Senate
File
436
-
Introduced
SENATE
FILE
436
BY
WEINER
,
DONAHUE
,
DOTZLER
,
WINCKLER
,
CELSI
,
STAED
,
TOWNSEND
,
PETERSEN
,
and
QUIRMBACH
A
BILL
FOR
An
Act
removing
the
maximum
annual
amount
of
real
estate
1
transfer
tax
receipts
that
may
be
transferred
into
the
2
housing
trust
fund.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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436
Section
1.
Section
428A.8,
subsection
2,
Code
2025,
is
1
amended
by
striking
the
subsection
and
inserting
in
lieu
2
thereof
the
following:
3
2.
For
the
fiscal
year
beginning
July
1,
2025,
and
each
4
succeeding
fiscal
year,
of
the
receipts
remitted
to
the
5
department
of
revenue
under
subsection
1,
sixty-five
percent
6
of
the
receipts
shall
be
deposited
in
the
general
fund,
thirty
7
percent
of
the
receipts
shall
be
transferred
to
the
housing
8
trust
fund
created
in
section
16.181,
and
five
percent
of
the
9
receipts
shall
be
transferred
to
the
shelter
assistance
fund
10
created
in
section
16.41.
11
Sec.
2.
Section
428A.8,
subsection
3,
Code
2025,
is
amended
12
by
striking
the
subsection.
13
EXPLANATION
14
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
15
the
explanation’s
substance
by
the
members
of
the
general
assembly.
16
The
housing
trust
fund
(HTF)
was
established
for
the
17
development
and
preservation
of
affordable
housing
for
18
low-income
people
in
the
state
and
for
the
Iowa
mortgage
help
19
initiative.
20
Each
month
county
recorders
remit
82.75
percent
of
the
21
real
estate
transfer
tax
(RETT)
receipts
to
the
department
22
of
revenue
(DOR),
and
deposit
the
remaining
17.25
percent
of
23
the
RETT
receipts
in
the
county
general
fund.
Of
the
RETT
24
receipts
transferred
to
DOR,
DOR
transfers
65
percent
to
the
25
state
general
fund,
30
percent
to
the
HTF,
and
5
percent
to
the
26
shelter
assistance
fund.
Currently,
DOR
may
deposit
a
maximum
27
of
$7
million
of
RETT
receipts
into
the
HTF
per
year.
Any
28
amounts
in
excess
of
$7
million
are
deposited
into
the
state
29
general
fund.
30
This
bill
removes
the
$7
million
annual
maximum
that
may
be
31
deposited
into
the
HTF.
32
The
bill
also
strikes
outdated
phase-in
language
in
Code
33
section
428A.8(2).
34
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