Senate
File
295
H-1313
Amend
the
amendment,
H-1311,
to
Senate
File
295,
as
1
passed
by
the
Senate,
as
follows:
2
1.
Page
18,
after
line
49
by
inserting:
3
<
DIVISION
___
4
TAXPAYERS
TRUST
FUND
5
Sec.
___.
Section
8.54,
subsection
5,
Code
2013,
is
6
amended
by
striking
the
subsection.
7
Sec.
___.
Section
8.55,
subsection
2,
Code
2013,
is
8
amended
to
read
as
follows:
9
2.
The
maximum
balance
of
the
fund
is
the
amount
10
equal
to
two
and
one-half
percent
of
the
adjusted
11
revenue
estimate
for
the
fiscal
year.
If
the
amount
of
12
moneys
in
the
Iowa
economic
emergency
fund
is
equal
to
13
the
maximum
balance,
moneys
in
excess
of
this
amount
14
shall
be
distributed
as
follows:
15
a.
The
first
sixty
million
dollars
of
the
16
difference
between
the
actual
net
revenue
for
the
17
general
fund
of
the
state
for
the
fiscal
year
and
the
18
adjusted
revenue
estimate
for
the
fiscal
year
shall
be
19
transferred
to
the
taxpayers
trust
fund.
20
b.
The
remainder
of
the
excess,
if
any,
shall
be
21
transferred
to
the
general
fund
of
the
state.
22
Sec.
___.
Section
8.57E,
subsection
2,
Code
2013,
23
is
amended
to
read
as
follows:
24
2.
Moneys
in
the
taxpayers
trust
fund
shall
only
25
be
used
pursuant
to
appropriations
or
transfers
made
26
by
the
general
assembly
for
tax
relief.
During
each
27
fiscal
year
beginning
on
or
after
July
1,
2014,
in
28
which
the
balance
of
the
taxpayers
trust
fund
equals
or
29
exceeds
thirty
million
dollars,
there
is
transferred
30
from
the
taxpayers
trust
fund
to
the
Iowa
taxpayers
31
trust
fund
tax
credit
fund
created
in
section
422.11E,
32
the
entire
balance
of
the
taxpayers
trust
fund
to
be
33
used
for
the
Iowa
taxpayers
trust
fund
tax
credit
in
34
accordance
with
section
422.11E,
subsection
5.
35
Sec.
___.
Section
8.58,
Code
2013,
is
amended
to
36
read
as
follows:
37
8.58
Exemption
from
automatic
application.
38
1.
To
the
extent
that
moneys
appropriated
under
39
section
8.57
do
not
result
in
moneys
being
credited
40
to
the
general
fund
under
section
8.55,
subsection
2
,
41
moneys
Moneys
appropriated
under
in
section
8.57
and
42
moneys
contained
in
the
cash
reserve
fund,
rebuild
43
Iowa
infrastructure
fund,
environment
first
fund,
Iowa
44
economic
emergency
fund,
and
taxpayers
trust
fund
shall
45
not
be
considered
in
the
application
of
any
formula,
46
index,
or
other
statutory
triggering
mechanism
which
47
would
affect
appropriations,
payments,
or
taxation
48
rates,
contrary
provisions
of
the
Code
notwithstanding.
49
2.
To
the
extent
that
moneys
appropriated
under
50
-1-
H1311.1747
(1)
85
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1/
5
#1.
section
8.57
do
not
result
in
moneys
being
credited
1
to
the
general
fund
under
section
8.55,
subsection
2
,
2
moneys
Moneys
appropriated
under
in
section
8.57
and
3
moneys
contained
in
the
cash
reserve
fund,
rebuild
4
Iowa
infrastructure
fund,
environment
first
fund,
Iowa
5
economic
emergency
fund,
and
taxpayers
trust
fund
shall
6
not
be
considered
by
an
arbitrator
or
in
negotiations
7
under
chapter
20
.
8
Sec.
___.
EFFECTIVE
UPON
ENACTMENT.
This
division
9
of
this
Act,
being
deemed
of
immediate
importance,
10
takes
effect
upon
enactment.
11
Sec.
___.
RETROACTIVE
APPLICABILITY.
This
division
12
of
this
Act
applies
retroactively
to
July
1,
2012,
to
13
moneys
attributed
to
fiscal
years
beginning
on
or
after
14
July
1,
2012.
15
DIVISION
___
16
IOWA
TAXPAYERS
TRUST
FUND
TAX
CREDIT
17
Sec.
___.
TAXPAYERS
TRUST
FUND
——
IOWA
TAXPAYERS
18
TRUST
FUND
TAX
CREDIT
TRANSFER.
During
the
fiscal
19
year
beginning
July
1,
2013,
there
is
transferred
from
20
the
taxpayers
trust
fund
created
in
section
8.57E
to
21
the
Iowa
taxpayers
trust
fund
tax
credit
fund
created
22
in
section
422.11E,
an
amount
equal
to
the
sum
of
23
the
balance
of
the
taxpayers
trust
fund
as
determined
24
after
the
close
of
the
fiscal
year
beginning
July
1,
25
2012,
and
ending
June
30,
2013,
including
the
amount
26
transferred
for
that
fiscal
year
to
the
taxpayers
trust
27
fund
from
the
Iowa
economic
emergency
fund
created
28
in
section
8.55
in
the
fiscal
year
beginning
July
1,
29
2013,
and
ending
June
30,
2014,
to
be
used
for
the
Iowa
30
taxpayers
trust
fund
tax
credit
in
accordance
with
31
section
422.11E,
subsection
5.
32
Sec.
___.
Section
257.21,
unnumbered
paragraph
2,
33
Code
2013,
is
amended
to
read
as
follows:
34
The
instructional
support
income
surtax
shall
be
35
imposed
on
the
state
individual
income
tax
for
the
36
calendar
year
during
which
the
school’s
budget
year
37
begins,
or
for
a
taxpayer’s
fiscal
year
ending
during
38
the
second
half
of
that
calendar
year
and
after
the
39
date
the
board
adopts
a
resolution
to
participate
40
in
the
program
or
the
first
half
of
the
succeeding
41
calendar
year,
and
shall
be
imposed
on
all
individuals
42
residing
in
the
school
district
on
the
last
day
of
43
the
applicable
tax
year.
As
used
in
this
section
,
44
“state
individual
income
tax”
means
the
taxes
computed
45
under
section
422.5
,
less
the
amounts
of
nonrefundable
46
credits
allowed
under
chapter
422,
division
II
,
except
47
for
the
Iowa
taxpayers
trust
fund
tax
credit
allowed
48
under
section
422.11E
.
49
Sec.
___.
NEW
SECTION
.
422.11E
Iowa
taxpayers
50
-2-
H1311.1747
(1)
85
md/sc
2/
5
trust
fund
tax
credit.
1
1.
For
purposes
of
this
section,
unless
the
context
2
otherwise
requires:
3
a.
“Eligible
individual”
means,
with
respect
to
4
a
tax
year,
an
individual
who
makes
and
files
an
5
individual
income
tax
return
pursuant
to
section
6
422.13.
“Eligible
individual”
does
not
include
7
an
estate
or
trust,
or
an
individual
for
whom
an
8
individual
income
tax
return
was
not
timely
filed,
9
including
extensions.
10
b.
“Unclaimed
tax
credit”
means,
with
respect
to
11
a
tax
year,
the
aggregate
amount
by
which
the
Iowa
12
taxpayers
trust
fund
tax
credits
that
were
eligible
to
13
be
claimed
by
eligible
individuals,
if
any,
exceeds
the
14
Iowa
taxpayers
trust
fund
tax
credits
actually
claimed
15
by
eligible
individuals,
if
any.
16
2.
The
taxes
imposed
under
this
division,
less
the
17
credits
allowed
under
this
division
except
the
credits
18
for
withheld
tax
and
estimated
tax
paid
in
section
19
422.16,
shall
be
reduced
by
an
Iowa
taxpayers
trust
20
fund
tax
credit
to
an
eligible
individual
for
the
tax
21
year
beginning
January
1
immediately
preceding
July
1
22
of
any
fiscal
year
during
which
a
transfer,
if
any,
is
23
made
from
the
taxpayers
trust
fund
in
section
8.57E
to
24
the
Iowa
taxpayers
trust
fund
tax
credit
fund
created
25
in
this
section.
26
3.
The
credit
shall
be
equal
to
the
quotient
of
27
the
amount
transferred
to
the
Iowa
taxpayers
trust
28
fund
tax
credit
fund
in
the
applicable
fiscal
year,
29
divided
by
the
number
of
eligible
individuals
for
the
30
tax
year
immediately
preceding
the
tax
year
for
which
31
the
credit
in
this
section
is
allowed,
as
determined
32
by
the
director
of
revenue
in
accordance
with
this
33
section,
rounded
down
to
the
nearest
whole
dollar.
The
34
department
of
revenue
shall
draft
the
income
tax
form
35
for
any
tax
year
in
which
a
credit
will
be
allowed
36
under
this
section
to
provide
the
information
and
space
37
necessary
for
eligible
individuals
to
claim
the
credit.
38
4.
Any
credit
in
excess
of
the
taxpayer’s
liability
39
for
the
tax
year
is
not
refundable
and
shall
not
be
40
credited
to
the
tax
liability
for
any
following
year
41
or
carried
back
to
a
tax
year
prior
to
the
tax
year
in
42
which
the
taxpayer
claims
the
credit.
43
5.
a.
There
is
established
within
the
state
44
treasury
under
the
control
of
the
department
an
Iowa
45
taxpayers
trust
fund
tax
credit
fund
consisting
of
any
46
moneys
transferred
by
the
general
assembly
by
law
from
47
the
taxpayers
trust
fund
created
in
section
8.57E
for
48
purposes
of
the
credit
provided
in
this
section.
For
49
the
fiscal
year
beginning
July
1,
2013,
and
for
each
50
-3-
H1311.1747
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85
md/sc
3/
5
fiscal
year
thereafter,
the
department
shall
transfer
1
from
the
Iowa
taxpayers
trust
fund
tax
credit
fund
2
to
the
general
fund
of
the
state,
the
lesser
of
the
3
balance
of
the
Iowa
taxpayers
trust
fund
tax
credit
4
fund
or
an
amount
of
money
equal
to
the
Iowa
taxpayers
5
trust
fund
tax
credits
claimed
in
that
fiscal
year,
if
6
any.
Any
moneys
in
the
Iowa
taxpayers
trust
fund
tax
7
credit
fund
which
represent
unclaimed
tax
credits
shall
8
immediately
revert
to
the
taxpayers
trust
fund
created
9
in
section
8.57E.
Interest
or
earnings
on
moneys
in
10
the
Iowa
taxpayers
trust
fund
tax
credit
fund
shall
be
11
credited
to
the
taxpayers
trust
fund
created
in
section
12
8.57E.
13
b.
The
moneys
transferred
to
the
general
fund
of
14
the
state
in
accordance
with
this
subsection
shall
not
15
be
considered
new
revenues
for
purposes
of
the
state
16
general
fund
expenditure
limitation
under
section
8.54
17
but
instead
as
replacement
of
a
like
amount
included
in
18
the
expenditure
limitation
for
the
fiscal
year
in
which
19
the
transfer
is
made.
20
Sec.
___.
Section
422D.2,
Code
2013,
is
amended
to
21
read
as
follows:
22
422D.2
Local
income
surtax.
23
A
county
may
impose
by
ordinance
a
local
income
24
surtax
as
provided
in
section
422D.1
at
the
rate
set
25
by
the
board
of
supervisors,
of
up
to
one
percent,
26
on
the
state
individual
income
tax
of
each
individual
27
residing
in
the
county
at
the
end
of
the
individual’s
28
applicable
tax
year.
However,
the
cumulative
total
of
29
the
percents
of
income
surtax
imposed
on
any
taxpayer
30
in
the
county
shall
not
exceed
twenty
percent.
The
31
reason
for
imposing
the
surtax
and
the
amount
needed
32
shall
be
set
out
in
the
ordinance.
The
surtax
rate
33
shall
be
set
to
raise
only
the
amount
needed.
For
34
purposes
of
this
section
,
“state
individual
income
tax”
35
means
the
tax
computed
under
section
422.5
,
less
the
36
amounts
of
nonrefundable
credits
allowed
under
chapter
37
422,
division
II
,
except
for
the
Iowa
taxpayers
trust
38
fund
tax
credit
allowed
under
section
422.11E
.
39
Sec.
___.
EFFECTIVE
UPON
ENACTMENT.
This
division
40
of
this
Act,
being
deemed
of
immediate
importance,
41
takes
effect
upon
enactment.
42
Sec.
___.
RETROACTIVE
APPLICABILITY.
This
division
43
of
this
Act
applies
retroactively
to
January
1,
2013,
44
for
tax
years
beginning
on
or
after
that
date.
>
45
2.
Page
19,
line
8,
after
<
property,
>
by
inserting
46
<
modifying
provisions
relating
to
the
taxpayers
trust
47
fund,
providing
a
taxpayers
trust
fund
tax
credit,
>
48
3.
By
renumbering,
redesignating,
and
correcting
49
internal
references
as
necessary.
50
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5
#2.
______________________________
COWNIE
of
Polk
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5