Text: HF02360 Text: HF02362 Text: HF02300 - HF02399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 260E.5, subsection 2, Code 1997, is
1 2 amended to read as follows:
1 3 2. An amount equal to one and one-half percent of the
1 4 gross wages paid by the employer to each employee
1 5 participating in a project shall be credited from the payment
1 6 made by an employer pursuant to section 422.16. If the amount
1 7 of the withholding by the employer is less than one and one-
1 8 half percent of the gross wages paid to the employees covered
1 9 by the agreement, then the employer shall receive a credit
1 10 against other withholding taxes due by the employer. The
1 11 employer shall remit the amount of the credit quarterly in the
1 12 same manner as withholding payments are reported to the
1 13 department of revenue and finance, to the community college to
1 14 be allocated to and when collected paid into a special fund of
1 15 the community college to pay the principal of and interest on
1 16 loans, moneys advanced including interfund transfers and
1 17 loans, or other indebtedness, whether funded, refunded,
1 18 assumed, or otherwise, including certificates issued by the
1 19 community college to finance or refinance, in whole or in
1 20 part, the project. When the principal and interest on the
1 21 loans, moneys advanced including interfund transfers and
1 22 loans, or other indebtedness, whether funded, refunded,
1 23 assumed, or otherwise, including certificates have been paid,
1 24 the employer credits shall cease and any money received after
1 25 the certificates have been paid shall be remitted to the
1 26 treasurer of state to be deposited in the general fund of the
1 27 state.
1 28 EXPLANATION
1 29 This bill amends Code section 260E.5 relating to the
1 30 funding of new jobs training projects. Currently, community
1 31 colleges may borrow money and issue and sell certificates to
1 32 provide moneys for the costs of a new jobs training project.
1 33 The certificates are paid through the new jobs credit from
1 34 withholding remitted by the employer. The bill authorizes
1 35 community colleges to fund new jobs training projects from
2 1 community college moneys without incurring additional
2 2 indebtedness through the selling of certificates. The bill
2 3 allows community colleges to use loans, other indebtedness, or
2 4 moneys advanced, including interfund transfers, to finance the
2 5 new jobs training projects.
2 6 LSB 4098HH 77
2 7 tm/jl/8.1
Text: HF02360 Text: HF02362 Text: HF02300 - HF02399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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