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IA SSB3034
SB
Status
1/14/2026
Primary Sponsor
Ways & Means
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AI Summary
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Caps unassigned general fund reserves for local governments at 10% of budgeted expenditures starting fiscal year 2027-2028, with audits required to verify compliance and non-compliant budgets rejected until corrected.
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Limits annual property tax revenue growth for cities and counties to 2% above the prior year, with exceptions for new construction, voter-approved measures, and emergency declarations.
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Establishes a rent reimbursement program for eligible claimants (income under $32,000, age 65+ or disabled) providing reimbursement of rent constituting property taxes paid, administered by the Department of Revenue.
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Creates a first-time homebuyer savings account program allowing tax-deductible contributions up to $3,000/year ($6,000 married) for down payments, with a $25,000 lifetime cap and 10-year maximum account duration.
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Restricts new urban renewal and urban revitalization area designations by requiring additional approval thresholds and prohibiting new slum/blight designations in cities over 15,000 population after July 1, 2025.
Legislative Description
A bill for an act relating to state and local government taxes, budgets, and authority, by modifying provisions relating to the assessment and taxation of property, funding from the secure an advanced vision for education fund, the election of certain county officers, urban renewal areas and urban revitalization areas, establishing a rent reimbursement program, establishing a program for certain first-time homebuyers, establishing a local government shared-services grant fund, making appropriations, and including effective date, applicability, and retroactive applicability provisions.
Last Action
Subcommittee recommends amendment and passage.
2/25/2026