Text: H08563 Text: H08565 Text: H08500 - H08599 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend House File 721, as passed by the House, as 1 2 follows: 1 3 #1. Page 1, line 2, by striking the word "CREDIT", 1 4 and inserting the following: "CREDITS". 1 5 #2. Page 1, by striking line 3 and inserting the 1 6 following: 1 7 "1. An eligible business may claim an insurance 1 8 premium tax". 1 9 #3. Page 1, by inserting after line 20 the 1 10 following: 1 11 "2. An eligible business which has entered into an 1 12 agreement under chapter 260E and which has increased 1 13 its base employment level by at least ten percent 1 14 within the time set in the agreement or, in the case 1 15 of a business without a base employment level, adds 1 16 new jobs within the time set in the agreement is 1 17 entitled to a new jobs insurance premium tax credit 1 18 for the tax year selected by the business. In 1 19 determining if the business has increased its base 1 20 employment level by ten percent or added new jobs, 1 21 only the new jobs directly resulting from the project 1 22 covered by the agreement and the new jobs directly 1 23 related to those new jobs shall be counted. The 1 24 amount of the credit is equal to the product of six 1 25 percent of the taxable wages upon which an employer is 1 26 required to contribute to the state unemployment 1 27 compensation fund, as defined in section 96.19, 1 28 subsection 37, times the number of new jobs existing 1 29 in the tax year that directly result from the project 1 30 covered by the agreement or new jobs that directly 1 31 result from those new jobs. The tax year chosen by 1 32 the business shall either begin or end during the 1 33 period beginning with the date by which the project is 1 34 to be completed under the agreement. Any credit in 1 35 excess of the tax liability for the tax year may be 1 36 credited to the tax liability for the following seven 1 37 years or until depleted, whichever occurs earlier. 1 38 For purposes of this subsection, "agreement", "new 1 39 job", and "project" mean the same as defined in 1 40 section 260E.2 and "base employment level" means the 1 41 number of full-time jobs a business employs at the 1 42 site which is covered by an agreement under chapter 1 43 260E on the date of that agreement." 1 44 HF 721S 1 45 tm/cc/26
Text: H08563 Text: H08565 Text: H08500 - H08599 Text: H Index Bills and Amendments: General Index Bill History: General Index
© 1998 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Tue Mar 24 03:46:14 CST 1998
URL: /DOCS/GA/77GA/Legislation/H/08500/H08564/980323.html
jhf