Senate Study Bill 1250 



                                       SENATE FILE       
                                       BY  (PROPOSED COMMITTEE ON WAYS
                                            AND MEANS BILL BY
                                            CHAIRPERSON BOLKCOM)


    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 to certain
  3    funds.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  5 TLSB 2592SC 82
  6 tm/es/88

PAG LIN



  1  1    Section 1.  Section 428A.8, Code 2007, 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 of the receipts from the
  1  8 real estate transfer tax collected during the preceding month
  1  9 and the treasurer of state shall deposit ninety=five percent
  1 10 of the receipts in the general fund of the state and transfer
  1 11 five percent of the receipts to the shelter assistance fund
  1 12 created in section 15.349 as provided in subsection 2.
  1 13    The county recorder shall deposit the remaining seventeen
  1 14 and one=fourth percent of the receipts in the county general
  1 15 fund.
  1 16    Any tax or additional tax found to be due shall be
  1 17 collected by the county recorder.  If the county recorder is
  1 18 unable to collect the tax, the director of revenue shall
  1 19 collect the tax in the same manner as taxes are collected in
  1 20 chapter 422, division III.  If collected by the director of
  1 21 revenue, the director shall pay the county its proportionate
  1 22 share of the tax.  Section 422.25, subsections 1, 2, 3, and 4,
  1 23 and sections 422.26, 422.28 through 422.30, and 422.73,
  1 24 consistent with this chapter, apply with respect to the
  1 25 collection of any tax or additional tax found to be due, in
  1 26 the same manner and with the same effect as if the deed,
  1 27 instrument, or writing were an income tax return within the
  1 28 meaning of those statutes.
  1 29    The county recorder shall keep records and make reports
  1 30 with respect to the real estate transfer tax as the director
  1 31 of revenue prescribes.
  1 32    2.  The treasurer of state shall deposit or transfer the
  1 33 receipts paid the treasurer of state pursuant to subsection 1
  1 34 to either the general fund of the state, the housing trust
  1 35 fund created in section 16.181, or the shelter assistance fund
  2  1 created in section 15.349 as follows:
  2  2    a.  For the fiscal year beginning July 1, 2007, sixty
  2  3 percent of the receipts shall be deposited in the general
  2  4 fund, thirty=five percent of the receipts shall be transferred
  2  5 to the housing trust fund, and five percent of the receipts
  2  6 shall be transferred to the shelter assistance fund.
  2  7    b.  For the fiscal year beginning July 1, 2008, fifty=five
  2  8 percent of the receipts shall be deposited in the general
  2  9 fund, forty percent of the receipts shall be transferred to
  2 10 the housing trust fund, and five percent of the receipts shall
  2 11 be transferred to the shelter assistance fund.
  2 12    c.  For the fiscal year beginning July 1, 2009, and each
  2 13 fiscal year thereafter, fifty percent of the receipts shall be
  2 14 deposited in the general fund, forty=five percent of the
  2 15 receipts shall be transferred to the housing trust fund, and
  2 16 five percent of the receipts shall be transferred to the
  2 17 shelter assistance fund.
  2 18                           EXPLANATION
  2 19    This bill relates to the disposition of certain real estate
  2 20 transfer tax receipts by the treasurer of state.
  2 21    Currently, when there is consideration and the actual
  2 22 market value of the real property transferred is in excess of
  2 23 $500, the tax is 80 cents for each $500 or fractional part of
  2 24 $500 in excess of $500.  On or before the 10th day of each
  2 25 month, the county recorder determines and pays to the
  2 26 treasurer of state 82.75 percent of the receipts from the real
  2 27 estate transfer tax collected during the preceding month and
  2 28 the treasurer of state deposits 95 percent of the receipts in
  2 29 the general fund of the state and transfers 5 percent of the
  2 30 receipts to the shelter assistance fund.
  2 31    The bill modifies the use of the receipts that are paid to
  2 32 the treasurer of state each month.  For FY 2007=2008, the bill
  2 33 reduces the percentage of receipts deposited in the general
  2 34 fund to 60 percent and the percentage is reduced each fiscal
  2 35 year thereafter by 5 percent.  By FY 2009=2010, and each
  3  1 fiscal year thereafter, 50 percent of the receipts received by
  3  2 the treasurer of state shall be deposited in the general fund.
  3  3 For FY 2007=2008, the bill transfers 35 percent of the
  3  4 receipts to the housing trust fund and the percentage is
  3  5 increased each fiscal year thereafter by 5 percent.  By FY
  3  6 2009=2010, and each fiscal year thereafter, 45 percent of the
  3  7 receipts received by the treasurer of state shall be
  3  8 transferred to the housing trust fund.  The bill does not
  3  9 modify the percentage of receipts being transferred to the
  3 10 shelter assistance fund.
  3 11 LSB 2592SC 82
  3 12 tm:nh/es/88