House File 2470 HOUSE FILE BY COMMITTEE ON ECONOMIC GROWTH (SUCCESSOR TO HSB 652) Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to a study identifying a permanent funding source 2 for the grow Iowa values fund. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 6412HV 80 5 tm/sh/8 PAG LIN 1 1 Section 1. STUDY OF FUNDING SOURCES. By December 15, 1 2 2004, the department of economic development and the 1 3 department of revenue shall file a joint report with the 1 4 governor and the general assembly identifying a permanent 1 5 funding source for the grow Iowa values fund that does not 1 6 have a negative impact on economic growth in the state and is 1 7 revenue neutral. The report shall identify a permanent 1 8 funding source that would allow the deposit of at least 1 9 seventy=five million dollars in the grow Iowa values fund each 1 10 fiscal year during the fiscal period beginning July 1, 2005, 1 11 and ending June 30, 2010. The permanent funding source shall 1 12 not include the utilization of an increase in the tax rate for 1 13 income and sales and use taxes. 1 14 EXPLANATION 1 15 This Act relates to a study identifying a permanent funding 1 16 source for the grow Iowa values fund. 1 17 The bill requires, by December 15, 2004, the department of 1 18 economic development and the department of revenue to file a 1 19 joint report with the governor and the general assembly 1 20 identifying a permanent funding source for the grow Iowa 1 21 values fund that does not have a negative impact on economic 1 22 growth in the state and is revenue neutral. The bill provides 1 23 that the report shall identify a permanent funding source that 1 24 would allow the deposit of at least $75 million in the grow 1 25 Iowa values fund each year during the fiscal period beginning 1 26 July 1, 2005, and ending June 30, 2010. The bill provides 1 27 that the permanent funding source shall not include the 1 28 utilization of an increase in the tax rate for income and 1 29 sales and use taxes. 1 30 LSB 6412HV 80 1 31 tm/sh/8 1 32 1 33 1 34 1 35