Senate File 12 - Introduced SENATE FILE BY KREIMAN Passed Senate, Date Passed House, 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 1627XS 81 6 sc/cf/24 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 on or before March 1 preceding 1 19 the 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 on or before March 1 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 1627XS 81 2 2 sc/cf/24