Senate File 18 - Introduced SENATE FILE 18 BY HOGG A BILL FOR An Act increasing the maximum balance authorized for the Iowa 1 economic emergency fund. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 1495XS (2) 84 jp/nh

S.F. 18 Section 1. Section 8.55, subsection 2, paragraph a, Code 1 2011, is amended to read as follows: 2 a. The maximum balance of the fund is the amount equal to 3 two seven and one-half percent of the adjusted revenue estimate 4 for the fiscal year. If the amount of moneys in the Iowa 5 economic emergency fund is equal to the maximum balance, moneys 6 in excess of this amount shall be transferred to the general 7 fund. 8 EXPLANATION 9 This bill increases the maximum balance authorized for the 10 Iowa economic emergency fund in Code section 8.55 from 2.5 11 percent to 7.5 percent of the adjusted revenue estimate for the 12 fiscal year. 13 The term, “adjusted revenue estimate” is defined in Code 14 section 8.54 to mean the appropriate revenue estimate for the 15 general fund for the following fiscal year as determined by 16 the revenue estimating conference, adjusted by subtracting 17 estimated tax refunds payable from that estimated revenue and 18 as determined by the conference, adding any new revenues which 19 may be considered to be eligible for deposit in the general 20 fund. 21 -1- LSB 1495XS (2) 84 jp/nh 1/ 1