House File 495 - Introduced



                                       HOUSE FILE       
                                       BY  WHITAKER


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

                                      A BILL FOR

  1 An Act relating to reductions in the standing appropriations to
  2    reimburse local jurisdictions for certain property tax credits
  3    and including effective and applicability date provisions.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  5 TLSB 2965HH 81
  6 sc/gg/14

PAG LIN



  1  1    Section 1.  NEW SECTION.  25B.8  REDUCTION IN FUNDING FOR
  1  2 PROPERTY TAX CREDITS.
  1  3    1.  This section applies to the following appropriations
  1  4 made for fiscal years beginning on or after July 1, 2005:
  1  5    a.  The standing unlimited appropriation made in section
  1  6 425.1 for reimbursement for homestead property tax credits.
  1  7    b.  The standing unlimited appropriation made in section
  1  8 425.39 for reimbursement for elderly and disabled property tax
  1  9 credits.
  1 10    c.  The standing unlimited appropriation made in section
  1 11 426A.1A for reimbursement for military service tax credits and
  1 12 exemptions to the extent of six dollars and ninety=two cents
  1 13 per one thousand dollars of assessed value of the exempt
  1 14 property.
  1 15    2.  In order for the general assembly to reduce for the
  1 16 fiscal year beginning the following July 1 any appropriation
  1 17 specified in subsection 1, the bill which reduces that
  1 18 appropriation shall be enacted by February 15 preceding the
  1 19 fiscal year for which the appropriation is made.
  1 20    Sec. 2.  EFFECTIVE AND APPLICABILITY DATES.  This Act,
  1 21 being deemed of immediate importance, takes effect upon
  1 22 enactment and applies to appropriations made for fiscal years
  1 23 beginning on or after July 1, 2005.
  1 24                           EXPLANATION
  1 25    This bill requires that in order for certain standing
  1 26 appropriations made for property tax reimbursement to be
  1 27 reduced for the following fiscal year, the bill reducing the
  1 28 appropriation shall be enacted prior to February 15 preceding
  1 29 that fiscal year.
  1 30    The standing appropriations covered by this bill are the
  1 31 homestead, elderly and disabled, and military service property
  1 32 tax credit reimbursements.
  1 33    The bill takes effect upon enactment and applies to
  1 34 appropriations made for fiscal years beginning on or after
  1 35 July 1, 2005.
  2  1 LSB 2965HH 81
  2  2 sc:nh/gg/14