House Joint Resolution 2 H-1103 Amend the amendment, H-1074, to House Joint 1 Resolution 2 as follows: 2 1. Page 1, by striking lines 1 through 36 and 3 inserting: 4 < Amend House Joint Resolution 2 as follows: 5 ___. By striking everything after the resolving 6 clause and inserting: 7 < Section 1. The following amendment to the 8 Constitution of the State of Iowa is proposed: 9 The Constitution of the State of Iowa is amended by 10 adding the following new section to new Article XIII: 11 ARTICLE XIII. 12 TAXPAYERS TRUST FUND 13 Taxpayers trust fund. SECTION 1. 14 1. A taxpayers trust fund is created within the 15 treasury to provide tax relief. The maximum balance 16 of the trust fund shall be established by statute but 17 shall not be more than one percent of the state’s 18 annual net general revenue. 19 2. Except for temporary cash flow purposes, moneys 20 in the taxpayers trust fund shall only be used in 21 accordance with appropriations or transfers made by the 22 general assembly to provide tax relief for any of the 23 following purposes: 24 a. Personal income tax reduction. 25 b. Homeowner property tax reduction. 26 c. Sales tax reduction. 27 d. Equalization and reduction of rates, through 28 distribution of state funding, for the additional 29 property tax levied by school districts that is above 30 and beyond the funds received by school districts 31 through the uniform foundation property tax levy and 32 state foundation aid. 33 3. The general assembly shall enact laws to 34 implement this section. 35 Sec. 2. The foregoing proposed amendment to the 36 Constitution of the State of Iowa is referred to the 37 general assembly to be chosen at the next general 38 election for members of the general assembly, and the 39 Secretary of State is directed to cause the amendment 40 to be published for three consecutive months previous 41 to the date of that election as provided by law. > 42 ___. Title page, by striking lines 1 through 5 and 43 inserting < A Joint Resolution proposing an amendment to 44 the Constitution of the State of Iowa relating to state 45 budgeting by creating a taxpayers trust fund. >> 46 ______________________________ HALL of Woodbury -1- H1074.809 (2) 85 jp/sc 1/ 1 #1.