Bill Text: IA HF118 | 2015-2016 | 86th General Assembly | Introduced
Bill Title: A bill for an act striking certain statutory repeal provisions relating to the state sales and use tax and the secure an advanced vision for education fund.
Spectrum: Partisan Bill (Democrat 32-0)
Status: (Introduced - Dead) 2015-01-29 - Introduced, referred to Ways & Means. H.J. 175. [HF118 Detail]
Download: Iowa-2015-HF118-Introduced.html
House File 118 - Introduced HOUSE FILE BY KRESSIG, DAWSON, McCONKEY, HALL, MEYER, BROWN=POWERS, THEDE, H. MILLER, HANSON, STAED, BERRY, BEARINGER, KEARNS, T. TAYLOR, OURTH, GASKILL, ABDUL=SAMAD, PRICHARD, STECKMAN, WINCKLER, LENSING, STUTSMAN, FORBES, HUNTER, MASCHER, DUNKEL, FINKENAUER, GAINES, COHOON, LYKAM, OLSON, and OLDSON A BILL FOR 1 An Act striking certain statutory repeal provisions relating 2 to the state sales and use tax and the secure an advanced 3 vision for education fund. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: TLSB 1427HH (3) 86 md/sc PAG LIN 1 1 Section 1. Section 423.2, subsection 11, paragraph b, 1 2 subparagraph (3), Code 2015, is amended to read as follows: 1 3 (3) Transfer one=sixth of the remaining revenues to the 1 4 secure an advanced vision for education fund created in section 1 5 423F.2.This subparagraph (3) is repealed December 31, 2029.1 6 Sec. 2. Section 423.2, subsection 13, Code 2015, is amended 1 7 by striking the subsection. 1 8 Sec. 3. Section 423.5, subsection 5, Code 2015, is amended 1 9 by striking the subsection. 1 10 Sec. 4. Section 423.43, subsection 1, paragraph b, Code 1 11 2015, is amended to read as follows: 1 12 b. Subsequent to the deposit into the general fund of 1 13 the state and after the transfer of such revenues collected 1 14 under chapter 423B, the department shall transfer one=sixth of 1 15 such remaining revenues to the secure an advanced vision for 1 16 education fund created in section 423F.2.This paragraph is 1 17 repealed December 31, 2029.1 18 Sec. 5. REPEAL. Section 423F.6, Code 2015, is repealed. 1 19 EXPLANATION 1 20 The inclusion of this explanation does not constitute agreement with 1 21 the explanation's substance by the members of the general assembly. 1 22 Code section 423.2 imposes a state sales tax of 6 percent 1 23 upon the sales price of all sales of tangible personal 1 24 property, consisting of goods, wares, merchandise, and other 1 25 items designated by statute, sold at retail in the state to 1 26 consumers, except as otherwise provided by Code chapter 423. 1 27 Generally, by operation of law, a sale subject to the sales 1 28 tax is also subject to the use tax. Following the transfer 1 29 of amounts required by statute, one=sixth of the remaining 1 30 state sales tax revenue from the 6 percent tax is transferred 1 31 to the secure an advanced vision for education (SAVE) fund 1 32 created in Code section 423F.2. Moneys in the SAVE fund are 1 33 allocated to school districts on a per pupil basis to be 1 34 used for infrastructure and property tax reduction purposes 1 35 specified in Code chapter 423F. Under current law, the sales 2 1 and use tax rate of 6 percent is reduced to 5 percent on January 2 2 1, 2030, and Code chapter 423F, along with other corresponding 2 3 provisions, is repealed December 31, 2029. 2 4 This bill repeals Code section 423F.6, which currently 2 5 provides for the repeal of Code chapter 423F on December 31, 2 6 2029. The bill also strikes corresponding repeal provisions 2 7 relating to the allocation of sales tax revenue and provisions 2 8 that reduce the state sales and use tax rate from 6 percent to 5 2 9 percent beginning January 1, 2030. LSB 1427HH (3) 86 md/sc
