Budget & Taxes (Fees & Licensing)

SSB 1194 establishes two new state funds to improve financial education and combat financial exploitation. It redirects $10 from each $40 insurance agent registration fee into these funds - $5 for public financial literacy programs and $5 for prevention initiatives targeting vulnerable individuals. The bill also allows transfers from the commerce revolving fund and civil penalties to support these efforts, with funds used for public education, victim assistance, and investigations. These changes directly affect Iowans through expanded access to financial education resources and enhanced protections against financial exploitation.

This bill (HSB 324) requires credit and debit card networks to exclude sales tax amounts from the total transaction when calculating interchange fees charged to sellers. It directly affects retailers and businesses that collect sales tax on credit/debit card purchases, as they currently pay fees on the full transaction amount including tax. The key provision mandates that payment networks either deduct tax amounts from interchange fees at settlement or provide rebates proportional to the tax portion. This change aims to reduce costs for sellers by ensuring they are not charged fees on tax amounts collected for the government. The bill also includes penalties for non-compliance and a process for sellers to claim rebates if tax wasn't captured at checkout.

SF 633 establishes a yearly program fee for landowners with forest or fruit-tree reservations that are currently exempt from property taxes under Iowa law. Starting in 2026, these landowners must pay $2-$3 per acre (depending on location relative to homesteads) to their county treasurer by September 1 each year. Fees collected before 2028 can fund general county spending, but after 2028, they must be used for property tax relief beginning in 2029, with adjustments tied to inflation. The bill directly affects landowners maintaining tax-exempt forest or fruit-tree reservations, particularly those in counties with homestead owners nearby.

HF 992 increases the fee for duplicate or proof of interstate fuel tax permits from 50 cents to $1.00 per document. This affects commercial vehicles operating across state lines that use fuel purchased outside Iowa, requiring them to carry proof of tax payment for Iowa fuel taxes. The bill modifies existing law that mandates these vehicles to possess such proof while operating in Iowa. The change directly impacts businesses and drivers managing interstate fuel use compliance, without altering the underlying tax requirements or penalties for non-compliance.

This bill creates two new funds managed by Iowa's Department of Insurance: the Financial Literacy and Investor Education Fund and the Financial Exploitation Prevention Fund. It directs $10 from each $40 insurance agent registration fee (paid by agents) into these funds, with additional funding sources including civil penalties and transfers from the commerce revolving fund. The funds will support public education on financial topics, prevent financial exploitation of vulnerable adults, and assist victims of such exploitation. The bill specifies how these funds can be used, including collaborative programs with community organizations, and includes confidentiality rules for exploitation investigation records.