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House Journal: Page 1835: Wednesday, April 28, 1999

10   cumulative amount of qualified investments for the

11   investment pool from which such qualified investments
12   were made shall be reduced by the amount of the
13   qualified investment in such business for the purposes
14   of section 15E.228 only, unless either of the
15   following apply:
16     (1)  The certified capital company invests an
17   amount, at least equal to the investment within six
18   months of the relocation or failure to satisfy the
19   conditions set forth in paragraph "d" or "e", as
20   applicable.
21     (2)  The qualified business demonstrates that it
22   has returned its headquarters to this state or has
23   reestablished compliance with the conditions set forth
24   in paragraph "d" or "e", as applicable, within three
25   months of such relocation or failure, as applicable."
26     13.  Page 11, by striking lines 8 through 14 and
27   inserting the following:  ""a" and section 15E.228,
28   subsection 3.  The department shall adopt rules that
29   provide that proceeds".
30     14.  Page 16, by striking lines 21 through 30 and
31   inserting the following:
32     "1.  A certified investor which is an insurance
33   company organized under the laws of this state or
34   admitted to do business in this state shall earn, in
35   the year it makes a certified capital investment, a
36   vested tax credit against the insurance premium tax
37   liability of the certified investor under chapter 432,
38   or similar taxes, equal to one hundred percent of the
39   certified investor's certified capital investment.  A
40   certified investor shall be entitled to claim up to
41   ten percent of the vested premium tax credit in any
42   taxable year of the certified investor.  The credit to
43   be applied against a certified investor's premium tax
44   liability in any one year shall not exceed such
45   certified investor's premium tax liability for such
46   taxable year.  Any credit in excess of the tax".
47     15.  Page 18, by inserting after line 6 the
48   following:
49     "4A.  If a certified capital company satisfies the
50   investment requirements under section 15E.226,
Page 3
 1   subsection 2, paragraph "a", with respect to the
 2   investment pool, but the certified capital company is
 3   decertified, a certified investor that has received a
 4   tax credit under this section with respect to that
 5   investment pool shall not be subject to a recapture
 6   tax with respect to the tax credits previously
 7   utilized or forfeit any unused credits, provided that
 8   such decertification did not occur prior to the fourth

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