1 35 to reimburse all credits granted, the department shall 2 1 determine an additional reimbursement percentage by dividing 2 2 the amount of the excess funds available by the total 2 3 statewide claims. Each county shall grant a carryover elderly 2 4 and disabled tax credit equal to the additional reimbursement 2 5 percentage. The carryover elderly and disabled tax credit 2 6 shall apply against taxes due and payable in the fiscal year 2 7 beginning July 1, 2003, to each property that was granted the 2 8 elderly and disabled tax credit for taxes due and payable in 2 9 the fiscal year beginning July 1, 2002. The carryover credit 2 10 shall be granted whether the property or taxpayer continues to 2 11 qualify for the elderly and disabled tax credit and shall not 2 12 be used in computing the regular elderly and disabled tax 2 13 credit for taxes due and payable in the fiscal year beginning 2 14 July 1, 2003. A county granting the carryover tax credit 2 15 shall be reimbursed for the amount of the credit from the 2 16 appropriation made in subsection 1. Payments made pursuant to 2 17 this paragraph "b" shall be made one-half on November 15, 2 18 2003, and one-half on March 15, 2004. 2 19 Notwithstanding sections 8.33 and 425.39, any funds 2 20 remaining from the appropriation made in subsection 1 shall 2 21 not revert but shall be available for use as provided in this 2 22 subsection for the succeeding fiscal year. 2 23 Sec. 5. Section 12E.12, subsection 8, Code 2003, is 2 24 amended to read as follows: 2 25 8. With respect to the payment of certain debt service, 2 26 the debt service to be paid shall be those installments of 2 27 debt service on bonds selected by the treasurer of state and 2 28 identified in the authority's tax certificate delivered at the 2 29 time of the issuance of the bonds issued pursuant to this 2 30 chapter, or as otherwise selected by the treasurer of state. 2 31 Once the bonds and the installments of debt service thereon 2 32 are so selected, that debt service and bonds shall not be 2 33 paid, or provided to be paid, from any other source including 2 34 the state or any of its departments or agencies. Provided, 2 35 however, that if funds are not appropriated to pay debt 3 1 service on such bonds when due, the issuing agency shall pay 3 2suchthe debt service from any available source as provided in 3 3 the bond covenantsfor such bonds. To the extent that this 3 4 section does not allow proceeds of previously issued refunding 3 5 bonds to be applied for the purpose of the refunding, the 3 6 issuing agency may expend such proceeds to improve, remodel, 3 7 or repair buildings or other infrastructure upon authorization 3 8 of the issuing agency's authority. 3 9 Sec. 6. Section 427B.19B, Code 2003, is repealed. 3 10 Sec. 7. EFFECTIVE DATE. This Act, being deemed of 3 11 immediate importance, takes effect upon enactment. 3 12 EXPLANATION 3 13 During the 2002 Regular Session, the general assembly 3 14 limited the amount the state would pay in FY 2002-2003 to 3 15 local jurisdictions for their industrial machinery, equipment, 3 16 and computers property tax replacement claims. This bill 3 17 increases the amount of state payment. Present law authorizes 3 18 the county to revalue the industrial machinery, equipment, and 3 19 computers and levy taxes on the increased value to make up for 3 20 insufficient funding by the state of their claims as a result 3 21 of the general assembly's action to limit state payments for 3 22 tax replacement claims. The bill voids this authorization to 3 23 revalue and levy taxes. In addition, this authorization is 3 24 repealed from the Code. 3 25 The bill makes an appropriation to reimburse counties for 3 26 granting the elderly and disabled tax credit for taxes payable 3 27 in FY 2002-2003. If the amount appropriated is in excess of 3 28 the amounts needed to reimburse all credits granted in the 3 29 2002 regular and special sessions, the excess is to be used to 3 30 reimburse counties for granting a carryover tax credit. This 3 31 carryover tax credit will be for taxes payable in FY 2003-2004 3 32 and is granted whether the property or the taxpayer continues 3 33 to qualify for the elderly and disabled tax credit. 3 34 The bill amends Code section 12E.12(8) to allow the issuing 3 35 agency of refunding bonds for tobacco settlement authority 4 1 bonds, which cannot be used for such refunding, to be used for 4 2 capital infrastructure improvements at the issuing agency. 4 3 The bill takes effect upon enactment. 4 4 LSB 2502SV 80 4 5 mg/cl/14
Text: SF00201 Text: SF00203 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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