House File 2235 HOUSE FILE BY ALONS, CHAMBERS, KLEMME, KURTENBACH, DOLECHECK, J. R. VAN FOSSEN, ELGIN, HAHN, and BAUDLER Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to the redemption of tax credits for equity 2 investments in certain qualifying businesses and community= 3 based seed capital funds and providing effective and 4 retroactive applicability dates. 5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 6 TLSB 6229YH 80 7 tm/sh/8 PAG LIN 1 1 Section 1. Section 15E.43, subsection 5, Code Supplement 1 2 2003, is amended to read as follows: 1 3 5. A tax credit shall not be redeemed during any tax year 1 4 beginning prior to January 1,20052004. A tax credit shall 1 5 not be transferable to any other taxpayer. 1 6 Sec. 2. EFFECTIVE DATE AND RETROACTIVE APPLICABILITY. 1 7 This Act, being deemed of immediate importance, takes effect 1 8 upon enactment and is retroactively applicable to January 1, 1 9 2004, and is applicable on and after that date. 1 10 EXPLANATION 1 11 This bill relates to the redemption of tax credits for 1 12 equity investments in certain qualifying businesses and 1 13 community=based seed capital funds. The bill provides that 1 14 the tax credits shall not be redeemed during any tax year 1 15 beginning prior to January 1, 2004. Currently, the tax 1 16 credits cannot be redeemed during any tax year beginning prior 1 17 to January 1, 2005. 1 18 The bill takes effect upon enactment and is retroactively 1 19 applicable to January 1, 2004. 1 20 LSB 6229YH 80 1 21 tm/sh/8 1 22 1 23 1 24 1 25 1 26 1 27 1 28 1 29 1 30 1 31 1 32 1 33 1 34 1 35