701—273.4(15J) State reinvestment district fund.
	273.4(1) Establishment of the fund. A state reinvestment district fund is established in the state treasury under the control of the department consisting of the new state sales tax revenues collected within each district and deposited in the fund pursuant to Iowa Code section 423.2, subsection 11, paragraph “b,” and the new state hotel and motel tax revenues collected within each district and deposited in the fund pursuant to Iowa Code section 423A.6. Moneys deposited in the fund are appropriated to the department for the purposes of remittance of moneys to municipalities as set forth in subrule 237.4(3). Moneys in the fund shall only be used as set forth in economic development authority rule 261—200.8(15J).
	273.4(2) District accounts. A district account is created within the fund for each district created by a municipality under Iowa Code chapter 15J.
	273.4(3) Timing of deposits. The department shall deposit the moneys described in subrule 237.4(1) that were collected in a quarter beginning on or after the district’s commencement date into the appropriate district account in the fund. However, moneys shall not be deposited in the fund before the period for processing returns for the quarter is complete.
	273.4(4) Late-filed returns. Moneys described in subrule 237.4(1) that are collected from late-filed returns shall be deposited in the fund. Such moneys shall be deposited following the period for processing returns for the quarter in which the late return is received, subject to the limitations of Iowa Code chapter 15J.
	273.4(5) Reinvestment project fund deposits. All moneys in each district account within the fund shall be remitted quarterly by the department to the municipality that established the district for deposit in the municipality’s reinvestment project fund described in rule 701—237.5(15J).
	273.4(6) Refund claims. If the moneys described in subrule 237.4(1) are the subject of a refund claim and that claim is granted by the department, the department may offset any refund at a later date against funds remitted to the district in which the new retail establishment or new lessor that had remitted the refunded tax amount is located.
This rule is intended to implement Iowa Code section 15J.6.
[ARC 1443C, IAB 4/30/14, effective 6/4/14; ARC 6508C, IAB 9/7/22, effective 10/12/22]