Senate File 10 - Introduced SENATE FILE 10 BY LOFGREN A BILL FOR An Act relating to real estate transfer tax moneys transferred 1 to the housing trust fund. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 1289XS (2) 89 ko/jh
S.F. 10 Section 1. Section 428A.8, subsection 3, Code 2021, is 1 amended by striking the subsection. 2 EXPLANATION 3 The inclusion of this explanation does not constitute agreement with 4 the explanation’s substance by the members of the general assembly. 5 Under current law, 30 percent of the real estate transfer 6 tax receipts paid by county recorders to the treasurer of state 7 are transferred to the housing trust fund in any one fiscal 8 year, subject to a $3 million cap; moneys in excess of the cap 9 are deposited in the general fund of the state. This bill 10 eliminates the cap. 11 -1- LSB 1289XS (2) 89 ko/jh 1/ 1