A bill for an act removing the maximum annual amount of real estate transfer tax receipts that may be transferred into the housing trust fund.(See HF 2188, HF 2634.)
Impact
The passage of HSB557 may significantly enhance the state's ability to address housing needs. Increased funding for the HTF could lead to expanded programs aimed at alleviating the affordable housing crisis, providing more resources for low-income families, and potentially helping to reduce homelessness in Iowa. As housing costs continue to rise, a more robust funding mechanism could facilitate the creation and preservation of affordable units, thus benefiting many residents who struggle in the current market.
Summary
House Study Bill 557 proposes the removal of the annual cap on the amount of real estate transfer tax (RETT) receipts that can be allocated to the housing trust fund (HTF) in Iowa. Currently, the Iowa Department of Revenue is limited to transferring a maximum of $7 million into the HTF each year, which is a fund designed to support the development and preservation of affordable housing for low-income individuals and families. By eliminating this cap, the bill intends to provide a greater source of funding for the HTF, potentially increasing the resources available for housing initiatives across the state.
Contention
Opponents of the bill might argue that removing the cap could lead to budgetary constraints elsewhere in the state budget, as higher tax receipts could result in reduced funds available for other state priorities. Additionally, there may be concerns about how the additional funds will be allocated, ensuring they meet the needs of those truly requiring assistance. The discussion around this bill may bring to light the balance needed between addressing affordable housing and managing overall state financial responsibilities.
Replaced by
A bill for an act removing the maximum annual amount of real estate transfer tax receipts that may be transferred into the housing trust fund.(Formerly HSB 557; See HF 2634.)
IA HF2634
Replaced by
A bill for an act removing the maximum annual amount of real estate transfer tax receipts that may be transferred into the housing trust fund.(Formerly HF 2188, HSB 557.)
A bill for an act removing the maximum annual amount of real estate transfer tax receipts that may be transferred into the housing trust fund.(Formerly HSB 557; See HF 2634.)
A bill for an act removing the maximum annual amount of real estate transfer tax receipts that may be transferred into the housing trust fund.(Formerly HF 2188, HSB 557.)
A bill for an act relating to an exception to the real estate transfer tax for deeds that transfer distributions of assets to beneficiaries of a trust.(See HF 111.)
A bill for an act relating to school funding, including the teacher salary supplement cost per pupil and teacher and education support professional compensation, and making appropriations.(See HF 2611, HF 2630.)
A bill for an act relating to school funding, including the teacher salary supplement cost per pupil and teacher and education support professional compensation, and making appropriations.(Formerly HSB 714; See HF 2630.)