Text: HF00508 Text: HF00510 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 15E.221 SHORT TITLE.
1 2 This division shall be known and may be cited as the "Iowa
1 3 Insurance Development Consortium Act".
1 4 Sec. 2. NEW SECTION. 15E.222 PURPOSE.
1 5 The general assembly finds Iowa's insurance and financial
1 6 services industry is a large and important part of the state's
1 7 economy and a limiting constraint on the industry's future
1 8 growth in Iowa is a shortage of qualified people for
1 9 employment in the industry. It is the intent of the general
1 10 assembly to establish an insurance development consortium
1 11 whose functions will include, but not be limited to, assisting
1 12 insurance and financial services companies in identifying,
1 13 screening, training, and otherwise developing people for jobs
1 14 in Iowa's insurance and financial services industry.
1 15 Sec. 3. NEW SECTION. 15E.223 DEFINITIONS.
1 16 As used in this division, unless the context otherwise
1 17 requires:
1 18 1. "Board" means the board of the Iowa insurance
1 19 development consortium.
1 20 2. "Consortium" means the Iowa insurance development
1 21 consortium created in section 15E.224.
1 22 3. "Department" means the Iowa department of economic
1 23 development.
1 24 4. "Director" means the director of the department or the
1 25 director's designee.
1 26 5. "Industry" means Iowa's insurance and financial
1 27 services industry.
1 28 Sec. 4. NEW SECTION. 15E.224 INSURANCE DEVELOPMENT
1 29 CONSORTIUM ESTABLISHED – DUTIES.
1 30 1. The department shall establish an Iowa insurance
1 31 development consortium for the purpose of identifying,
1 32 screening, and developing employees in the industry.
1 33 2. The consortium shall address all of the following
1 34 issues:
1 35 a. The promotion of the industry and the generation of
2 1 interest among people inside and outside the state in possible
2 2 careers in the industry.
2 3 b. The retraining or otherwise further developing of
2 4 skills of existing employees in the industry to create a cadre
2 5 of highly skilled individuals within the industry workforce.
2 6 c. Identification and initial training of new employees to
2 7 meet the future human resource needs of the industry.
2 8 d. Other related activities as determined by the board.
2 9 Sec. 5. NEW SECTION. 15E.225 INSURANCE DEVELOPMENT
2 10 CONSORTIUM MEMBERSHIP.
2 11 Any insurance or financial services entity conducting
2 12 business within the industry in this state, as defined by the
2 13 board, is eligible for membership. A business entity
2 14 interested in joining the consortium shall submit an
2 15 application for membership to the board. The board shall
2 16 approve or deny each application for membership.
2 17 Sec. 6. NEW SECTION. 15E.226 INSURANCE DEVELOPMENT
2 18 CONSORTIUM BOARD.
2 19 1. The director shall appoint a nine-member board to
2 20 govern the activities of the consortium. The board shall
2 21 serve at the pleasure of the director. The majority of the
2 22 board shall be representatives of the industry. Board members
2 23 shall serve four-year terms and may serve more than one term.
2 24 2. The board shall develop and determine all of the
2 25 following:
2 26 a. Consortium membership qualifications.
2 27 b. Membership responsibilities.
2 28 c. Membership contributions and fees.
2 29 d. Policies and procedures for governing the board's
2 30 activities.
2 31 Sec. 7. NEW SECTION. 15E.227 TAX CREDITS.
2 32 1. A consortium member may claim an insurance premium tax
2 33 credit against taxes imposed pursuant to chapter 432 for
2 34 contributions and fees paid pursuant to this division during
2 35 the tax year. The amount claimed shall equal the total
3 1 contributions and fees paid during the tax year and shall not
3 2 exceed a maximum of five percent of the taxpayer's tax
3 3 liability.
3 4 2. If a consortium member is not eligible to claim an
3 5 insurance premium tax credit under subsection 1, the
3 6 consortium member may claim a corporate tax credit equal to
3 7 the total contributions and fees paid pursuant to this
3 8 division during the tax year. The tax credit shall not,
3 9 however, exceed a maximum of five percent of the taxpayer's
3 10 tax liability. If the business is a partnership, subchapter S
3 11 corporation, limited liability company, or estate or trust
3 12 electing to have the income taxed directly to the individual,
3 13 an individual may claim the tax credit allowed under this
3 14 subsection. The amount claimed by the individual shall be
3 15 based upon the pro rata share of the individual's earnings of
3 16 the partnership, subchapter S corporation, limited liability
3 17 company, or estate or trust.
3 18 EXPLANATION
3 19 This bill provides for the department of economic
3 20 development to establish an insurance development consortium
3 21 for purposes of identifying, screening, and developing
3 22 employees for the insurance and financial services industry.
3 23 The bill provides that the director of the department shall
3 24 appoint a nine-member board to govern the activities of the
3 25 consortium, including the development and determination of
3 26 membership qualifications, membership responsibilities,
3 27 membership contributions and fees, and policies and procedures
3 28 for consortium activities. The bill provides that a business
3 29 conducting business within the industry in the state is
3 30 eligible for membership in the consortium and may submit an
3 31 application for membership to the board.
3 32 The bill provides the consortium shall consider issues
3 33 which include the promotion of the industry and the generation
3 34 of interest in careers in the industry, the retraining and
3 35 development of skills of the industry workforce, and
4 1 identification and initial training of new employees to meet
4 2 the future human resource needs of the industry.
4 3 The bill allows a consortium member to claim an insurance
4 4 premium tax credit imposed under Code chapter 432 or a
4 5 corporate tax credit for consortium contributions and fees.
4 6 The amount of the credit shall equal the total consortium
4 7 contributions and fees paid during the tax year and shall not
4 8 exceed five percent of the taxpayer's tax liability.
4 9 LSB 2654HH 78
4 10 tm/sc/14
Text: HF00508 Text: HF00510 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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