Bill Text: IA SF2033 | 2011-2012 | 84th General Assembly | Introduced
Bill Title: A bill for an act providing for a partial allocation of financial institution franchise tax revenue to cities and counties, making an appropriation, and providing effective date and retroactive applicability provisions.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2012-01-23 - Subcommittee, Bolkcom, Bartz, and Quirmbach. S.J. 103. [SF2033 Detail]
Download: Iowa-2011-SF2033-Introduced.html
Senate
File
2033
-
Introduced
SENATE
FILE
2033
BY
KETTERING
A
BILL
FOR
An
Act
providing
for
a
partial
allocation
of
financial
1
institution
franchise
tax
revenue
to
cities
and
counties,
2
making
an
appropriation,
and
providing
effective
date
and
3
retroactive
applicability
provisions.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
5
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5528XS
(4)
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rn/sc
S.F.
2033
Section
1.
NEW
SECTION
.
422.65
Allocation
of
revenue.
1
1.
Of
the
moneys
received
from
the
franchise
tax
and
2
credited
to
the
general
fund
of
the
state,
an
amount
equivalent
3
to
thirty
percent
is
appropriated
from
the
general
fund
of
the
4
state
to
the
department
of
revenue
and
shall
be
allocated
and
5
paid
as
follows:
6
a.
Sixty
percent
to
the
general
fund
of
the
city
from
which
7
the
tax
is
collected.
8
b.
Forty
percent
to
the
general
fund
of
the
county
from
9
which
the
tax
is
collected.
10
2.
If
the
financial
institution
maintains
one
or
more
11
offices
for
the
transaction
of
business,
other
than
its
12
principal
office,
a
portion
of
its
franchise
tax
shall
be
13
allocated
to
each
office
based
upon
a
reasonable
measure
of
14
the
business
activity
of
each
office.
The
director
shall
15
prescribe,
for
each
type
of
financial
institution,
a
method
16
of
measuring
the
business
activity
of
each
office.
Financial
17
institutions
shall
furnish
all
necessary
information
for
this
18
purpose
at
the
request
of
the
director.
19
3.
The
amounts
appropriated
shall
be
paid
quarterly
on
20
warrants
by
the
director,
as
allocated.
21
Sec.
2.
EFFECTIVE
UPON
ENACTMENT.
This
Act,
being
deemed
of
22
immediate
importance,
takes
effect
upon
enactment.
23
Sec.
3.
RETROACTIVE
APPLICABILITY.
This
Act
applies
24
retroactively
to
January
1,
2012.
25
EXPLANATION
26
This
bill
provides
for
a
partial
allocation
of
revenue
27
derived
from
the
franchise
tax
imposed
on
financial
28
institutions
in
division
V
of
Code
chapter
422.
The
bill
29
specifies
that
of
the
moneys
received
from
the
franchise
tax
30
and
credited
to
the
general
fund,
an
amount
equivalent
to
30
31
percent
shall
be
appropriated
to
the
department
of
revenue
32
and
allocated
to
cities
and
counties.
The
bill
provides
that
33
60
percent
of
this
amount
shall
be
allocated
and
paid
to
the
34
general
fund
of
the
city
from
which
the
tax
is
collected,
and
35
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