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, 2005 2004.  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
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