Text: S03548 Text: S03550 Text: S03500 - S03599 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend House File 779, as amended, passed, and 1 2 reprinted by the House, as follows: 1 3 #1. Page 1, by inserting before line 1 the 1 4 following: 1 5 "Section 1. Section 12.32, Code 1999, is amended 1 6 by adding the following new subsection: 1 7 NEW SUBSECTION. 4. "Qualified linked investment" 1 8 means a linked investment in which a certificate of 1 9 deposit is placed by the treasurer of state with an 1 10 eligible lending institution under the traditional 1 11 livestock producers linked investment program 1 12 established under section 12.43A." 1 13 #2. Page 1, line 6, by striking the words "eighty- 1 14 eight" and inserting the following: "one hundred 1 15 eight". 1 16 #3. Page 1, line 14, by inserting after the word 1 17 "12.43A" the following: "and the value-added 1 18 agricultural linked investment loan program as 1 19 provided in section 12.43B". 1 20 #4. Page 1, by striking lines 16 and 17 and 1 21 inserting the following: "amount as follows: 1 22 (1) At least twenty million dollars shall be 1 23 invested in order to support the traditional livestock 1 24 producers linked investment loan program as provided 1 25 in section 12.43A. 1 26 (2) At least twenty million dollars shall be 1 27 invested in order to support the value-added 1 28 agricultural linked investment loan program as 1 29 provided in section 12.43B." 1 30 #5. Page 1, line 24, by inserting after the figure 1 31 "12.43A." the following: "The treasurer of state in 1 32 cooperation with the agricultural products advisory 1 33 council established in section 15.203 shall adopt 1 34 rules for the administration of the value-added 1 35 agricultural linked investment loan program as 1 36 provided in section 15.204." 1 37 #6. By striking page 1, line 25, through page 3, 1 38 line 3, and inserting the following: 1 39 "3.CertificatesA certificate of deposit, which 1 40 is placed by the treasurer of state with an eligible 1 41 lending institution on or after July 1, 1996,pursuant1 42to this divisionmay be renewed at the option of the 1 43 treasurer. The following shall apply to the 1 44 certificate of deposit: 1 45 a.TheFor a linked investment other than a 1 46 qualified linked investment, the initial certificate 1 47 of deposit for a given borrower shall have a maturity 1 48 of one year.andThe certificate of deposit may be 1 49 renewedfor eight additional one-year periodson an 1 50 annual basis for a total term not to exceed five 2 1 years. 2 2 b. For a qualified linked investment, the initial 2 3 certificate of deposit for a given borrower shall have 2 4 a maturity of one year. The certificate of deposit 2 5 may be renewed on an annual basis for a total term not 2 6 to exceed three years. 2 7 Sec. . Section 12.41, Code 1999, is amended by 2 8 adding the following new subsection: 2 9 NEW SUBSECTION. 1A. The gross income earned by 2 10 the borrower's business of producing, processing, or 2 11 marketing horticultural or nontraditional crops is not 2 12 more than three hundred thousand dollars for the 2 13 borrower's last tax year." 2 14 #7. Page 4, by striking lines 22 and 23 and 2 15 inserting the following: 2 16 " . A borrower is not eligible to receive a loan 2 17 as part of a linked investment loan package under this 2 18 program, if the borrower has received three loans 2 19 pursuant to a linked investment loan package under 2 20 this program approved by the treasurer of state within 2 21 the last ten years. For purposes of this subsection, 2 22 a loan provided as part of a renewed certificate of 2 23 deposit shall be deemed to be a new loan." 2 24 #8. By striking page 4, line 24, through page 5, 2 25 line 5, and inserting the following: 2 26 "Sec. . NEW SECTION. 12.43B VALUE-ADDED 2 27 AGRICULTURAL LINKED INVESTMENT LOAN PROGRAM. 2 28 1. The treasurer of state shall establish and 2 29 administer, and adopt rules as necessary to establish 2 30 and administer, a value-added agricultural linked 2 31 investment loan program. The purpose of the program 2 32 is to provide capital in the form of low-interest 2 33 loans in order to do any of the following: 2 34 a. Stimulate existing businesses or encourage the 2 35 establishment of new businesses that add value through 2 36 the processing of agricultural commodities. 2 37 b. Encourage the production of agricultural 2 38 commodities, if a shortage in production exists. 2 39 2. A borrower shall be eligible to participate in 2 40 the value-added agricultural linked investment loan 2 41 program, to the extent that the borrower meets 2 42 eligibility requirements established by the treasurer 2 43 of state as provided in section 12.34. 2 44 3. A borrower shall not receive a loan of more 2 45 than two hundred fifty thousand dollars under this 2 46 program. 2 47 Sec. . NEW SECTION. 15.204 VALUE-ADDED 2 48 AGRICULTURAL LINKED INVESTMENT LOAN PROGRAM. 2 49 The agricultural products advisory council 2 50 established in section 15.203, in cooperation with the 3 1 department of economic development, shall recommend to 3 2 the treasurer of state eligibility requirements for 3 3 borrowers to participate in the value-added 3 4 agricultural linked investment loan program 3 5 established in section 12.43B. The treasurer of state 3 6 shall establish the eligibility requirements by rule 3 7 adopted pursuant to section 12.34." 3 8 #9. Page 5, by inserting before line 6 the 3 9 following: 3 10 "Sec. . Section 15.333, Code 1999, is amended 3 11 by adding the following new unnumbered paragraph: 3 12 NEW UNNUMBERED PARAGRAPH. If an eligible business 3 13 or individual provides for the processing of 3 14 agricultural commodities into value-added agricultural 3 15 products, the business or individual may elect to 3 16 fully transfer its investment tax credit to another 3 17 taxpayer of this state that is a direct or indirect 3 18 participant in the project." 3 19 #10. Page 5, by inserting before line 6 the 3 20 following: 3 21 "Sec. . CURRENT INVESTMENT AGREEMENTS. The 3 22 treasurer of state shall not renew a certificate of 3 23 deposit in an eligible lending institution, if the 3 24 total term for the certificate of deposit exceeds the 3 25 requirements of section 12.34, subsection 3, as 3 26 amended by this Act. However, nothing in this Act 3 27 shall affect the terms or conditions of an investment 3 28 agreement executed by the treasurer of state with an 3 29 eligible lending institution that is in effect on the 3 30 effective date of this Act. 3 31 Sec. . AGENCY REVIEW OF LINKED INVESTMENT FOR 3 32 TOMORROW ACT PROGRAMS. 3 33 1. The department of economic development and the 3 34 department of agriculture and land stewardship shall 3 35 include a review of the linked investments for 3 36 tomorrow Act. 3 37 a. The department of economic development shall 3 38 conduct a review of the rural small business transfer 3 39 linked investment loan program as provided in section 3 40 12.40 the focused small business linked investments 3 41 program as provided in section 12.43, and the value- 3 42 added agricultural linked investment loan program as 3 43 provided in section 12.43B. 3 44 b. The department of agriculture and land 3 45 stewardship shall conduct a review of the 3 46 horticultural and nontraditional crops linked 3 47 investment loan program as provided in section 12.41, 3 48 and the traditional livestock producers linked 3 49 investment loan program as provided in section 12.43A. 3 50 2. In conducting the reviews, each department 4 1 shall investigate the economic conditions that could 4 2 justify the program under review and the need for the 4 3 continuation or modification of the program. The 4 4 departments shall jointly review the allocation of 4 5 moneys to the programs. 4 6 3. The departments shall submit a combined report 4 7 to the department of management which shall forward 4 8 the report to the treasurer of state and to the 4 9 general assembly on or before February 1, 2000. The 4 10 report shall include findings and any recommendations. 4 11 The report shall include a recommendation regarding 4 12 the allocation of moneys to the programs." 4 13 #11. Page 5, lines 6 and 7, by striking the words 4 14 "Except as otherwise provided in this Act, this" and 4 15 inserting the following: "This". 4 16 #12. Title page, by striking lines 1 and 2 and 4 17 inserting the following: "An Act providing for 4 18 economic development programs, including linked 4 19 investment loan programs, and providing an effective 4 20 date." 4 21 #13. By renumbering as necessary. 4 22 4 23 4 24 4 25 JoANN JOHNSON 4 26 4 27 4 28 4 29 KITTY REHBERG 4 30 4 31 4 32 4 33 MATT McCOY 4 34 HF 779.704 78 4 35 da/sc
Text: S03548 Text: S03550 Text: S03500 - S03599 Text: S Index Bills and Amendments: General Index Bill History: General Index
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