HF 359 (LSB 1248YH (2) 91)

HOUSE FILE 359

BY  BAGNIEWSKI

A BILL FOR

An Act relating to disclosures on property tax statements concerning school district funding reductions and individual taxpayer payments to the education savings account program.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 445.5, subsection 1, Code 2025, is amended by adding the following new paragraphs:
   NEW PARAGRAPH.  j.  (1)  A statement of how much less funding the titleholder’s school district received in the current school year from the previous school year as a result of students receiving education savings account payments pursuant to section 257.11B if such a reduction of funding exists.
   (2)  The department of management shall make all calculations necessary to determine the information required to be disclosed pursuant to subparagraph (1) and transmit such information to the treasurer in a timely manner.
   NEW PARAGRAPH.  k.  (1)  A statement of how much of the titleholder’s state income taxes have been used to fund the education savings account program established in section 257.11B.
   (2)  The department of management and the department of revenue shall collaborate to make all calculations necessary to determine the information required to be disclosed pursuant to subparagraph (1) and the department of management shall transmit such information to the treasurer in a timely manner.
   NEW PARAGRAPH.  l.  (1)  The following or substantially similar statement:
   The gross reduction in state funding to your school district in (the current school year) as a result of students receiving education savings account payments is (amount).

   (2)  The department of management shall make all calculations necessary to determine the information required to be disclosed pursuant to subparagraph (1) and transmit such information to the treasurer in a timely manner.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   This bill relates to disclosures on property tax statements concerning school district funding reductions and individual taxpayer payments to the education savings account program.
   The bill requires each statement of tax due and payable by a titleholder to include information concerning how much less funding the titleholder’s school district received in the current school year from the previous school year as a result of students receiving payments through the education savings account (ESA) program if such a reduction of funding exists; a statement of how much of the titleholder’s state income taxes have been used to fund the ESA program; and the following or substantially similar language: “The gross reduction in state funding to your school district in (the current school year) as a result of students receiving education savings account payments is (amount).”
   The bill requires the department of management (DOM) to make all calculations necessary to determine the information required to be disclosed to a titleholder concerning reductions to the titleholder’s school district due to students receiving payments through the ESA program, requires DOM and the department of revenue to collaborate to make calculations necessary to determine information required to be disclosed to a titleholder concerning the titleholder’s total payments of income taxes used to fund the ESA program, and requires DOM to transmit such information to the treasurer in a timely manner.