Bill Text: IA SF6 | 2013-2014 | 85th General Assembly | Introduced
Bill Title: A bill for an act increasing the maximum balance authorized for the Iowa economic emergency fund.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2013-12-31 - END OF 2013 ACTIONS [SF6 Detail]
Download: Iowa-2013-SF6-Introduced.html
Senate
File
6
-
Introduced
SENATE
FILE
6
BY
HOGG
A
BILL
FOR
An
Act
increasing
the
maximum
balance
authorized
for
the
Iowa
1
economic
emergency
fund.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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Section
1.
Section
8.54,
subsection
5,
Code
2013,
is
amended
1
to
read
as
follows:
2
5.
For
fiscal
years
in
which
it
is
anticipated
that
the
3
distribution
of
moneys
from
the
Iowa
economic
emergency
fund
4
in
accordance
with
section
8.55,
subsection
2
2A
,
will
result
5
in
moneys
being
transferred
to
the
general
fund,
the
original
6
state
general
fund
expenditure
limitation
amount
provided
for
7
in
subsection
3
shall
be
readjusted
to
include
the
amount
of
8
moneys
anticipated
to
be
so
transferred.
9
Sec.
2.
Section
8.55,
subsection
2,
Code
2013,
is
amended
10
to
read
as
follows:
11
2.
The
maximum
balance
of
the
Iowa
economic
emergency
fund
12
is
the
as
follows:
13
a.
For
the
fiscal
year
beginning
July
1,
2013,
an
amount
14
equal
to
two
and
one-half
five
percent
of
the
adjusted
revenue
15
estimate
for
the
fiscal
year.
16
b.
For
the
fiscal
year
beginning
July
1,
2014,
and
17
succeeding
fiscal
years,
an
amount
equal
to
seven
and
one-half
18
percent
of
the
adjusted
revenue
estimate
for
the
fiscal
year.
19
2A.
If
the
amount
of
moneys
in
the
Iowa
economic
emergency
20
fund
is
equal
to
the
maximum
balance,
moneys
in
excess
of
this
21
amount
shall
be
distributed
as
follows:
22
a.
The
first
sixty
million
dollars
of
the
difference
between
23
the
actual
net
revenue
for
the
general
fund
of
the
state
for
24
the
fiscal
year
and
the
adjusted
revenue
estimate
for
the
25
fiscal
year
shall
be
transferred
to
the
taxpayers
trust
fund.
26
b.
The
remainder
of
the
excess,
if
any,
shall
be
transferred
27
to
the
general
fund
of
the
state.
28
Sec.
3.
Section
8.58,
Code
2013,
is
amended
to
read
as
29
follows:
30
8.58
Exemption
from
automatic
application.
31
1.
To
the
extent
that
moneys
appropriated
under
section
32
8.57
do
not
result
in
moneys
being
credited
to
the
general
33
fund
under
section
8.55,
subsection
2
2A
,
moneys
appropriated
34
under
section
8.57
and
moneys
contained
in
the
cash
reserve
35
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6
fund,
rebuild
Iowa
infrastructure
fund,
environment
first
1
fund,
Iowa
economic
emergency
fund,
and
taxpayers
trust
fund
2
shall
not
be
considered
in
the
application
of
any
formula,
3
index,
or
other
statutory
triggering
mechanism
which
would
4
affect
appropriations,
payments,
or
taxation
rates,
contrary
5
provisions
of
the
Code
notwithstanding.
6
2.
To
the
extent
that
moneys
appropriated
under
section
7
8.57
do
not
result
in
moneys
being
credited
to
the
general
fund
8
under
section
8.55,
subsection
2
2A
,
moneys
appropriated
under
9
section
8.57
and
moneys
contained
in
the
cash
reserve
fund,
10
rebuild
Iowa
infrastructure
fund,
environment
first
fund,
Iowa
11
economic
emergency
fund,
and
taxpayers
trust
fund
shall
not
be
12
considered
by
an
arbitrator
or
in
negotiations
under
chapter
13
20
.
14
EXPLANATION
15
This
bill
increases
the
maximum
balance
of
the
Iowa
economic
16
emergency
fund
in
Code
section
8.55
over
a
two-year
period.
17
Under
current
law,
the
maximum
balance
for
the
fund
is
2.5
18
percent
of
the
adjusted
revenue
estimate
for
the
fiscal
year.
19
For
the
fiscal
year
beginning
July
1,
2013,
the
percentage
is
20
increased
to
5
percent
and
for
succeeding
fiscal
years
the
21
percentage
is
increased
to
7.5
percent.
22
The
term
“adjusted
revenue
estimate”
is
defined
in
Code
23
section
8.54
to
mean
the
appropriate
revenue
estimate
for
the
24
general
fund
of
the
state
for
the
fiscal
year
as
determined
by
25
the
revenue
estimating
conference
under
Code
section
8.22A,
26
subsection
3,
by
December
15
of
the
preceding
fiscal
year
or
27
later
if
there
is
a
reduction
in
the
estimate,
as
adjusted
by
28
subtracting
estimated
tax
refunds
payable
from
that
estimated
29
revenue
and
as
determined
by
the
conference,
adding
any
new
30
revenues
which
may
be
considered
to
be
eligible
for
deposit
in
31
the
general
fund
of
the
state.
32
Under
Code
section
8.57,
subsections
1,
2,
and
3,
the
surplus
33
existing
in
the
general
fund
of
the
state
at
the
conclusion
34
of
a
fiscal
year
is
appropriated
for
distribution
in
the
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6
succeeding
fiscal
year
to
the
cash
reserve
fund
and
then
the
1
Iowa
economic
emergency
fund.
2
References
to
the
subsection
providing
for
transfer
of
3
moneys
from
the
Iowa
economic
emergency
fund
after
the
fund
has
4
reached
its
maximum
balance
are
revised
to
reflect
renumbering
5
of
the
subsection
by
the
bill
in
Code
section
8.54,
relating
6
to
the
state
general
fund
expenditure
limitation,
and
Code
7
section
8.58,
exempting
moneys
appropriated
for
various
reserve
8
funds
from
application
any
formula,
index,
or
other
statutory
9
triggering
mechanism
which
would
affect
appropriations,
10
payments,
or
taxation
rates
and
from
consideration
by
an
11
arbitrator
or
in
negotiations
under
public
employee
collective
12
bargaining.
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