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House Bill 1351


House Bill 1351

ARCHIVE (2007)

Latest Information

 

DIGEST OF HB1351 (Updated February 27, 2007 4:12 pm - DI 84)


Affordable housing and community development fund. Allows a county in which at least one unit in the county has established an affordable housing fund to adopt an ordinance authorizing the county recorder to charge a fee of: (1) $5 for the first page; and (2) $1 for each additional page; of each document recorded by the county recorder. Provides that: (1) 60% of the fees collected shall be distributed to those units with an affordable housing fund for deposit in those funds; and (2) 40% of the fees shall be deposited in the affordable housing and community development fund. Prescribes a formula for apportioning the fees collected among the units with affordable housing funds. Allows a county containing a consolidated city to adopt an ordinance authorizing the county recorder to charge a fee of: (1) $5 for the first page; and (2) $1 for each additional page; of each document recorded by the county recorder. Provides that: (1) 60% of the fees collected shall be deposited in the county's housing trust fund; and (2) 40% of the fees shall be deposited in the affordable housing and community development fund. Provides that, beginning July 1, 2007, on July 1 of each year, the interest balance in the property custody fund and the interest balance in the abandoned property fund shall be transferred to the affordable housing and community development fund. (Current law provides that on July 1 of each year, the interest balance in the property custody fund and the interest balance in the abandoned property fund shall be transferred to the state general fund.) Provides that a county fiscal body may adopt an ordinance to recover as a cost of issuance .5% on any obligations issued by a political subdivision in the county. In a county that does not contain a consolidated city, requires 60% of the amounts recovered to be allocated among the units in the county that have established an affordable housing fund. In a county that contains a consolidated city, requires 60% of the amounts recovered to be deposited in the county's housing trust fund. In any county, requires 40% of the amounts recovered to be transferred to the treasurer of state for deposit into the affordable housing and community development fund. Provides that beginning in 2012, interest earned by the public deposit insurance fund shall be distributed to the state affordable housing and community development fund. Provides after a retail merchant's state sales tax liability accrued during a calendar year reaches $750,000, the retail merchant's collection allowance is reduced from .83% of the merchant's sales tax liability to .13% of the merchant's sales tax liability for each subsequent reporting period. For each reporting period after a merchant's sales tax liability reaches $750,000, requires the department of state revenue to deposit in the affordable housing and community development fund an amount equal to the difference between: (1) the amount of the collection allowance to which the merchant would be entitled before the application of the reduced percentage; minus (2) the amount of the collection allowance to which the merchant is entitled after the application of the reduced percentage.
Current Status:
 In Committee - 2nd House
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