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Senate Study Bill 74

Bill Text

PAG LIN
  1  1    Section 1.  Section 422.16A, Code 1997, is amended to read
  1  2 as follows:
  1  3    422.16A  JOB TRAINING WITHHOLDING – CERTIFICATION AND
  1  4 TRANSFER.
  1  5    Upon payment in full of a certificate of participation or
  1  6 other obligation issued to fund a job training program under
  1  7 chapter 260E, including a certificate of participation repaid
  1  8 in whole or in part by the supplemental new jobs credit from
  1  9 withholding under section 15A.7, the community college
  1 10 providing the job training program shall notify the department
  1 11 of economic development of the amount paid by the employer or
  1 12 business to the community college to retire the certificate
  1 13 during the last twelve months of withholding collections.
  1 14 Upon the completion by a business of its repayment obligation
  1 15 for a training project funded under chapter 260E, including a
  1 16 job training project funded under chapter 260E repaid in whole
  1 17 or in part by the supplemental new jobs credit from
  1 18 withholding under section 15A.7, the sponsoring community
  1 19 college shall report to the department of economic development
  1 20 the amount of withholding paid by the business to the
  1 21 community college during the final twelve months of
  1 22 withholding payments.  The department of economic development
  1 23 shall notify the department of revenue and finance of that
  1 24 amount.  The department shall credit to the workforce
  1 25 development fund account established in section 15.342A
  1 26 twenty-five percent of that amount each quarter for a period
  1 27 of ten years.  If the amount of withholding from the business
  1 28 or employer is insufficient, the department shall prorate the
  1 29 quarterly amount credited to the workforce development fund
  1 30 account.  The maximum amount from all employers which shall be
  1 31 transferred to the workforce development fund account in any
  1 32 year is ten million dollars.
  1 33    Sec. 2.  EFFECTIVE AND APPLICABILITY DATES.  This Act,
  1 34 being deemed of immediate importance, takes effect upon
  1 35 enactment and applies retroactively to July 1, 1996, to
  2  1 include any final twelve months of withholding payments
  2  2 beginning on or after that date.  
  2  3                           EXPLANATION
  2  4    Under the industrial new jobs training program in Code
  2  5 chapter 260E, a community college and a business may enter
  2  6 into an agreement to establish a training arrangement.  The
  2  7 agreement may provide for program costs to be paid, in whole
  2  8 or in part, by new jobs credit from withholding which shall be
  2  9 based upon the wages paid to the employees in the new jobs.  A
  2 10 new job is a job in a new or expanding industry but does not
  2 11 include jobs of recalled workers, or replacement jobs or other
  2 12 jobs that formerly existed in the industry in the state.
  2 13    This bill provides that when an individual business
  2 14 completes its repayment obligation for a project funded under
  2 15 chapter 260E, the community college shall report to the
  2 16 department of economic development the amount of withholding
  2 17 paid by the business to the community college during the final
  2 18 12 months of withholding payment.
  2 19    The bill would take effect upon enactment and would apply
  2 20 retroactively to July 1, 1996.  
  2 21 LSB 1326DP 77
  2 22 tm/sc/14.1
     

Text: SSB00073                          Text: SSB00075
Text: SSB00000 - SSB00099               Text: SSB Index
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