House File 2474 - Introduced



                                       HOUSE FILE       
                                       BY  STRUYK and HUSER


    Passed House,  Date               Passed Senate, Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act providing for the deposit of certain insurance premium tax
  2    receipts to the fire and police retirement fund of the
  3    statewide fire and police retirement system.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  5 TLSB 5504YH 81
  6 ec/je/5

PAG LIN



  1  1    Section 1.  NEW SECTION.  411.19  PREMIUM TAX RECEIPTS ==
  1  2 APPROPRIATION.
  1  3    For the fiscal year beginning July 1, 2007, and for each
  1  4 fiscal year thereafter, not more than the amount of premium
  1  5 tax receipts collected pursuant to section 432.1, subsection
  1  6 2, in the fiscal year beginning July 1, 2006, shall be
  1  7 deposited in the general fund of the state.  The total premium
  1  8 tax receipt moneys in excess of the moneys deposited in the
  1  9 general fund of the state in a fiscal year shall be deposited
  1 10 in the fire and police retirement fund established in section
  1 11 411.8.
  1 12                           EXPLANATION
  1 13    This bill provides that, beginning with the fiscal year
  1 14 beginning July 1, 2007, moneys collected from premium tax
  1 15 receipts on insurance policies, other than life insurance
  1 16 policies, in excess of the revenues collected for that tax in
  1 17 the fiscal year beginning July 1, 2006, shall not be deposited
  1 18 in the general fund of the state but will be deposited in the
  1 19 state fire and retirement fund established in Code section
  1 20 411.8.
  1 21 LSB 5504YH 81
  1 22 ec:nh/je/5