Senate File 522 H-1726 Amend the amendment, H-1716, to Senate File 522, as 1 passed by the Senate, as follows: 2 1. Page 2, after line 5 by inserting: 3 < DIVISION ___ 4 PROPERTY TAX EQUITY AND RELIEF FUND 5 Sec. ___. Section 8.55, subsection 2, paragraph a, 6 Code 2011, as amended by 2011 Iowa Acts, Senate File 7 209, section 29, is amended to read as follows: 8 a. The maximum balance of the fund is the amount 9 equal to two and one-half percent of the adjusted 10 revenue estimate for the fiscal year. If the amount of 11 moneys in the Iowa economic emergency fund is equal to 12 the maximum balance, moneys in excess of this amount 13 shall be distributed as follows: 14 (1) For fiscal years beginning on or after July 15 1, 2011, but before July 1, 2018, to the property tax 16 equity and relief fund created in section 257.16A. 17 Moneys transferred to the property tax equity and 18 relief fund under this subparagraph shall not in 19 any fiscal year exceed an amount equal to the amount 20 credited to the property tax equity and relief fund 21 under section 423F.2, subsection 3, for use in the 22 fiscal year beginning July 1, 2010, minus the amount 23 credited to the property tax equity and relief fund 24 under section 423F.2, subsection 3, for use in the 25 fiscal year for which the distribution is made if such 26 amount credited to the fund under section 423F.2, 27 subsection 3, for the fiscal year for which the 28 distribution is made is less than the amount credited 29 to the property tax equity and relief fund under 30 section 423F.2, subsection 3, for use in the fiscal 31 year beginning July 1, 2010. 32 (1) (2) The first Following the transfer under 33 subparagraph (1), the next sixty million dollars of 34 the difference between the actual net revenue for the 35 general fund of the state for the fiscal year and the 36 adjusted revenue estimate for the fiscal year shall be 37 transferred to the taxpayers trust fund. 38 (2) (3) The remainder of the excess, if any, shall 39 be transferred to the general fund of the state. 40 < Sec. ___. Section 257.4, subsection 1, paragraph 41 b, Code 2011, is amended to read as follows: 42 b. For the budget year beginning July 1, 2008, and 43 succeeding budget years beginning before July 1, 2018 , 44 the department of management shall annually determine 45 an adjusted additional property tax levy and a 46 statewide maximum adjusted additional property tax levy 47 rate, not to exceed the statewide average additional 48 property tax levy rate, calculated by dividing the 49 total adjusted additional property tax levy dollars 50 -1- H1716.3183 (3) 84 md/sc 1/ 3 #1.

statewide by the statewide total net taxable valuation. 1 For purposes of this paragraph, the adjusted additional 2 property tax levy shall be that portion of the 3 additional property tax levy corresponding to the 4 state cost per pupil multiplied by a school district’s 5 weighted enrollment, and then multiplied by one hundred 6 percent less the regular program foundation base 7 per pupil percentage pursuant to section 257.1 . The 8 district shall receive adjusted additional property tax 9 levy aid in an amount equal to the difference between 10 the adjusted additional property tax levy rate and the 11 statewide maximum adjusted additional property tax 12 levy rate, as applied per thousand dollars of assessed 13 valuation on all taxable property in the district. The 14 statewide maximum adjusted additional property tax levy 15 rate shall be annually determined by the department 16 taking into account amounts allocated pursuant to 17 section 257.15, subsection 4 . The statewide maximum 18 adjusted additional property tax levy rate shall be 19 annually determined by the department taking into 20 account amounts allocated pursuant to section 257.15, 21 subsection 4 , and the balance of the property tax 22 equity and relief fund created in section 257.16A at 23 the end of the calendar year. 24 Sec. ___. Section 257.15, subsection 4, paragraph 25 a, subparagraph (1), subparagraph division (d), Code 26 2011, is amended to read as follows: 27 (d) For the budget year beginning July 1, 2009, and 28 succeeding budget years beginning before July 1, 2018 , 29 twenty-four million dollars. 30 Sec. ___. Section 257.15, subsection 4, paragraph 31 b, Code 2011, is amended to read as follows: 32 b. After lowering all school district adjusted 33 additional property tax levy rates to the statewide 34 maximum adjusted additional property tax levy rate 35 under paragraph “a” , the department of management shall 36 use any remaining funds at the end of the calendar 37 year to further lower additional property taxes by 38 increasing for the budget year beginning the following 39 July 1, the state foundation base percentage. Moneys 40 used pursuant to this paragraph shall supplant an equal 41 amount of the appropriation made from the general fund 42 of the state pursuant to section 257.16 that represents 43 the increase in state foundation aid. Any funds 44 remaining after lowering all school district adjusted 45 additional property tax levy rates to the statewide 46 maximum adjusted additional property tax levy rate and 47 after increasing the state foundation base percentage 48 to one hundred percent shall be deposited by the 49 department in the general fund of the state. 50 -2- H1716.3183 (3) 84 md/sc 2/ 3

Sec. ___. Section 423F.2, subsection 3, Code 2011, 1 is amended to read as follows: 2 3. The moneys available in a fiscal year in the 3 secure an advanced vision for education fund shall be 4 distributed by the department of revenue to each school 5 district in an amount equal to the amount the school 6 district would have received pursuant to the formula in 7 section 423E.4 as if the local sales and services tax 8 for school infrastructure purposes was imposed. Moneys 9 For fiscal years beginning before July 1, 2018, moneys 10 in a fiscal year that are in excess of that needed to 11 provide each school district with its formula amount 12 shall be distributed and credited to the property tax 13 equity and relief fund created in section 257.16A . For 14 fiscal years beginning on or after July 1, 2018, moneys 15 in a fiscal year that are in excess of that needed to 16 provide each school district with its formula amount 17 shall remain in the fund for use in the next fiscal 18 year. 19 Sec. ___. EFFECTIVE UPON ENACTMENT AND 20 APPLICABILITY. This division of this Act, being deemed 21 of immediate importance, takes effect upon enactment 22 and applies to fiscal years beginning on or after July 23 1, 2011. > 24 2. Page 23, line 4, after < base, > by inserting 25 < establishing and modifying certain education 26 appropriations, > 27 3. Page 23, line 6, after < including > by inserting 28 < effective date and > 29 4. By renumbering as necessary. 30 ______________________________ HALL of Woodbury -3- H1716.3183 (3) 84 md/sc 3/ 3 #2. #3. #4.