Dems: Ways & Means Committee Report — Week 14, 2018

April 11, 2018
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SF 2399 – Exemption from income tax for Olympic and Paralympic awards;
SF 2400 – Local government risk pools;
SF 2401 – Boat registration process improvements. 

 

FLOOR ACTION:

SF 2399 exempts prize money from the United States Olympic Committee or the value of any medal awarded because of participation in the Olympics or Paralympic Games from the calculation of income for income tax purposes. This exemption is not available to taxpayers who make more than $1 million or more than $500,000 when a married person is filing separately on a combined return or filing a separate return.
[4/11: 41-7 (No: Bisignano, Bolkcom, Hogg, Kapucian, McCoy, Petersen)]

 

SF 2400 allows library districts to participate in the Iowa Community Assurance Pool (ICAP), which is a local government risk pool. The bill also amends current law for townships, 28E organizations, emergency management agencies, empowerment boards, transit authorities and county fairs to allow them the same coverage under the risk pool as cities and counties. Cities and counties have coverage against employee theft through the risk pool, but the other organizations are limited to liability coverage. The bill will allow all covered local governments to acquire coverage against employee theft under ICAP.
[4/5: 46-0 (Absent: Bertrand, Bisignano, Zumbach)]

 

SF 2401 updates the Iowa Code regarding the process for registration and titling of boats and other vessels. Boat and vessel registration is now done using an electronic licensing system. These changes will improve the process. Changes include:

  • Allowing an owner to register their vessel with any county recorder rather than the county where the vessel was initially registered.
  • Allowing a 60-day grace period for renewal of a boat registration. Boat registrations expire on April 30, prior to the time most owners take their vessel onto the water. Owners could renew prior to June 1 without having to pay a $5 late fee.
  • Allowing an owner to initially register their vessel for shorter than the three-year registration period. This allows the owner to prorate the fee and align the registration with the timeline for renewal.
  • Allowing a title to be used to sell or transfer a vessel. Currently, the transfer or sale requires completing a form on the original registration certificate.
  • Removing the requirement for a notarial to witness the application for a title after acquiring a vessel.

The bill also increases from 15 to 30 the number of days a snowmobile, all-terrain vehicle or vessel dealer has to send fees and applications to transfer a vehicle requiring a title.
[4/5: 46-0 (Absent: Bertrand, Bisignano, Zumbach)]

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