Senate File 2099 - Introduced SENATE FILE 2099 BY BOWMAN A BILL FOR An Act providing for the transfer of moneys in the taxpayers 1 trust fund at the end of each fiscal year to the property 2 tax equity and relief fund. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 5719XS (2) 84 md/rj
S.F. 2099 Section 1. Section 8.57E, subsection 2, Code Supplement 1 2011, is amended to read as follows: 2 2. Moneys in the taxpayers trust fund shall only be used 3 pursuant to appropriations made by the general assembly for tax 4 relief. At the conclusion of each fiscal year beginning on or 5 after July 1, 2013, the balance of the taxpayers trust fund 6 shall be transferred to the property tax equity and relief fund 7 created under section 257.16A. 8 EXPLANATION 9 This bill requires the balance of the taxpayers trust fund 10 created under Code section 8.57E to be transferred to the 11 property tax equity and relief fund created under Code section 12 257.16A at the conclusion of each fiscal year beginning on or 13 after July 1, 2013. 14 By operation of Code section 257.16A, the moneys in the 15 property tax equity and relief fund are appropriated annually, 16 along with amounts allocated under Code section 257.15(4), 17 for the purpose of lowering all school district additional 18 property tax levy rates to the statewide maximum adjusted 19 additional property tax levy rate, and if any funds remain, 20 for the purpose of increasing for the budget year beginning 21 the following July 1, the state foundation base percentage. 22 Under Code section 257.4(1)(b), the statewide maximum adjusted 23 additional property tax levy rate is annually determined by the 24 department of management taking into account amounts allocated 25 pursuant to Code section 257.15(4), and the balance of the 26 property tax equity and relief fund at the end of the calendar 27 year. 28 -1- LSB 5719XS (2) 84 md/rj 1/ 1