Text: S03510 Text: S03512 Text: S03500 - S03599 Text: S 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
3 18
3 19
3 20 JEFF LAMBERTI
3 21 HF 767.704 78
3 22 tm/sc
Text: S03510 Text: S03512 Text: S03500 - S03599 Text: S Index Bills and Amendments: General Index Bill History: General Index
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