SENATE FILE 425

BY  COMMITTEE ON EDUCATION

(SUCCESSOR TO SF 330)

A BILL FOR

An Act establishing an annual appropriation to the property tax equity and relief fund and including effective date and applicability provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

   Section 1.  Section 257.16A, Code 2011, is amended by adding the following new subsection:
   NEW SUBSECTION.  1A.  There is appropriated annually from the general fund of the state to the fund an amount that is equal to twenty-five million dollars minus the amount credited to the fund under section 423F.2, subsection 3, for the same fiscal year if such amount credited to the fund under section 423F.2, subsection 3, for the same fiscal year is less than twenty-five million dollars.
   Sec. 2.  EFFECTIVE UPON ENACTMENT AND APPLICABILITY.  This Act, being deemed of immediate importance, takes effect upon enactment and applies to fiscal years beginning on or after July 1, 2011.
EXPLANATION
   This bill establishes an annual appropriation from the general fund of the state to the property tax equity and relief fund under Code section 257.16A. The amount of the annual appropriation is an amount equal to $25 million minus the amount credited to the property tax equity and relief fund under Code section 423F.2(3) for the same fiscal year if such amount credited is less than $25 million.
   The bill takes effect upon enactment and applies to fiscal years beginning on or after July 1, 2011.