8.57E Taxpayer relief fund.
1. A taxpayer relief fund is created. The fund shall be separate from the general fund of the state and the balance in the fund shall not be considered part of the balance of the general fund of the state. The moneys credited to the fund are not subject to section 8.33 and shall not be transferred, used, obligated, appropriated, or otherwise encumbered except as provided in this section.
2. Moneys in the taxpayer relief fund shall only be used pursuant to appropriations or transfers made by the general assembly for tax relief, including but not limited to increases in the general retirement income exclusion under section 422.7, subsection 31, or reductions in income tax rates.
3. a. Moneys in the taxpayer relief fund may be used for cash flow purposes during a fiscal year provided that any moneys so allocated are returned to the fund by the end of that fiscal year.
b. Except as provided in section 8.58, the taxpayer relief fund shall be considered a special account for the purposes of section 8.53 in determining the cash position of the general fund of the state for the payment of state obligations.
4. Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys deposited in the taxpayer relief fund shall be credited to the fund.
2011 Acts, ch 123, §30; 2011 Acts, ch 131, §50, 158; 2013 Acts, ch 123, §41, 45, 46; 2018 Acts, ch 1161, §48, 53
Referred to in §8.55
Section amended
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