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Senate
File
2440
-
Introduced
SENATE
FILE
2440
BY
COMMITTEE
ON
LOCAL
GOVERNMENT
(SUCCESSOR
TO
SSB
3136)
A
BILL
FOR
An
Act
relating
to
the
permissible
uses
of
certain
school
1
district
property
tax
revenue
for
urban
renewal
projects
and
2
including
effective
date
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
TLSB
6612SV
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91
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S.F.
2440
Section
1.
Section
403.19,
subsection
10,
Code
2026,
is
1
amended
by
adding
the
following
new
paragraph:
2
NEW
PARAGRAPH
.
c.
School
district
foundation
property
3
taxes
levied
under
section
257.3
and
deposited
into
the
special
4
fund
as
the
result
of
a
division
of
revenue
under
this
section
5
shall
not
be
expended
for
or
otherwise
used
in
connection
with
6
an
urban
renewal
project
approved
on
or
after
January
1,
2025,
7
that
in
whole
or
in
part
includes
the
planning,
construction,
8
or
operation
of
a
stadium
or
arena
primarily
intended
for
use
9
by
one
or
more
professional
sports
teams.
10
Sec.
2.
EFFECTIVE
DATE.
This
Act,
being
deemed
of
immediate
11
importance,
takes
effect
upon
enactment.
12
EXPLANATION
13
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
14
the
explanation’s
substance
by
the
members
of
the
general
assembly.
15
Iowa’s
urban
renewal
law
under
Code
chapter
403
authorizes
16
the
division
of
revenue
(tax
increment
financing).
This
bill
17
provides
that
school
district
foundation
property
taxes
levied
18
under
Code
section
257.3
and
deposited
into
a
municipality’s
19
special
fund
as
the
result
of
a
division
of
revenue
shall
not
20
be
expended
for
or
otherwise
used
in
connection
with
an
urban
21
renewal
project
approved
on
or
after
January
1,
2025,
that
22
in
whole
or
in
part
includes
the
planning,
construction,
or
23
operation
of
a
stadium
or
sports
arena
primarily
intended
for
24
use
by
one
or
more
professional
sports
teams.
25
The
bill
takes
effect
upon
enactment.
26
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