Text: HF02278 Text: HF02280 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 260E.2, subsection 8, Code 1995, is 1 2 amended by striking the subsection. 1 3 Sec. 2. Section 260E.3, subsection 1, Code Supplement 1 4 1995, is amended to read as follows: 1 5 1. A community college may enter into an agreement to 1 6 establish a project. If an agreement is entered into, the 1 7 community college and the employer shall notify the department 1 8 of revenue and finance as soon as possible. An agreement 1 9 shall provide for program costs, including deferred costs, 1 10 which may be paid from one or a combination of the following 1 11 sources: 1 12a. Incremental property taxes to be received or derived1 13from an employer's business property where new jobs are1 14created as a result of the project.1 15b.a. New jobs credit from withholding to be received or 1 16 derived from new employment resulting from the project. 1 17c.b. Tuition, student fees, or special charges fixed by 1 18 the board of directors to defray program costs in whole or in 1 19 part. 1 20d.c. Guarantee of payments to be received under paragraph 1 21"a," "b," or "c""a" or "b". 1 22 Sec. 3. Section 260E.3, subsection 4, Code Supplement 1 23 1995, is amended by striking the subsection. 1 24 Sec. 4. Section 260E.5, subsection 2, Code 1995, is 1 25 amended to read as follows: 1 26 2. An amount equal toone and one-halfthree percent of 1 27 the gross wages paid by the employer to each employee 1 28 participating in a project shall be credited from the payment 1 29 made by an employer pursuant to section 422.16. If the amount 1 30 of the withholding by the employer is less thanone and one-1 31halfthree percent of the gross wages paid to the employees 1 32 covered by the agreement, then the employer shall receive a 1 33 credit against other withholding taxes due by the employer. 1 34 The employer shall remit the amount of the credit quarterly in 1 35 the same manner as withholding payments are reported to the 2 1 department of revenue and finance, to the community college to 2 2 be allocated to and when collected paid into a special fund of 2 3 the community college to pay the principal of and interest on 2 4 certificates issued by the community college to finance or 2 5 refinance, in whole or in part, the project. When the 2 6 principal and interest on the certificates have been paid, the 2 7 employer credits shall cease and any money received after the 2 8 certificates have been paid shall be remitted to the treasurer 2 9 of state to be deposited in the general fund of the state. 2 10 Sec. 5. Section 260F.2, subsection 7, Code 1995, is 2 11 amended by striking the subsection. 2 12 Sec. 6. Section 260F.3, subsection 1, Code 1995, is 2 13 amended to read as follows: 2 14 1. A community college may enter into an agreement to 2 15 establish a project. If an agreement is entered into, the 2 16 community college and the business shall notify the department 2 17 of revenue and finance as soon as possible. An agreement 2 18 shall provide for program costs, including deferred costs, for 2 19 a project creating new jobs by providing education and 2 20 training of workers for a new or expanding small business 2 21 which may be paid from one or a combination of the following 2 22 sources: 2 23a. Incremental property taxes to be received or derived2 24from the business' property where new jobs are created as a2 25result of the project.2 26b.a. New jobs credit from withholding to be received or 2 27 derived from new employment resulting from the project. 2 28c.b. Tuition, student fees, or special charges fixed by 2 29 the board of directors to defray program costs in whole or in 2 30 part. 2 31d.c. Guarantee of payments to be received under paragraph 2 32"a", "b", or "c""a" or "b". 2 33 Sec. 7. Section 260F.3, subsection 5, Code 1995, is 2 34 amended by striking the subsection. 2 35 Sec. 8. Section 260F.5, subsection 2, Code 1995, is 3 1 amended to read as follows: 3 2 2. An amount equal toone and one-halfthree percent of 3 3 the gross wages paid by the business to each employee 3 4 participating in a project shall be credited from the payment 3 5 made by a business pursuant to section 422.16. If the amount 3 6 of the withholding by the business is less thanone and one-3 7halfthree percent of the gross wages paid to the employees 3 8 covered by the agreement, then the business shall receive a 3 9 credit against other withholding taxes due by the business. 3 10 The business shall remit the amount of the credit quarterly in 3 11 the same manner as withholding payments are reported to the 3 12 department of revenue and finance, to the community college. 3 13 To the extent this credit represents repayments of an advance 3 14 made under section 260F.6 plus interest, it shall be paid to 3 15 the treasurer of state. When the repayments of an advance 3 16 plus interest have been paid, the business credits shall cease 3 17 and any money received after this shall be remitted to the 3 18 treasurer of state to be deposited in the general fund of the 3 19 state. 3 20 Sec. 9. Section 403.19, subsection 1, paragraph c, Code 3 21 1995, is amended by striking the paragraph. 3 22 Sec. 10. REPEAL. Sections 260E.4, 260F.4, and 403.21, 3 23 Code 1995, are repealed. 3 24 EXPLANATION 3 25 This bill repeals the provisions which authorize the use of 3 26 incremental property taxes to fund projects under the Iowa 3 27 industrial new jobs training Act (chapter 260E) or the Iowa 3 28 small business new jobs training Act (chapter 260F). 3 29 The bill also increases the maximum credit from income tax 3 30 withholding which may be used to fund job training projects 3 31 under chapter 260E or 260F from 1.5 percent to 3 percent. 3 32 LSB 3691YH 76 3 33 mk/jw/5
Text: HF02278 Text: HF02280 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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