Text: H01884 Text: H01886 Text: H01800 - H01899 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend House File 767, as passed by the House, as 1 2 follows: 1 3 #1. Page 2, line 31, by striking the words "three 1 4 percent over". 1 5 #2. Page 2, line 34, by striking the word "and" 1 6 and inserting the following: "by more than three 1 7 hundred basis points". 1 8 #3. Page 4, by inserting after line 31 the 1 9 following: 1 10 "g. The person has not engaged in dishonest or 1 11 unethical practices as the department may define by 1 12 rule pursuant to chapter 17A." 1 13 #4. Page 5, by inserting after line 5 the 1 14 following: 1 15 "4. The department shall adopt rules pursuant to 1 16 chapter 17A relating to procedures for defining 1 17 conflicts of interests." 1 18 #5. Page 6, line 15, by inserting after the figure 1 19 "15E.208." the following: "A certified capital 1 20 company, together with its affiliates, shall not file 1 21 applications on behalf of its certified investors to 1 22 make certified capital investments in excess of the 1 23 maximum amount of investments that may be certified 1 24 under this subsection." 1 25 #6. By striking page 6, line 35, through page 7, 1 26 line 1, and inserting the following: 1 27 "3. An insurance company, group of insurance 1 28 companies, affiliate of an insurance company, or group 1 29 of such affiliates shall not beneficially own, 1 30 directly or indirectly, whether through rights, 1 31 options, convertible interests or otherwise, ten 1 32 percent". 1 33 #7. Page 7, line 5, by striking the words "a 1 34 certified investor" and inserting the following: "any 1 35 such person". 1 36 #8. Page 7, lines 8 and 9, by striking the words 1 37 "the certified investor" and inserting the following: 1 38 "such person". 1 39 #9. Page 7, line 25, by inserting after the word 1 40 "if" the following: "the business is in need of 1 41 venture capital and is unable to obtain sufficient 1 42 conventional financing, as defined by the department, 1 43 and if". 1 44 #10. Page 7, by striking lines 31 through 33. 1 45 #11. Page 8, line 34, by inserting after the word 1 46 and figure "subsection 1," the following: "paragraphs 1 47 "a" through "j",". 1 48 #12. Page 10, by inserting after line 23 the 1 49 following: 1 50 "f. As an alternative to a qualified business 2 1 making the agreements set forth in paragraphs "c", 2 2 "d", and "e", a certified capital company making the 2 3 investment may agree that if, during the period in 2 4 which its investment in such qualified business is 2 5 outstanding or within three months after the 2 6 termination or repayment of such investment, the 2 7 qualified business relocates its headquarters outside 2 8 of this state or fails to continue to satisfy the 2 9 conditions set forth in paragraph "d" or "e", then the 2 10 cumulative amount of qualified investments for the 2 11 investment pool from which such qualified investments 2 12 were made shall be reduced by the amount of the 2 13 qualified investment in such business for the purposes 2 14 of section 15E.228 only, unless either of the 2 15 following apply: 2 16 (1) The certified capital company invests an 2 17 amount, at least equal to the investment within six 2 18 months of the relocation or failure to satisfy the 2 19 conditions set forth in paragraph "d" or "e", as 2 20 applicable. 2 21 (2) The qualified business demonstrates that it 2 22 has returned its headquarters to this state or has 2 23 reestablished compliance with the conditions set forth 2 24 in paragraph "d" or "e", as applicable, within three 2 25 months of such relocation or failure, as applicable." 2 26 #13. Page 11, by striking lines 8 through 14 and 2 27 inserting the following: ""a" and section 15E.228, 2 28 subsection 3. The department shall adopt rules that 2 29 provide that proceeds". 2 30 #14. Page 16, by striking lines 21 through 30 and 2 31 inserting the following: 2 32 "1. A certified investor which is an insurance 2 33 company organized under the laws of this state or 2 34 admitted to do business in this state shall earn, in 2 35 the year it makes a certified capital investment, a 2 36 vested tax credit against the insurance premium tax 2 37 liability of the certified investor under chapter 432, 2 38 or similar taxes, equal to one hundred percent of the 2 39 certified investor's certified capital investment. A 2 40 certified investor shall be entitled to claim up to 2 41 ten percent of the vested premium tax credit in any 2 42 taxable year of the certified investor. The credit to 2 43 be applied against a certified investor's premium tax 2 44 liability in any one year shall not exceed such 2 45 certified investor's premium tax liability for such 2 46 taxable year. Any credit in excess of the tax". 2 47 #15. Page 18, by inserting after line 6 the 2 48 following: 2 49 "4A. If a certified capital company satisfies the 2 50 investment requirements under section 15E.226, 3 1 subsection 2, paragraph "a", with respect to the 3 2 investment pool, but the certified capital company is 3 3 decertified, a certified investor that has received a 3 4 tax credit under this section with respect to that 3 5 investment pool shall not be subject to a recapture 3 6 tax with respect to the tax credits previously 3 7 utilized or forfeit any unused credits, provided that 3 8 such decertification did not occur prior to the fourth 3 9 anniversary of the investment date of the investment 3 10 pool. If the decertification did occur prior to the 3 11 fourth anniversary of the investment date of the 3 12 investment pool, all tax credits claimed or to be 3 13 claimed prior to such anniversary shall not be subject 3 14 to recapture or forfeiture, but all credits to be 3 15 taken after such anniversary shall be forfeited." 3 16 #16. By renumbering as necessary. 3 17 HF 767S 3 18 tm/cc/26
Text: H01884 Text: H01886 Text: H01800 - H01899 Text: H Index Bills and Amendments: General Index Bill History: General Index
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