House
File
306
H-1002
Amend
House
File
306
as
follows:
1
1.
Page
1,
after
line
33
by
inserting:
2
<
Sec.
___.
Section
257.8,
Code
2019,
is
amended
by
adding
3
the
following
new
subsection:
4
NEW
SUBSECTION
.
2A.
Complementary
state
aid
——
calculation
5
——
fund.
6
a.
The
complementary
state
aid
fund
is
created
in
the
state
7
treasury.
The
fund
shall
be
separate
from
the
general
fund
of
8
the
state
and
the
balance
in
the
fund
shall
not
be
considered
9
part
of
the
balance
of
the
general
fund
of
the
state.
The
10
moneys
credited
to
the
fund
are
not
subject
to
section
8.33
11
and
shall
not
be
transferred,
used,
obligated,
appropriated,
12
or
otherwise
encumbered
except
as
provided
in
this
section.
13
Notwithstanding
section
12C.7,
subsection
2,
interest
or
14
earnings
on
moneys
deposited
in
the
taxpayers
trust
fund
shall
15
be
credited
to
the
fund.
16
b.
For
each
fiscal
year
beginning
on
or
after
July
1,
17
2019,
there
is
credited
to
the
complementary
state
aid
fund
18
from
the
general
fund
of
the
state
an
amount
as
calculated
by
19
the
department
of
revenue
equal
to
the
difference
between
the
20
actual
net
income
tax
revenues
received
from
taxpayers
subject
21
to
section
422.4A
during
the
fiscal
year
and
the
estimated
net
22
income
tax
revenues
the
state
would
have
received
from
those
23
taxpayers
during
the
fiscal
year
had
such
taxpayers
calculated
24
individual
income
tax
liability
under
chapter
422,
division
II,
25
without
regard
to
section
422.4A.
26
c.
Moneys
in
the
complementary
state
aid
fund
shall
only
be
27
used
by
the
general
assembly
for
purposes
of
funding
increases
28
in
the
state
percent
of
growth
under
subsection
1
and
the
29
categorical
state
percent
of
growth
under
subsection
2.
>
30
2.
Page
3,
after
line
7
by
inserting:
31
<
Sec.
___.
NEW
SECTION
.
422.4A
Tax
calculation
for
certain
32
high-income
taxpayers.
33
Notwithstanding
any
other
provision
of
law
to
the
contrary,
34
a
taxpayer
with
an
adjusted
gross
income
of
one
million
dollars
35
-1-
HF306.136
(3)
88
md/jh
1/
2
#1.
#2.
or
more,
as
calculated
for
federal
income
tax
purposes
under
1
the
Internal
Revenue
Code,
shall
calculate
the
tax
imposed
2
under
this
division
II
pursuant
to
chapter
422,
division
II,
3
Code
2018.
>
4
3.
Page
3,
after
line
9
by
inserting:
5
<
Sec.
___.
RETROACTIVE
APPLICABILITY.
The
following
apply
6
retroactively
to
January
1,
2019,
for
tax
years
beginning
on
7
or
after
that
date:
8
1.
The
section
of
this
Act
enacting
section
257.8,
9
subsection
2A.
10
2.
The
section
of
this
Act
enacting
section
422.4A.
>
11
4.
Title
page,
by
striking
line
5
and
inserting
<
payments,
12
establishing
a
complementary
state
aid
fund,
and
including
13
effective
date
and
retroactive
applicability
provisions.
>
14
5.
By
renumbering
as
necessary.
15
______________________________
R.
SMITH
of
Black
Hawk
______________________________
HALL
of
Woodbury
-2-
HF306.136
(3)
88
md/jh
2/
2
#3.
#4.
#5.