Senate File 2149 - Introduced SENATE FILE 2149 BY ERNST A BILL FOR An Act concerning the transfer of a portion of state sales tax 1 revenue to the road use tax fund. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 5563XS (2) 85 dea/sc
S.F. 2149 Section 1. Section 312.1, subsection 1, Code 2014, is 1 amended by adding the following new paragraph: 2 NEW PARAGRAPH . 0e. (1) Revenue derived from the state 3 sales tax, to the extent provided in section 423.2, subsection 4 11, paragraph “b” , subparagraph (7). 5 (2) This paragraph is repealed June 30, 2034. 6 Sec. 2. Section 423.2, subsection 11, paragraph b, Code 7 2014, is amended by adding the following new subparagraph: 8 NEW SUBPARAGRAPH . (7) (a) Transfer to the road use tax 9 fund created in section 312.1 the amount derived under this 10 section from a sales tax rate of one-half of one percent. 11 (b) This subparagraph is repealed June 30, 2034. 12 EXPLANATION 13 The inclusion of this explanation does not constitute agreement with 14 the explanation’s substance by the members of the general assembly. 15 This bill requires a portion of the revenue collected from 16 the state sales tax to be transferred to the road use tax fund 17 for 20 years, to be distributed according to the road use tax 18 fund distribution formula. The amount to be transferred is the 19 amount derived from a sales tax rate of one-half of 1 percent. 20 The requirement is repealed on June 30, 2034. 21 -1- LSB 5563XS (2) 85 dea/sc 1/ 1