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