HSB 232

This joint resolution proposes amendments to the Constitution of the State of Iowa by restricting certain state tax law changes and creating a taxpayer relief fund. RESTRICTIONS ON CERTAIN STATE TAX LAW CHANGES. The amendment requires a bill that increases the individual income tax rate or corporate income tax rate, or the rate of any other type of tax based upon income, to be adopted by at least two-thirds of the members elected to each house of the general assembly. In addition, the amendment requires a bill that establishes a new tax on any type of income imposed by the state to be adopted by at least two-thirds of the members elected to each house of the general assembly. A lawsuit challenging enactment of a bill subject to the two-thirds majority passage requirement must be filed no later than one year following the enactment of the bill. Finally, the amendment requires the general assembly to enact laws to implement the amendment. _____ TAXPAYER RELIEF FUND.57E), a taxpayer relief fund is created for purposes of appropriations or transfers made by the general assembly for tax relief or reductions in income tax rates. The amendment sets forth a similar provision in the Constitution of the State of Iowa by creating a taxpayer relief fund for the purposes of reductions to income tax rates, sales and use tax rates, or property taxes. The amendment requires the moneys in the taxpayer relief fund to be exclusively appropriated or transferred by law for the purposes of reductions to income tax rates, sales and use tax rates, or property taxes. REFERRAL. The resolution, if adopted, would be published and then referred to the next general assembly (91st) for adoption, before being submitted to the electorate for ratification.