HF586 Summary

• Establishes county joint trust fund accounts managed by the State Board of Investment to receive annual payments for state-purchased land using the Outdoor Heritage Fund and Environment and Natural Resources Trust Fund, with the commissioner of revenue making one annual withdrawal by November 15.

• Creates onetime trust fund payments equal to 30 times the land-related property taxes for state land acquired with 10-90 percent or more funding from either trust fund, with payments deposited into county accounts that can only be withdrawn for specified land-related services.

• Restricts the state from acquiring taxable land or nonprofit-owned land using either trust fund unless sufficient funds for the required onetime trust fund payment have been appropriated and are available.

• Excludes land purchased on or after July 1, 2017, that receives trust fund payments from the traditional payment-in-lieu-of-taxes program under sections 477A.11 to 477A.14, establishing a separate payment structure instead.

• Allows counties to withdraw annually from the trust fund accounts up to the lesser of their certified withdrawal needs or 5.5 percent of the account balance, with distributions to local governments providing land-related services by December 15 each year.