Iowa Code r. 701-272.4 - Sales tax increment fund
(1)
Deposits. For each governmental entity that establishes a
flood mitigation project under Iowa Code chapter 418, the department will
deposit collected funds into each applicable area's sales tax increment fund as
described in Iowa Code section
418.12(3).
Additionally, moneys will not be deposited in the fund before the period for
processing returns is complete.
(2)
Requests for remittances; limitations.
a. Each quarter, the department will transfer
into the sales tax increment fund the full amount of the increased sales tax
subject to the limitations described in Iowa Code section
418.12(4)
"a." The director of the department may adjust the amount
transferred during the year if it becomes apparent that the total amount
transferred will exceed the limitations stated in this rule. If, when the total
of all of the transfers made to a governmental entity during the year is
calculated at the end of the fiscal year, it is determined that the
governmental entity received more than the maximum amount permissible under
this rule, the department may withhold funds in the subsequent fiscal year to
recoup the excess payments.
b. If
the governmental entity has unused funds from a prior quarter in its account
within the sales tax increment fund, subject to the limitations in Iowa Code
section 418.12(4)
"a," those funds will be available in subsequent quarters so
long as the amount is necessary for the purposes of this
chapter.
(3)
Authorized expenditures. Funds from requests for remittances
made to the department by a governmental entity shall only be used for the
governmental entities' costs or obligation to the project as described in Iowa
Code section 418.13(1).
(4)
Remittance of funds to the
general fund. The board shall assist the department in determining
whether the fund or accounts within the fund have met the limitations found in
Iowa Code section 418.12(5).
This rule is intended to implement Iowa Code sections 418.12, 418.13 and 423.2A(2).
Notes
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