Amendment S-5210 to SF 2472

Filed April 22, 2026 in the Senate by

What it changes

1. By striking everything after the enacting clause and inserting: “DIVISION I PROPERTY TAX REVENUE LIMITATIONS —— BOND REVENUE USE LIMITATIONS —— GENERAL FUND RESERVES Section
2. Section 11.11, Code 2026, is amended to read as follows: 11.11 Scope of audits. The written report of the audit of a governmental subdivision shall include the auditor’s opinion as to whether a governmental subdivision’s financial statements are presented fairly in all material respects in conformity with generally accepted accounting principles or with an other another comprehensive basis of accounting. As a part of conducting an audit of a governmental subdivision, an evaluation of internal control and tests for compliance with laws and regulations shall be performed. As part of conducting an audit of a governmental subdivision, an examination of the governmental subdivision’s compliance with the reporting requirements of section 331.403, subsection 3 , or section 384.22, subsection 2 , if applicable, shall be performed. As part of conducting an audit of a governmental subdivision for fiscal years beginning on or after July 1, 2027, an examination of the governmental subdivision’s compliance with section 24.35 shall be performed, including verification of the circumstances resulting in actual reserve funds exceeding the specified limits. Sec.
3. Section 24.34, Code 2026, is amended to read as follows: 24.34 Unliquidated obligations. A city, county, or other political subdivision governmental entity, as defined in section 24.35, may establish an encumbrance system for any obligation not liquidated at the close of the fiscal year in which the obligation has been -1- SF 2472.4182.H (2) 91 md 1/ 57 encumbered assigned, committed, restricted, or specified as nonspendable . The encumbered obligations may be retained upon the books of the city, county, or other political subdivision governmental entity, as defined in section 24.35, until liquidated, all in accordance with generally accepted governmental accounting practices principles, as established by the governmental accounting standards board . Sec.
4. NEW SECTION . 24.35 General fund reserves —— limitations.
5. For purposes of this section: a. “Budget year” is the fiscal year beginning during the calendar year in which a budget is certified. b. “Current fiscal year” is the fiscal year ending during the calendar year in which a budget for the budget year is certified. c. “General fund” means a governmental entity’s fund designated as such by law or the governmental entity’s fund from which primary general operations of the governmental entity are funded. d. “Governmental entity” means any unit of government or other public body or public corporation, including any intergovernmental entity, that has the power to impose or certify a property tax levy. “Governmental entity” does not include a school district. e. “Unassigned” means funds that are not restricted, committed, assigned, or nonspendable within the meaning of generally accepted accounting principles, as established by the governmental accounting standards board.
6. a. For budgets certified for budget years beginning on or after July 1, 2027, proposed unassigned reserve funds identified within a governmental entity’s general fund shall not exceed an amount equal to thirty-five percent of the budgeted expenditures from the governmental entity’s general fund for the current fiscal year prior to budgeted transfers from such general fund. -2- SF 2472.4182.H (2) 91 md 2/ 57 b. If the governmental entity’s budget does not comply with the requirements of paragraph “a” , the department of management shall not certify the governmental entity’s taxes back to the county auditor under section 24.17 and the governmental entity shall remedy the violation and recertify the budget.
7. Each governmental entity shall establish an obligated funds account within the governmental entity’s general fund. Restricted, committed, assigned, or nonspendable funds within the meaning of generally accepted accounting principles, as established by the governmental accounting standards board, shall be deposited in and accounted for in the obligated funds account, including but not limited to such funds that are in the governmental entity’s general fund for the purchase, lease-purchase, or major refurbishment of law enforcement, public safety, and public works vehicles and equipment and for vertical infrastructure and horizontal infrastructure projects.
8. To ensure uniformity, accuracy, and efficiency in the certification of governmental entity budgets according to the requirements of this section, the department of management shall prescribe the procedures to be used and instruct the appropriate officials of the various governmental entities on implementation of the procedures. Sec.
9. Section 24.48, Code 2026, is amended by adding the following new subsection: NEW SUBSECTION .
10. The authority to suspend property tax levy limitations under this section shall not apply to the limitations of section 444.25. Sec.
11. Section 176A.8, subsection 13, Code 2026, is amended by striking the subsection. Sec.
12. NEW SECTION . 444.25 Maximum property tax levy dollars.
13. For purposes of this section, unless the context otherwise requires: a. “Budget year” is the fiscal year beginning during the calendar year in which a budget is certified. -3- SF 2472.4182.H (2) 91 md 3/ 57 b. “Current fiscal year” is the fiscal year ending during the calendar year in which a budget for the budget year is certified. c. “Governmental entity” means any unit of government or other public body or public corporation, including any intergovernmental entity or special purpose district, that has the power to impose or certify a property tax levy. “Governmental entity” does not include a school district. d. “New valuation” means the increase from the current fiscal year to the budget year in taxable valuation, as shown on the assessment roll due to the following, the amount of each as reported under section 331.510 by the county auditor to the department of management: (1) New construction. (2) Additions or improvements to existing structures that are not normal and necessary repairs under section 441.21, subsection
14. (3) Net boundary adjustments, including annexation, severance, incorporation, consolidation, or discontinuance as those terms are defined in section 368.1. (4) Valuation exempt from property tax for the current fiscal year as the result of prior new construction, additions, or improvements under section 15.332, Code 2025, section 15.500, chapter 404, or chapter 427B, subchapter I, but which is not exempt from property tax in the budget year. e. “Property tax levy” means each ad valorem property tax authorized by law to be imposed by a governmental entity, but excluding any levy the revenue from which is specified by law for debt service or required to be used exclusively for the repayment of bonds or other indebtedness.
15. a. For the budget year beginning July 1, 2027, and each budget year thereafter, the maximum aggregate amount of property tax dollars that may be certified for levy among all property tax levies imposed by a governmental entity against property that is not new valuation shall not exceed an amount -4- SF 2472.4182.H (2) 91 md 4/ 57 equal to the sum of one hundred two percent of the aggregate amount of property tax dollars certified for levy by the governmental entity among all property tax levies imposed by the governmental entity for the current fiscal year. b. If the budget year includes a voter-approved property tax levy, or an increased rate thereof, that was not approved for imposition in the current fiscal year, the maximum aggregate amount of property tax dollars for the governmental entity under paragraph “a” for the budget year shall be increased by the amount of the voter-approved property tax levy or the voter-approved rate increase, as applicable, approved at election for the budget year. If the current fiscal year includes a voter-approved property tax levy that is not approved for imposition in the budget year, or a decreased rate thereof, the maximum aggregate amount of property tax dollars for the governmental entity under paragraph “a” for the budget year shall be reduced by the amount of the voter-approved property tax levy or voter-approved rate decrease, as applicable, for the current fiscal year. c. The amount of property tax dollars calculated under this section includes those amounts budgeted by the governmental entity as replacement taxes under chapter 437A or 437B, if applicable.
16. For purposes of this section, if the governmental entity’s taxes for a property tax levy were not certified back by the department of management under section 24.17 for the current fiscal year due to an act or omission of the governmental entity, the current fiscal year’s property tax dollars certified for levy for that property tax levy shall be equal to the amount certified for levy for the fiscal year immediately preceding the current fiscal year.
17. If a governmental entity certifies a budget that violates this section, the department of management shall reduce each of the applicable governmental entity’s property tax levies on a pro rata basis so that the governmental entity is in compliance -5- SF 2472.4182.H (2) 91 md 5/ 57 with this section.
18. This section shall not be construed as removing or otherwise affecting property tax limitations, including levy rate limitations expressed as a specific amount of money due per an amount of value and use limitations, otherwise provided by law for any property tax levy of the governmental entity. Sec.
19. NEW SECTION . 444.26 Use of bonds and indebtedness for general operations —— prohibition.
20. For purposes of this section: a. “General operations” means services or activities generally funded from the governmental entity’s general fund, which are necessary for the operation of the governmental entity, including salaries and benefits, or which are for the health and welfare of the governmental entity’s citizens or primarily intended to benefit all residents of the governmental entity, but excluding direct and indirect capital expenditures properly allocable under the Internal Revenue Code, as defined in section 422.3, if the governmental entity were a taxpayer, capital leases, and services financed by statutory funds other than a debt service fund. b. “Governmental entity” means any unit of government or other public body or public corporation, including any intergovernmental entity, that has the power to impose or certify a property tax levy.
21. On or after July 1, 2026, the governing body of a governmental entity shall not issue bonds or other indebtedness payable from an ad valorem property tax levy for the purpose of funding the general operations of the governmental entity or otherwise use proceeds from the sale of bonds or issuance of other indebtedness to fund general operations.
22. The department of management, following consultation with the city finance committee and the county finance committee, may adopt rules under chapter 17A for governmental entities to implement this section. DIVISION II -6- SF 2472.4182.H (2) 91 md 6/ 57 COMMERCIAL AND INDUSTRIAL PROPERTY —— TAXPAYER RELIEF FUND APPROPRIATION Sec.
23. Section 8.57E, Code 2026, is amended by adding the following new subsection: NEW SUBSECTION . 1A. For each fiscal year beginning on or after July 1, 2027, there is appropriated from the general fund of the state to the taxpayer relief fund the sum of one hundred twenty-five million dollars. Sec.
24. Section 441.21, subsection 5, paragraph e, subparagraphs (1), (2), and (3), Code 2026, are amended to read as follows: (1) For the fiscal year beginning July 1, 2023, there is appropriated from the general fund of the state to the department of revenue the sum of one hundred twenty-two million three hundred fifty thousand dollars to be used for payments under this paragraph calculated as a result of the assessment limitations imposed under paragraph “b” , subparagraph (2), subparagraph division (a), and paragraph “c” , subparagraph (2), subparagraph division (a). For each fiscal year beginning on or after July 1, 2024, but before July 1, 2027, there is appropriated from the general fund of the state to the department of revenue the sum of one hundred twenty-five million dollars to be used for payments under this paragraph calculated as a result of the assessment limitations imposed under paragraph “b” , subparagraph (2), subparagraph division (a), and paragraph “c” , subparagraph (2), subparagraph division (a). (2) For fiscal years beginning on or after July 1, 2023, but before July 1, 2027, each county treasurer shall be paid by the department of revenue an amount calculated under subparagraph (4) for the applicable fiscal year . If an amount appropriated for the fiscal year is insufficient to make all payments as calculated under subparagraph (4), the director of revenue shall prorate the payments to the county treasurers and shall notify the county auditors of the pro rata percentage on or -7- SF 2472.4182.H (2) 91 md 7/ 57 before September
25. (3) On or before July 1 of each applicable fiscal year, the assessor shall report to the county auditor that portion of the total actual value of all commercial property and industrial property in the county that is subject to the assessment limitations imposed under paragraph “b” , subparagraph (2), subparagraph division (a), and paragraph “c” , subparagraph (2), subparagraph division (a), for the assessment year used to calculate the taxes due and payable in that fiscal year. Sec.
26. Section 441.21, subsection 5, paragraph e, subparagraph (4), unnumbered paragraph 1, Code 2026, is amended to read as follows: On or before September 1 of each applicable fiscal year, the county auditor shall prepare a statement, based on the report received in subparagraph (3) and information transmitted to the county auditor under chapter 434 , listing for each taxing district in the county: DIVISION III SCHOOL TAXES Sec.
27. Section 257.3, subsection 1, paragraph a, Code 2026, is amended to read as follows: a. (1) Except as provided in subsections 2 and 3 , a school district shall cause to be levied each budget year beginning before July 1, 2027 , for the school general fund, a foundation property tax equal to five dollars and forty cents per thousand dollars of assessed valuation on all taxable property in the district. The county auditor shall spread the foundation levy over all taxable property in the district. (2) Except as provided in subsections 2 and 3, a school district shall cause to be levied for the budget year beginning July 1, 2027, and each succeeding budget year, for the school general fund, a foundation property tax equal to five dollars per thousand dollars of assessed valuation on all taxable property in the district. The county auditor shall spread the foundation levy over all taxable property in the district. -8- SF 2472.4182.H (2) 91 md 8/ 57 Sec.
28. Section 257.3, subsection 2, paragraphs a and b, Code 2026, are amended to read as follows: a. Notwithstanding subsection 1, a reorganized school district for which the reorganization takes effect on or after July 1, 2027, shall cause a foundation property tax of four dollars and forty cents per thousand dollars of assessed valuation to be levied on all taxable property which, in the year preceding a reorganization, was within a school district affected by the reorganization as defined in section 275.1, or in the year preceding a dissolution was a part of a school district that dissolved if the dissolution proposal has been approved by the director of the department of education pursuant to section 275.55. b. In For a reorganized school district for which the reorganization took effect on or after July 1, 2027, in succeeding school years, the foundation property tax levy on that portion shall be increased to the rate of four dollars and ninety fifty cents per thousand dollars of assessed valuation the first succeeding year, five four dollars and fifteen seventy-five cents per thousand dollars of assessed valuation the second succeeding year, and five dollars and forty cents per thousand dollars of assessed valuation the third succeeding year and each year thereafter under subsection 1, paragraph “a” . Sec.
29. Section 425A.3, subsection 1, Code 2026, is amended to read as follows:
30. The family farm tax credit fund shall be apportioned each year in the manner provided in this chapter so as to give a credit against the tax on each eligible tract of agricultural land within the several school districts of the state in which the levy for the general school fund exceeds five dollars and forty cents per thousand dollars of assessed value the levy rate under section 257.3, subsection 1, paragraph “a” . The amount of the credit on each eligible tract of agricultural land shall be the amount the tax levied for the general school fund exceeds the amount of tax which would be levied on each -9- SF 2472.4182.H (2) 91 md 9/ 57 eligible tract of agricultural land were the levy for the general school fund five dollars and forty cents per thousand dollars of assessed value the levy rate under section 257.3, subsection 1, paragraph “a” , for the previous year. However, in the case of a deficiency in the family farm tax credit fund to pay the credits in full, the credit on each eligible tract of agricultural land in the state shall be proportionate and applied as provided in this chapter . Sec.
31. Section 425A.5, Code 2026, is amended to read as follows: 425A.5 Computation by county auditor. The family farm tax credit allowed each year shall be computed as follows: On or before April 1, the county auditor shall list by school districts all tracts of agricultural land which are entitled to credit, the taxable value for the previous year, the budget from each school district for the previous year, and the tax rate determined for the general fund of the school district in the manner prescribed in section 444.3 for the previous year, and if the tax rate is in excess of five dollars and forty cents per thousand dollars of assessed value the levy rate under section 257.3, subsection 1, paragraph “a” , the auditor shall multiply the tax levy which is in excess of five dollars and forty cents per thousand dollars of assessed value the levy rate under section 257.3, subsection 1, paragraph “a” , by the total taxable value of the agricultural land entitled to credit in the school district, and on or before April 1, certify the total amount of credit and the total number of acres entitled to the credit to the department of revenue. Sec.
32. Section 426.3, Code 2026, is amended to read as follows: 426.3 Where credit given. The agricultural land credit fund shall be apportioned each year in the manner hereinafter provided so as to give a credit against the tax on each tract of agricultural lands within the -10- SF 2472.4182.H (2) 91 md 10/ 57 several school districts of the state in which the levy for the general school fund exceeds five dollars and forty cents per thousand dollars of assessed value the levy rate under section 257.3, subsection 1, paragraph “a” ; the amount of such credit on each tract of such lands shall be the amount the tax levied for the general school fund exceeds the amount of tax which would be levied on said tract of such lands were the levy for the general school fund five dollars and forty cents per thousand dollars of assessed value the levy rate under section 257.3, subsection 1, paragraph “a” , for the previous year, except in the case of a deficiency in the agricultural land credit fund to pay said credits in full, in which case the credit on each eligible tract of such lands in the state shall be proportionate and shall be applied as hereinafter provided. Sec.
33. Section 426.6, subsection 1, Code 2026, is amended to read as follows:
34. The agricultural land tax credit allowed each year shall be computed as follows: On or before April 1, the county auditor shall list by school districts all tracts of agricultural lands which are entitled to credit, together with the taxable value for the previous year, together with the budget from each school district for the previous year, and the tax rate determined for the general fund of the district in the manner prescribed in section 444.3 for the previous year, and if such tax rate is in excess of five dollars and forty cents per thousand dollars of assessed value the levy rate under section 257.3, subsection 1, paragraph “a” , the auditor shall multiply the tax levy which is in excess of five dollars and forty cents per thousand dollars of assessed value the levy rate under section 257.3, subsection 1, paragraph “a” , by the total taxable value of the agricultural lands entitled to credit in the district, and on or before April 1, certify the amount to the department of revenue. Sec.
35. ADJUSTMENT OF CALCULATIONS. For property tax credits under chapters 425A and 426 for property taxes due and -11- SF 2472.4182.H (2) 91 md 11/ 57 payable in the fiscal year beginning July 1, 2027, the tax rate determined for the general fund of the school district in the manner prescribed in section 444.3 for the previous year shall be determined using the appropriate property tax levy rate under section 257.3, as amended in this division of this Act. Sec.
36. APPLICABILITY. This division of this Act applies to fiscal years and school budget years beginning on or after July 1,
37. DIVISION IV SECURE AN ADVANCED VISION FOR EDUCATION FUND —— EQUITY TRANSFER PERCENTAGE —— FUTURE REPEAL Sec.
38. Section 423.2, subsection 12, Code 2026, is amended to read as follows:
39. The sales tax rate of six percent is reduced to five percent on January 1, 2051 2071 . Sec.
40. Section 423.2A, subsection 2, paragraph c, Code 2026, is amended to read as follows: c. Transfer one-sixth of the remaining revenues to the secure an advanced vision for education fund created in section 423F.2 . This paragraph “c” is repealed January 1, 2051 2071 . Sec.
41. Section 423.5, subsection 4, Code 2026, is amended to read as follows:
42. The use tax rate of six percent is reduced to five percent on January 1, 2051 2071 . Sec.
43. Section 423.43, subsection 1, paragraph b, Code 2026, is amended to read as follows: b. Subsequent to the deposit into the general fund of the state and after the transfer of such revenues collected under chapter 423B , the department shall transfer one-sixth of such remaining revenues to the secure an advanced vision for education fund created in section 423F.2 . This paragraph is repealed January 1, 2051 2071 . Sec.
44. Section 423F.2, subsection 3, paragraph b, subparagraph (2), subparagraph division (b), Code 2026, is amended to read as follows: -12- SF 2472.4182.H (2) 91 md 12/ 57 (b) For each fiscal year beginning on or after July 1, 2020, but before July 1, 2026, the equity transfer percentage is equal to the equity transfer percentage for the immediately preceding fiscal year, unless the amount of moneys available in the secure an advanced vision for education fund in the immediately preceding fiscal year equals or exceeds one hundred two percent of the amount of moneys available in the fund for the fiscal year prior to the immediately preceding fiscal year, in which case the equity transfer percentage shall be the equity transfer percentage for the immediately preceding fiscal year plus one percent subject to the limitation in subparagraph division (c). Sec.
45. Section 423F.2, subsection 3, paragraph b, subparagraph (2), subparagraph division (c), Code 2026, is amended by striking the subparagraph division and inserting in lieu thereof the following: (c) (i) For the fiscal year beginning July 1, 2026, the equity transfer percentage is twelve and one-half percent. (ii) For the fiscal year beginning July 1, 2027, the equity transfer percentage is fifteen percent. (iii) For the fiscal year beginning July 1, 2028, the equity transfer percentage is seventeen and one-half percent. (iv) For the fiscal year beginning July 1, 2029, the equity transfer percentage is twenty-two and one-half percent. (v) For the fiscal year beginning July 1, 2030, and each fiscal year thereafter, the equity transfer percentage is twenty-five percent. Sec.
46. Section 423F.6, Code 2026, is amended to read as follows: 423F.6 Repeal. This chapter is repealed January 1, 2051 2071 . Sec.
47. SCHOOL DISTRICT FUNDING RECONCILIATION. For amounts allocated under section 423F.2 for fiscal years beginning on or after July 1, 2026, the department of management shall adjust or reconcile actual amounts to be -13- SF 2472.4182.H (2) 91 md 13/ 57 received by school districts in the fiscal year immediately following the fiscal year during which the revenues were collected. DIVISION V PROPERTY PARCEL INFORMATION Sec.
48. Section 331.510, Code 2026, is amended by adding the following new subsection: NEW SUBSECTION .
49. a. An annual report not later than January 1 to the department of management containing parcel-level property data, including parcel identification information, location, size, valuation, classification, types of structures and improvements, exemptions, credits, historical amounts of property taxes due and payable, and whether the parcel is subject to a division of revenue. b. In addition to the information required under paragraph “a” , the department of management may require additional parcel-level data deemed necessary by the director of the department of management. The department shall prescribe the form and manner of submitting the annual report under this subsection. c. The department of management shall establish and manage a searchable internet-based dashboard that contains the information collected under paragraphs “a” and “b” , as well as individual parcel information tax information provided as part of the statements required under section 24.2A, subsection 2, paragraph “b” . DIVISION VI URBAN RENEWAL Sec.
50. Section 15A.1, subsection 1, paragraph b, Code 2026, is amended to read as follows: b. For purposes of this chapter , “economic development” means private or joint public and private investment involving the creation of new jobs and income or the retention of existing jobs and income that would otherwise be lost or the provision of workforce housing . -14- SF 2472.4182.H (2) 91 md 14/ 57 Sec.
51. Section 15A.1, subsection 2, Code 2026, is amended by adding the following new paragraph: NEW PARAGRAPH . e. Development policies that advance the development of workforce housing. Sec.
52. Section 331.403, subsection 3, paragraph b, subparagraph (19), Code 2026, is amended by striking the subparagraph. Sec.
53. Section 384.22, subsection 2, paragraph b, subparagraph (19), Code 2026, is amended by striking the subparagraph. Sec.
54. Section 403.17, subsection 10, Code 2026, is amended to read as follows:
55. “Economic development area” means an area of a municipality designated by the local governing body as appropriate for commercial and industrial enterprises, public improvements related to housing and residential development, or construction of housing and residential development for low and moderate income families, including single or multifamily housing. If an urban renewal plan for an urban renewal area is based upon a finding that the area is an economic development area and that no part contains slum or blighted conditions, then the division of revenue provided in section 403.19 and stated in the plan shall be limited to twenty years from the calendar year following the calendar year in which the municipality first certifies to the county auditor the amount of any loans, advances, indebtedness, or bonds which qualify for payment from the division of revenue provided in section 403.19 . Such designated area shall not include agricultural land, including land which is part of a century farm, unless the owner of the agricultural land or century farm agrees to include the agricultural land or century farm in the urban renewal area. For the purposes of this subsection , “century farm” means a farm in which at least forty acres of such farm have been held in continuous ownership by the same family for one hundred years or more. -15- SF 2472.4182.H (2) 91 md 15/ 57 Sec.
56. Section 403.17, subsection 14, Code 2026, is amended to read as follows:
57. “Low or and moderate income families” means those families, including single person households, earning no more than eighty percent of the higher of the median family income of the county or the statewide nonmetropolitan area as determined by the latest United States department of housing and urban development, section 8 income guidelines. Sec.
58. Section 403.17, Code 2026, is amended by adding the following new subsection: NEW SUBSECTION . 14A. “Low and moderate income family housing” means housing for low and moderate income families and includes housing that meets the requirements of section 15.353. Sec.
59. Section 403.19, subsection 2, paragraph a, Code 2026, is amended to read as follows: a. That portion of the taxes each year in excess of such amount shall be allocated to and when collected be paid into a special fund of the municipality to pay the principal of and interest on loans, moneys advanced to, or indebtedness, whether funded, refunded, assumed, or otherwise, including bonds issued under the authority of section 403.9, subsection 1 , incurred by the municipality to finance or refinance, in whole or in part, an urban renewal project within the area, and to provide assistance for low and moderate income family housing as provided in section 403.22 . However, except as provided in paragraph “b” , taxes for the regular and voter-approved physical plant and equipment levy of a school district imposed pursuant to section 298.2 ; and taxes for the instructional support program of a school district imposed pursuant to section 257.19 , ; taxes for the payment of bonds and interest of each taxing district , ; foundation property taxes of a school district imposed under section 257.3 levied against property located in an incorporated area and subject to an ordinance providing for a division of revenue adopted on or after January 1, 2027; taxes for emergency medical services imposed pursuant -16- SF 2472.4182.H (2) 91 md 16/ 57 to chapter 357F, 357G, or 422D; and taxes imposed under section 346.27, subsection 22 , related to joint county-city buildings shall be collected against all taxable property within the taxing district without limitation by the provisions of this subsection . Sec.
60. Section 403.19, subsection 2, Code 2026, is amended by adding the following new paragraph: NEW PARAGRAPH . e. For urban renewal areas for which an ordinance providing for a division of revenue is not limited in duration under section 403.17, subsection 10, after twenty years following the effective date of this division of this Act or after twenty years from the calendar year following the calendar year in which the municipality first certifies to the county auditor the amount of any loans, advances, indebtedness, or bonds which qualify for payment from the division of revenue, whichever is later, the amount determined under paragraph “a” that may be paid into the municipality’s special fund shall not exceed sixty percent of the amount otherwise determined under paragraph “a” but for this paragraph and such excess amounts shall be allocated and paid to the respective taxing districts in the same manner as amounts under subsection

Shortened here; the full amendment is in the official document.

Official amendment (PDF) · In the Bill Book