House File 625 - Introduced



                                       HOUSE FILE       
                                       BY  FORD


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

                                      A BILL FOR

  1 An Act relating to the use of real estate transfer tax receipts
  2    for the housing trust fund and the shelter assistance fund.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 2616HH 83
  5 tm/nh/5

PAG LIN



  1  1    Section 1.  Section 428A.8, subsection 2, paragraphs b
  1  2 through e, Code 2009, are amended to read as follows:
  1  3    b.  For the fiscal year beginning July 1, 2010, eighty=five
  1  4 percent of the receipts shall be deposited in the general
  1  5 fund, ten eight and one=half percent of the receipts shall be
  1  6 transferred to the housing trust fund, and five six and
  1  7 one=half percent of the receipts shall be transferred to the
  1  8 shelter assistance fund.
  1  9    c.  For the fiscal year beginning July 1, 2011, eighty
  1 10 percent of the receipts shall be deposited in the general
  1 11 fund, fifteen eleven and one=half percent of the receipts
  1 12 shall be transferred to the housing trust fund, and five eight
  1 13 and one=half percent of the receipts shall be transferred to
  1 14 the shelter assistance fund.
  1 15    d.  For the fiscal year beginning July 1, 2012,
  1 16 seventy=five percent of the receipts shall be deposited in the
  1 17 general fund, twenty fifteen percent of the receipts shall be
  1 18 transferred to the housing trust fund, and five ten percent of
  1 19 the receipts shall be transferred to the shelter assistance
  1 20 fund.
  1 21    e.  For the fiscal year beginning July 1, 2013, seventy
  1 22 percent of the receipts shall be deposited in the general
  1 23 fund, twenty=five twenty percent of the receipts shall be
  1 24 transferred to the housing trust fund, and five ten percent of
  1 25 the receipts shall be transferred to the shelter assistance
  1 26 fund.
  1 27                           EXPLANATION
  1 28    This bill relates to the use of real estate transfer tax
  1 29 receipts for the housing trust fund and the shelter assistance
  1 30 fund.
  1 31    Currently, 82.75 percent of the real estate transfer tax
  1 32 receipts each month are remitted to the treasurer of state and
  1 33 divided between the general fund of the state, the housing
  1 34 trust fund, and the shelter assistance fund.  The bill changes
  1 35 the allocations to the housing trust fund and the shelter
  2  1 assistance fund.
  2  2    For FY 2010=2011, 8.5 percent of the receipts shall be
  2  3 transferred to the housing trust fund and 6.5 percent of the
  2  4 receipts shall be transferred to the shelter assistance fund.
  2  5 For FY 2011=2012, 11.5 percent of the receipts shall be
  2  6 transferred to the housing trust fund and 8.5 percent of the
  2  7 receipts shall be transferred to the shelter assistance fund.
  2  8 For FY 2012=2013, 15 percent of the receipts shall be
  2  9 transferred to the housing trust fund and 10 percent of the
  2 10 receipts shall be transferred to the shelter assistance fund.
  2 11 For FY 2013=2014, 20 percent of the receipts shall be
  2 12 transferred to the housing trust fund and 10 percent of the
  2 13 receipts shall be transferred to the shelter assistance fund.
  2 14 LSB 2616HH 83
  2 15 tm/nh/5