§ 428A.8 — Remittance to state treasurer — portion retained in county

Iowa § 428A.8

• Jurisdiction: Iowa
• Title X: FINANCIAL RESOURCES
• Ch. 428A: REAL ESTATE TRANSFER TAX

Text

1. a. On or before the tenth day of each month the county recorder shall determine and
remit to the department of revenue eighty-two and three-fourths percent of the receipts
from the real estate transfer tax collected during the preceding month and the department
of revenue shall deposit and transfer the receipts as provided in subsection 2.
b. The county recorder shall deposit the remaining seventeen and one-fourth percent of
the receipts in the county general fund.
c. Anytaxoradditionaltaxfoundtobedueshallbecollectedbythecountyrecorder. Ifthe
county recorder is unable to collect the tax, the director of revenue shall collect the tax in the
same manner as taxes are collected in chapter 422, subchapter III. If collected by the director
of revenue, the director shall remit to the county its proportionate share of the tax. Section
422.25, subsections 1, 2, 3, and 4, and sections 422.26, 422.28 through 422.30, and 422.73,
consistent with this chapter, apply with respect to the collection of any tax or additional tax
found to be due, in the same manner and with the same effect as if the deed, instrument, or
writing were an income tax return within the meaning of those statutes.
d. The county recorder shall keep records and make reports with respect to the real estate
transfer tax as the director of revenue prescribes.
2. The department of revenue shall deposit or transfer the receipts remitted to the
department of revenue pursuant to subsection 1 to either the general fund of the state, the
housing trust fund created in section 16.181, or the shelter assistance fund created in section
16.41 as follows:
a. For the fiscal year beginning July 1, 2009, ninety percent of the receipts shall be
deposited in the general fund, five percent of the receipts shall be transferred to the housing
trust fund, and five percent of the receipts shall be transferred to the shelter assistance fund.
b. For the fiscal year beginning July 1, 2010, eighty-five percent of the receipts shall be
deposited in the general fund, ten percent of the receipts shall be transferred to the housing
trust fund, and five percent of the receipts shall be transferred to the shelter assistance fund.
c. For the fiscal year beginning July 1, 2011, eighty percent of the receipts shall be
deposited in the general fund, fifteen percent of the receipts shall be transferred to the
housing trust fund, and five percent of the receipts shall be transferred to the shelter
assistance fund.
d. For the fiscal year beginning July 1, 2012, seventy-five percent of the receipts shall
be deposited in the general fund, twenty percent of the receipts shall be transferred to
the housing trust fund, and five percent of the receipts shall be transferred to the shelter
assistance fund.
e. For the fiscal year beginning July 1, 2013, seventy percent of the receipts shall be
deposited in the general fund, twenty-five percent of the receipts shall be transferred to
the housing trust fund, and five percent of the receipts shall be transferred to the shelter
assistance fund.
f. For the fiscal year beginning July 1, 2014, and each succeeding fiscal year, sixty-five
percent of the receipts shall be deposited in the general fund, thirty percent of the receipts
5 REAL ESTATE TRANSFER TAX, §428A.15
shall be transferred to the housing trust fund, and five percent of the receipts shall be
transferred to the shelter assistance fund.
3. Notwithstanding subsection 2, the amount of money that shall be transferred pursuant
to this section to the housing trust fund in any one fiscal year shall not exceed seven million
dollars. Any money that otherwise would be transferred pursuant to this section to the
housing trust fund in excess of that amount shall be deposited in the general fund of the
state.

Legislative History

[C66, 71, 73, 75, 77, 79, 81, §428A.8]