Iowa Code 15J.6 – State reinvestment district fund
Current as of: 2024 | Check for updates
|
Other versions
1. A state reinvestment district fund is established in the state treasury under the control of the department consisting of the new state sales tax revenues collected within each district and deposited in the fund pursuant to section 423.2A, subsection 2, and the new state hotel and motel tax revenues collected within each district and deposited in the fund pursuant to section 423A.6. Moneys deposited in the fund are appropriated to the department for the purposes of this section. Moneys in the fund shall only be used for the purposes of this section.
Terms Used In Iowa Code 15J.6
- Commencement date: means the date established for each district by the board under section 15J. See Iowa Code 15J.2
- Department: means the department of revenue. See Iowa Code 15J.2
- District: means the area that is designated a reinvestment district pursuant to section 15J. See Iowa Code 15J.2
- Fund: means the state reinvestment district fund created in section 15J. See Iowa Code 15J.2
- Municipality: means any of the following:a. See Iowa Code 15J.2
- Project: means a vertical improvement constructed or substantially improved within a district using sales tax revenues and hotel and motel tax revenues received by a municipality pursuant to this chapter. See Iowa Code 15J.2
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- State hotel and motel tax: means the state-imposed tax under section 423A. See Iowa Code 15J.2
- State sales tax: means the sales and services tax imposed pursuant to section 423. See Iowa Code 15J.2
2. A district account is created within the fund for each district created by a municipality under this chapter.3. The department shall deposit the moneys described in subsection 1 that were collected in a quarter beginning on or after the district’s commencement date into the appropriate district account in the fund.4. All moneys in each district account within the fund shall be remitted quarterly by the department to the municipality that established the district for deposit in the municipality’s reinvestment project fund established pursuant to section 15J.7.5. The department shall adopt rules for the administration of the department’s duties under this chapter, including the remittance of moneys to municipalities.