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House Journal: Page 1150: Wednesday, April 1, 1998

Siegrist of Pottawattamie asked and received unanimous consent
that the following bills be immediately messaged to the Senate:
Senate Files 2294 and 530.
Larson of Linn called up for consideration House File 721, a
bill for an act relating to an insurance premium tax credit for
eligible businesses under the new jobs and income program,
amended by the Senate, and moved that the House concur in the
following Senate amendment H-8564:


 1     Amend House File 721, as passed by the House, as
 2   follows:
 3     1.  Page 1, line 2, by striking the word "CREDIT",
 4   and inserting the following:  "CREDITS".
 5     2.  Page 1, by striking line 3 and inserting the
 6   following:
 7     "1.  An eligible business may claim an insurance
 8   premium tax".
 9     3.  Page 1, by inserting after line 20 the
10   following:
11     "2.  An eligible business which has entered into an
12   agreement under chapter 260E and which has increased
13   its base employment level by at least ten percent
14   within the time set in the agreement or, in the case
15   of a business without a base employment level, adds
16   new jobs within the time set in the agreement is
17   entitled to a new jobs insurance premium tax credit
18   for the tax year selected by the business.  In
19   determining if the business has increased its base
20   employment level by ten percent or added new jobs,
21   only the new jobs directly resulting from the project
22   covered by the agreement and the new jobs directly
23   related to those new jobs shall be counted.  The
24   amount of the credit is equal to the product of six
25   percent of the taxable wages upon which an employer is
26   required to contribute to the state unemployment
27   compensation fund, as defined in section 96.19,
28   subsection 37, times the number of new jobs existing
29   in the tax year that directly result from the project
30   covered by the agreement or new jobs that directly
31   result from those new jobs.  The tax year chosen by
32   the business shall either begin or end during the
33   period beginning with the date by which the project is
34   to be completed under the agreement.  Any credit in
35   excess of the tax liability for the tax year may be

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