Senate File 612 - Introduced SENATE FILE 612 BY COMMITTEE ON APPROPRIATIONS (SUCCESSOR TO SSB 1270) 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 2823SV (1) 89 ko/jh

S.F. 612 Section 1. Section 428A.8, subsection 3, Code 2021, is 1 amended to read as follows: 2 3. Notwithstanding subsection 2 , the amount of money that 3 shall be transferred pursuant to this section to the housing 4 trust fund in any one fiscal year shall not exceed three 5 five million five hundred thousand dollars. Any money that 6 otherwise would be transferred pursuant to this section to the 7 housing trust fund in excess of that amount shall be deposited 8 in the general fund of the state. 9 EXPLANATION 10 The inclusion of this explanation does not constitute agreement with 11 the explanation’s substance by the members of the general assembly. 12 Under current law, 30 percent of the real estate transfer 13 tax receipts paid by county recorders to the treasurer of state 14 are transferred to the housing trust fund in any one fiscal 15 year, subject to a $3 million cap; moneys in excess of the cap 16 are deposited in the general fund of the state. This bill 17 increases the cap to $5.5 million. 18 -1- LSB 2823SV (1) 89 ko/jh 1/ 1