Iowa HF171 removes the cap on annual real estate transfer tax receipts that can be transferred to the housing trust fund.

Iowa HF171 eliminates the $7 million annual limit on real estate transfer tax receipts that can be deposited into the housing trust fund. Currently, the Department of Revenue can transfer up to $7 million annually to the housing trust fund, with any excess going to the state general fund. This bill allows for the full transfer of real estate transfer tax receipts to the housing trust fund, supporting the development and preservation of affordable housing for low-income individuals in Iowa. The bill also removes outdated phase-in language from the relevant code section.

Iowa HF171 removes the cap on annual real estate transfer tax receipts that can be transferred to the housing trust fund.

Iowa HF171 eliminates the $7 million annual limit on real estate transfer tax receipts that can be deposited into the housing trust fund. Currently, the Department of Revenue can transfer up to $7 million annually to the housing trust fund, with any excess going to the state general fund. This bill allows for the full transfer of real estate transfer tax receipts to the housing trust fund, supporting the development and preservation of affordable housing for low-income individuals in Iowa. The bill also removes outdated phase-in language from the relevant code section.