Creating the foundation property tax reduction fund, and making appropriations and related transfers to the fund

This bill creates a foundation property tax reduction fund (fund) in the state treasury under the authority of the department of management (DOM). The fund shall consist of any appropriations made to the fund, and moneys transferred from other funds including transfers of interest or earnings from the Iowa economic emergency fund, the cash reserve fund, the taxpayer relief fund, and the general fund of the state.3(1)(a).40) with citations to the appropriate provision of the Code section establishing the foundation property tax rate. _____ general fund of the state and shall not be considered part of the general fund of the state except in determining the cash position of the state for payment of state obligations. The moneys in the fund at the close of the fiscal year do not revert and remain available for the purpose described in the bill. Interest or earnings on investments in the fund also do not revert to the general fund. Moneys in the fund may be used for cash flow purposes, provided that any moneys are returned to the fund by the end of each fiscal year.