Senate File 387 - Introduced
SENATE FILE
BY DVORSKY and RIELLY
Passed Senate, Date Passed House, Date
Vote: Ayes Nays Vote: Ayes Nays
Approved
A BILL FOR
1 An Act relating to the disposition of certain real estate
2 transfer tax receipts by the treasurer of state.
3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
4 TLSB 1357SS 81
5 tm/sh/8
PAG LIN
1 1 Section 1. Section 428A.8, Code 2005, is amended to read
1 2 as follows:
1 3 428A.8 REMITTANCE TO STATE TREASURER == PORTION RETAINED
1 4 IN COUNTY.
1 5 1. On or before the tenth day of each month the county
1 6 recorder shall determine and pay to the treasurer of state
1 7 eighty=two and three=fourths percent the applicable percentage
1 8 of the receipts from the real estate transfer tax collected
1 9 during the preceding month as determined in subsection 2 and
1 10 the treasurer of state shall deposit ninety=five percent of
1 11 the receipts in the general fund of the state and transfer
1 12 five percent of the receipts to the shelter assistance fund
1 13 created in section 15.349 as provided in subsection 3.
1 14 The county recorder shall deposit the remaining seventeen
1 15 and one=fourth percent of the receipts in the county general
1 16 fund.
1 17 Any tax or additional tax found to be due shall be
1 18 collected by the county recorder. If the county recorder is
1 19 unable to collect the tax, the director of revenue shall
1 20 collect the tax in the same manner as taxes are collected in
1 21 chapter 422, division III. If collected by the director of
1 22 revenue, the director shall pay the county its proportionate
1 23 share of the tax. Section 422.25, subsections 1, 2, 3, and 4,
1 24 and sections 422.26, 422.28 through 422.30, and 422.73,
1 25 consistent with this chapter, apply with respect to the
1 26 collection of any tax or additional tax found to be due, in
1 27 the same manner and with the same effect as if the deed,
1 28 instrument, or writing were an income tax return within the
1 29 meaning of those statutes.
1 30 The county recorder shall keep records and make reports
1 31 with respect to the real estate transfer tax as the director
1 32 of revenue prescribes.
1 33 2. The "applicable percentage" for purposes of subsection
1 34 1 is the following:
1 35 a. For the fiscal year beginning July 1, 2005, sixty=two
2 1 and one=quarter percent.
2 2 b. For the fiscal year beginning July 1, 2006, fifty=eight
2 3 and three=twentieths percent.
2 4 c. For the fiscal year beginning July 1, 2007, fifty=four
2 5 and one=twentieth percent.
2 6 d. For the fiscal year beginning July 1, 2008, forty=nine
2 7 and nineteen=twentieths percent.
2 8 e. For the fiscal year beginning July 1, 2009, forty=five
2 9 and seventeen=twentieths percent.
2 10 f. For the fiscal year beginning July 1, 2010, and each
2 11 fiscal year thereafter, forty=one and three=quarters percent.
2 12 3. The treasurer of state shall deposit or transfer the
2 13 receipts paid the treasurer of state pursuant to subsection 1
2 14 to either the general fund of the state, the housing trust
2 15 fund created in section 16.181, or the shelter assistance fund
2 16 created in section 15.349 as follows:
2 17 a. For the fiscal year beginning July 1, 2005, seventy
2 18 percent of the receipts shall be deposited in the general
2 19 fund, twenty=five percent of the receipts shall be transferred
2 20 to the housing trust fund, and five percent of the receipts
2 21 shall be transferred to the shelter assistance fund.
2 22 b. For the fiscal year beginning July 1, 2006, sixty=five
2 23 percent of the receipts shall be deposited in the general
2 24 fund, thirty percent of the receipts shall be transferred to
2 25 the housing trust fund, and five percent of the receipts shall
2 26 be transferred to the shelter assistance fund.
2 27 c. For the fiscal year beginning July 1, 2007, sixty
2 28 percent of the receipts shall be deposited in the general
2 29 fund, thirty=five percent of the receipts shall be transferred
2 30 to the housing trust fund, and five percent of the receipts
2 31 shall be transferred to the shelter assistance fund.
2 32 d. For the fiscal year beginning July 1, 2008, fifty=five
2 33 percent of the receipts shall be deposited in the general
2 34 fund, forty percent of the receipts shall be transferred to
2 35 the housing trust fund, and five percent of the receipts shall
3 1 be transferred to the shelter assistance fund.
3 2 e. For the fiscal year beginning July 1, 2009, and each
3 3 fiscal year thereafter, fifty percent of the receipts shall be
3 4 deposited in the general fund, forty=five percent of the
3 5 receipts shall be transferred to the housing trust fund, and
3 6 five percent of the receipts shall be transferred to the
3 7 shelter assistance fund.
3 8 EXPLANATION
3 9 This bill relates to the disposition of certain real estate
3 10 transfer tax receipts by the treasurer of state and provides
3 11 an applicability date.
3 12 Currently, when there is consideration and the actual
3 13 market value of the real property transferred is in excess of
3 14 $500, the tax is 80 cents for each $500 or fractional part of
3 15 $500 in excess of $500. On or before the 10th day of each
3 16 month the county recorder determines and pays to the treasurer
3 17 of state 82.75 percent of the receipts from the real estate
3 18 transfer tax collected during the preceding month and the
3 19 treasurer of state deposits 95 percent of the receipts in the
3 20 general fund of the state and transfers 5 percent of the
3 21 receipts to the shelter assistance fund.
3 22 The bill reduces the percentage of the receipts that a
3 23 county recorder pays to the treasurer of state each month.
3 24 For the fiscal year beginning July 1, 2005, the county
3 25 recorder shall pay to the treasurer of state 62.25 percent of
3 26 the receipts from the real estate transfer tax collected
3 27 during the preceding month. The reduction is 4.1 percent each
3 28 year thereafter and, by the fiscal year beginning July 1,
3 29 2010, and each fiscal year thereafter, the county recorder
3 30 shall pay to the treasurer of state 41.75 percent of the
3 31 receipts.
3 32 The bill modifies the use of the receipts that are paid to
3 33 the treasurer of state each month. For the fiscal year
3 34 beginning July 1, 2005, the bill reduces the percentage of
3 35 receipts deposited in the general fund to 70 percent and the
4 1 percentage is reduced each fiscal year thereafter by 5
4 2 percent. By the fiscal year beginning July 1, 2009, and each
4 3 fiscal year thereafter, 50 percent of the receipts received by
4 4 the treasurer of state shall be deposited in the general fund.
4 5 For the fiscal year beginning July 1, 2005, the bill increases
4 6 the percentage of receipts transferred to the housing trust
4 7 fund to 25 percent and the percentage is increased each fiscal
4 8 year by 5 percent. By the fiscal year beginning July 1, 2009,
4 9 and each fiscal year thereafter, 45 percent of the receipts
4 10 received by the treasurer of state shall be transferred to the
4 11 housing trust fund. The bill does not modify the percentage
4 12 of receipts being transferred to the shelter assistance fund.
4 13 LSB 1357SS 81
4 14 tm:nh/sh/8.1