HF 2152 (LSB 5172HV (1) 89)

HOUSE FILE 2152

BY  COMMITTEE ON APPROPRIATIONS

(SUCCESSOR TO HSB 501)

A BILL FOR

An Act relating to the duties of the revenue estimating conference.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 8.22A, subsection 2, Code 2022, is amended to read as follows:
   2.  The conference shall meet as often as deemed necessary, but shall meet at least three times per year with at least one meeting taking place each year in March. The conference may use sources of information deemed appropriate. At each meeting, the conference shall agree to estimates for the current fiscal year and the following fiscal year for the general fund of the state, for lottery revenues to be available for disbursement, and from for gambling revenues and from for interest earned on the cash reserve fund and the economic emergency fund to be deposited in the rebuild Iowa infrastructure fund, and for revenues to be deposited in the sports wagering receipts fund. At the meeting taking place each year in March, in addition to agreeing to estimates for the current fiscal year and the following fiscal year, the conference shall agree to estimates for the fiscal year beginning July 1 of the following calendar year. Only an estimate for the following fiscal year agreed to by the conference pursuant to subsection 3, 4, or 5, shall be used for purposes of calculating the state general fund expenditure limitation under section 8.54, and any other estimate agreed to shall be considered a preliminary estimate that shall not be used for purposes of calculating the state general fund expenditure limitation.
    Sec. 2.  Section 8.22A, subsection 5, Code 2022, is amended by adding the following new paragraph:
   NEW PARAGRAPH.  e.  The amount of revenue for the following fiscal year to be deposited in the sports wagering receipts fund created in section 8.57, subsection 6.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   This bill requires the revenue estimating conference (REC) to estimate revenues to be deposited in the sports wagering receipts fund, in addition to the REC’s current duties. Under current law, the sports wagering receipts fund receives revenues from the internet fantasy sports contest tax (Code section 99E.6) and the sports wagering tax (Code section 99F.11(5)).