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