The bill amends Section 445.5 of the Iowa Code to require property tax statements to include specific disclosures related to school district funding reductions and taxpayer contributions to the education savings account (ESA) program. It mandates that tax statements inform titleholders of any decrease in funding their school district has experienced due to students receiving ESA payments compared to the previous school year. Additionally, the statements must disclose the amount of state income taxes that have been allocated to fund the ESA program.

To facilitate these disclosures, the bill assigns the Department of Management (DOM) the responsibility of calculating the necessary information regarding funding reductions and taxpayer contributions. The DOM is also required to collaborate with the Department of Revenue to ensure accurate calculations of the total income taxes used for the ESA program. Furthermore, the bill includes a standardized statement to be included in the tax documents, clarifying the gross reduction in state funding to the school district as a result of the ESA payments.

Statutes affected:
Introduced: 445.5