Text: HF00748                           Text: HF00750
Text: HF00700 - HF00799                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index



House File 749

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  NEW SECTION.  16B.1  DEFINITIONS.
  1  2    1.  "Corporate parent" means any person or legal entity,
  1  3 organization, business, partnership, group, or corporation
  1  4 entity recognized by law, or combination thereof, that
  1  5 possesses, owns, or controls an interest greater than fifty
  1  6 percent of a recipient corporation.
  1  7    2.  "Date of assistance" means the date upon which a
  1  8 granting body transmits the first dollar value of development
  1  9 assistance to a recipient corporation.
  1 10    3.  "Development assistance" means any form of public
  1 11 assistance, including tax expenditures, made for the purpose
  1 12 of stimulating the economic development of a given
  1 13 corporation, industry, geographic jurisdiction, or other
  1 14 subset of the state's economy, including but not limited to
  1 15 assistance in the form of industrial development bonds, loans,
  1 16 loan guarantees, revolving loan funds, bond bank programs,
  1 17 enterprise zones, tax increment financing, property tax
  1 18 exemptions or abatements, grants, fee waivers, infrastructure
  1 19 whose principal beneficiary is a single business or defined
  1 20 group of businesses at the time it is built or improved,
  1 21 matching funds, tax abatements, tax credits and tax discounts
  1 22 of every kind, including corporate income tax, personal income
  1 23 tax, insurance premium tax, sales and use taxes, job creation
  1 24 credits and deductions, industrial investment credits and
  1 25 deductions, and research and development tax credits and
  1 26 deductions.
  1 27    4.  "Full-time job" means a job at which a new employee
  1 28 works for a recipient corporation for at least thirty-five
  1 29 hours per week on average.
  1 30    5.  "Granting body" means any public entity within the
  1 31 state, including local governments, regional development
  1 32 organizations, state and local public corporations, the state
  1 33 government, and any state government department or agency,
  1 34 which provides development assistance, including but not
  1 35 limited to the department of economic development and the Iowa
  2  1 finance authority.
  2  2    6.  "In effect" refers to any calendar year within which
  2  3 development assistance is being provided.  For one-time forms
  2  4 of development assistance such as grants, "in effect" refers
  2  5 to a period of not less than five years from the date of
  2  6 assistance.
  2  7    7.  "Part-time job" means a job at which a new employee
  2  8 works for a recipient corporation for less than thirty-five
  2  9 hours per week on average.
  2 10    8.  "Property-taxing entity" means an entity in this state
  2 11 that levies taxes upon real property, including a city,
  2 12 county, school district, township, and benefited district.
  2 13    9.  "Small business" means a corporation whose corporate
  2 14 parents, and all subsidiaries thereof, employed fewer than an
  2 15 average of twenty full-time equivalent employees or which had
  2 16 gross receipts of less than one million dollars in all United
  2 17 States jurisdictions during the calendar year for which
  2 18 disclosure is required.
  2 19    10.  "Specific project site" means a distinct operational
  2 20 unit to which any development assistance is applied.
  2 21    11.  "Temporary job" means a job at which a new employee is
  2 22 hired for a specific duration of time or season.
  2 23    12.  "Value of assistance" means the face value of any and
  2 24 all forms of development assistance.
  2 25    Sec. 2.  NEW SECTION.  16B.2  DISCLOSURE OF STATE TAX
  2 26 EXPENDITURES.
  2 27    1.  Effective July 1, 2002, and each succeeding year, the
  2 28 department of revenue and finance shall provide a detailed tax
  2 29 expenditure budget disclosure report to the general assembly,
  2 30 derived from state income tax filings or other relevant state
  2 31 filings for the previous calendar year.  The disclosure report
  2 32 shall include, but not be limited to, the following data:
  2 33    a.  The dollar amount of tax expenditures made by the
  2 34 state, in the form of uncollected revenues, for each
  2 35 individual tax credit provided by the state, including credits
  3  1 for wages of certain qualified employees, enterprise zones,
  3  2 tax increment financing, grants, matching funds, tax
  3  3 abatements, and tax credits and tax discounts of every kind,
  3  4 including corporate income, personal income, excise, insurance
  3  5 premium, sales and use, job creation, industrial investment,
  3  6 and research and development tax credits and tax discounts.
  3  7    b.  For each of the tax expenditures in paragraph "a",
  3  8 except as specified in paragraph "c", an itemization of the
  3  9 name of each individual corporate taxpayer which claimed the
  3 10 credit of any value equal to or greater than five thousand
  3 11 dollars, and the specific dollar amount credited to the
  3 12 corporation's tax liability under that credit for that year.
  3 13    c.  Credits claimed by individual corporations of less than
  3 14 five thousand dollars shall not be itemized as required in
  3 15 paragraph "b".  Instead, in reporting credits for each tax
  3 16 expenditure, the department of revenue and finance shall
  3 17 aggregate all claims of less than five thousand dollars and
  3 18 report them as a single nonspecified group, with the number of
  3 19 claimants stated.
  3 20    2.  All data produced by the department of revenue and
  3 21 finance and received by the general assembly in compliance
  3 22 with this chapter shall be a public record subject to
  3 23 examination and copying under chapter 22, notwithstanding
  3 24 sections 422.20, 422.72, and 423.23, or any other provision of
  3 25 state law to the contrary pertaining to confidentiality of
  3 26 information.
  3 27    Sec. 3.  NEW SECTION.  16B.3  DISCLOSURE OF PROPERTY TAX
  3 28 REDUCTIONS AND ABATEMENTS.
  3 29    1.  On or before April 1, 2002, the department of revenue
  3 30 and finance shall prescribe a standardized disclosure form for
  3 31 use by all property-taxing entities.  The form shall require,
  3 32 but not be limited to, the following data:
  3 33    a.  The name of the property owner.
  3 34    b.  The address and description of the property.
  3 35    c.  The date upon which any individual property tax
  4  1 reduction or abatement first took effect.
  4  2    d.  The date upon which any individual property tax
  4  3 reduction or abatement is scheduled to expire.
  4  4    e.  The rate or schedule of each individual property tax
  4  5 reduction or abatement for the period between the date it took
  4  6 effect and the date it is scheduled to expire.
  4  7    f.  The entity's aggregate foregone revenue for the
  4  8 calendar year as a result of each property tax reduction or
  4  9 abatement.
  4 10    g.  A compilation and summary of the entity's total
  4 11 foregone revenue as a result of all property tax reductions or
  4 12 abatements, including a summary of foregone revenue for each
  4 13 kind of reduction or abatement.
  4 14    h.  The respective shares of the entity's property tax
  4 15 revenues for the reported year which were disbursed to each
  4 16 property-taxing entity.
  4 17    2.  Effective April 1, 2003, and each subsequent year,
  4 18 every property-taxing entity in this state shall use this
  4 19 standardized form to report to the department of revenue and
  4 20 finance all property tax reductions or abatements which were
  4 21 in effect during the previous fiscal year.
  4 22    3.  The department of revenue and finance shall, by June 1,
  4 23 2003, and for each subsequent year, compile and publish all
  4 24 data on all of the disclosure forms in both written and
  4 25 electronic form.
  4 26    4.  If a property-taxing entity fails to comply with
  4 27 subsection 2, the department of revenue and finance shall
  4 28 within ten working days of the April 1 filing deadline notify
  4 29 the department of economic development of such failure.  Upon
  4 30 receipt of such notice, the department of economic development
  4 31 shall suspend within three working days any current
  4 32 development assistance activities under its control in the
  4 33 property-taxing entity's jurisdiction, and shall be prohibited
  4 34 from proceeding with any current or future development
  4 35 assistance in the noncompliant jurisdiction unless and until
  5  1 the department of economic development receives proof from the
  5  2 department of revenue and finance that the property-taxing
  5  3 entity has complied with subsection 2.
  5  4    5.  If any of the state's various agencies fail to enforce
  5  5 subsection 3 or 4, any person who paid personal income taxes
  5  6 or sales and use taxes to the state in the calendar year prior
  5  7 to the year in dispute shall have standing to sue to compel
  5  8 the state to enforce the provisions of this chapter.  The
  5  9 court shall award such taxpayer plaintiff who prevails
  5 10 reasonable attorney fees and costs in any such enforcement
  5 11 action.
  5 12    6.  All data generated in compliance with subsections 1 and
  5 13 2 shall be fully subject to examination and copying under
  5 14 chapter 22.
  5 15    Sec. 4.  NEW SECTION.  16B.4  STANDARDIZED APPLICATIONS FOR
  5 16 DEVELOPMENT ASSISTANCE.
  5 17    1.  On or before April 1, 2002, the department of economic
  5 18 development shall prescribe a standardized application form
  5 19 for development assistance for use by all granting bodies.
  5 20 The form shall include, but not be limited to, the following
  5 21 data:
  5 22    a.  An application tracking number which is specific to
  5 23 both the granting agency and to each application.
  5 24    b.  The name, street and mailing addresses, telephone
  5 25 number, and chief officer of the granting body.
  5 26    c.  The name, street and mailing addresses, telephone
  5 27 number, and chief officer of the corporate parent of the
  5 28 applicant corporation.
  5 29    d.  The name, street and mailing addresses, telephone
  5 30 number, six-digit North American industry classification
  5 31 system number, and chief officer of the applicant corporation
  5 32 at the specific project site for which development assistance
  5 33 is sought.
  5 34    e.  The applicant corporation's total number of employees
  5 35 at the specific project site on the date of the application,
  6  1 broken down by full-time, part-time, and temporary employees.
  6  2    f.  The total number of employees in this state of the
  6  3 applicant corporation's corporate parent, and all subsidiaries
  6  4 thereof, as of December 31 of the year preceding the date of
  6  5 application, broken down by full-time, part-time, and
  6  6 temporary employees.
  6  7    g.  The kind or kinds of development assistance and value
  6  8 or values of development assistance being applied for.
  6  9    h.  The number of new jobs to be created by the development
  6 10 assistance, broken down by full-time, part-time, and temporary
  6 11 employees.
  6 12    i.  The average hourly wage to be paid to the new employees
  6 13 within one year of hiring, broken down by number of full-time,
  6 14 part-time, and temporary employees, and specified by wage
  6 15 groupings as follows:  six dollars or less an hour, six
  6 16 dollars and one cent to seven dollars an hour, seven dollars
  6 17 and one cent to eight dollars an hour, eight dollars and one
  6 18 cent to nine dollars an hour, nine dollars and one cent to ten
  6 19 dollars an hour, ten dollars and one cent to eleven dollars an
  6 20 hour, eleven dollars and one cent to twelve dollars an hour,
  6 21 twelve dollars and one cent to thirteen dollars an hour,
  6 22 thirteen dollars and one cent to fourteen dollars an hour, and
  6 23 fourteen dollars and one cent or more per hour.
  6 24    j.  For applicant project sites located in a metropolitan
  6 25 statistical area, as defined by the United States census
  6 26 bureau, the average hourly wage paid nonmanagerial employees
  6 27 in the applicant's industry in this state, as most recently
  6 28 provided by the United States bureau of labor statistics to
  6 29 the most specific North American industry classification
  6 30 system number specification, as available.
  6 31    k.  For applicant project sites located outside of
  6 32 metropolitan statistical areas, the average weekly wage paid
  6 33 in the county, as most recently reported by the United States
  6 34 department of commerce in its county business patterns
  6 35 reports.
  7  1    l.  The nature of employer-paid health care coverage to be
  7  2 provided within ninety days of hiring to the employees filling
  7  3 the new jobs, including any costs to be borne by the new
  7  4 employees.
  7  5    m.  A list of all other forms of development assistance the
  7  6 applicant corporation is seeking for the specific project
  7  7 site, and the name or names of the granting body or bodies
  7  8 from which that development assistance is being sought.
  7  9    n.  A narrative, if necessary, describing how the applicant
  7 10 corporation's use of the development assistance may reduce
  7 11 employment at any site in any United States jurisdiction
  7 12 controlled by the applicant corporation or its corporate
  7 13 parent, including but not limited to events such as
  7 14 automation, consolidation, merger, acquisition, product line
  7 15 movement, business activity movement, or restructuring by
  7 16 either the applicant corporation or its corporate parent.
  7 17    o.  Individual certifications by the chief officers of both
  7 18 the applicant corporation and the granting body as to the
  7 19 accuracy of the application, under penalty of perjury.
  7 20    2.  Beginning April 1, 2003, every granting body in this
  7 21 state, jointly with applicant corporations, shall complete the
  7 22 standardized application form as prescribed in subsection 1
  7 23 each time a corporation applies for development assistance.
  7 24    Sec. 5.  NEW SECTION.  16B.5  DEVELOPMENT ASSISTANCE
  7 25 DISCLOSURE.
  7 26    1.  Beginning February 1, 2004, and for each subsequent
  7 27 year, every granting body in the state shall submit to the
  7 28 department of economic development copies of all the
  7 29 standardized application forms for development assistance, as
  7 30 specified in section 16B.4, that the granting body has
  7 31 received in the previous calendar year.  The granting body
  7 32 shall designate on each form whether the development
  7 33 assistance is pending, was approved, or was not approved, and
  7 34 for those applications that were approved, the date of
  7 35 assistance if the date of assistance occurred in the previous
  8  1 calendar year.
  8  2    2.  For those applications that were approved but for which
  8  3 the date of assistance did not occur in the same calendar
  8  4 year, each granting body shall report in its next subsequent
  8  5 February 1 annual report to the department of economic
  8  6 development the relevant dates of assistance.
  8  7    3.  For each development assistance application that was
  8  8 approved, and for which the date of assistance has occurred in
  8  9 a reporting year, each granting agency shall submit to the
  8 10 department of economic development a progress report, which
  8 11 shall include, but not be limited to, the following data:
  8 12    a.  The recipient corporation's tracking number.
  8 13    b.  The name, street and mailing addresses, telephone
  8 14 number, and chief officer of the granting body.
  8 15    c.  The name, street and mailing addresses, telephone
  8 16 number, six-digit North American industry classification
  8 17 system number, and chief officer of the recipient corporation
  8 18 at the specific project site for which the development
  8 19 assistance was approved.
  8 20    d.  The kind of development assistance and value of
  8 21 assistance that was approved.
  8 22    e.  The recipient corporation's total level of employment
  8 23 at the specific project site on the date of the application
  8 24 and the recipient corporation's total level of employment at
  8 25 the specific project site on the date of the report, broken
  8 26 down by full-time, part-time, and temporary employees, and a
  8 27 computation of the gain or loss in each category.
  8 28    f.  The number of new jobs the recipient corporation stated
  8 29 in its application would be created by the development
  8 30 assistance, broken down by full-time, part-time, and
  8 31 temporary.
  8 32    g.  The total level of employment in this state of the
  8 33 recipient corporation's corporate parent, and all subsidiaries
  8 34 thereof, as of December 31 of the year preceding the date of
  8 35 application and the total level of employment in the state of
  9  1 the recipient corporation's corporate parent, and all
  9  2 subsidiaries thereof, as of each December 31 up through the
  9  3 reporting year, broken down by full-time, part-time, and
  9  4 temporary, and a statement of the gain or loss in each
  9  5 category from the earliest reported year to the most recent.
  9  6    h.  The average hourly wage paid as of December 31 of the
  9  7 reporting year to employees filling the new jobs at the
  9  8 specific project site, broken down by full-time, part-time,
  9  9 and temporary employees and specified by the wage groupings in
  9 10 section 16B.4, subsection 1, paragraph "i".
  9 11    i.  The nature of employer-paid health care coverage being
  9 12 provided within ninety days of hiring to the employees filling
  9 13 the new jobs, including any costs being borne by the new
  9 14 employees.
  9 15    j.  A statement describing how the recipient corporation's
  9 16 use of the development assistance during the reporting year
  9 17 has reduced employment at any site in any United States
  9 18 jurisdiction controlled by the recipient corporation or its
  9 19 corporate parent, including but not limited to events such as
  9 20 automation, consolidation, merger, acquisition, product line
  9 21 movement, business activity movement, or restructuring by
  9 22 either the recipient corporation or its corporate parent.
  9 23    k.  Notarized individual certifications signed by the chief
  9 24 officers of both the recipient corporation and the granting
  9 25 body as to the accuracy of the progress report.
  9 26    4.  The granting body and the department of economic
  9 27 development shall have full investigative authority to verify
  9 28 the recipient corporation's progress report data, including
  9 29 but not limited to inspection of the specific project site and
  9 30 analysis of tax and payroll records.
  9 31    5.  By June 1, 2004, and by June 1 of each subsequent year,
  9 32 the department of economic development shall compile and
  9 33 publish all data in all of the development assistance progress
  9 34 reports in both written and electronic form.
  9 35    6.  Every aspect of all development assistance
 10  1 applications, progress reports, and the department of economic
 10  2 development's compilation of applications and progress reports
 10  3 shall be fully subject to examination and copying under
 10  4 chapter 22.
 10  5    7.  If a granting body fails to comply with subsections 1
 10  6 through 3, or if a granting body or corporation fails to
 10  7 comply with subsection 3, paragraph "k", the department of
 10  8 economic development shall, within ten business days of the
 10  9 February 1 filing deadline, suspend any current development
 10 10 assistance activities under its control in the granting body's
 10 11 jurisdiction, and shall be prohibited from proceeding with any
 10 12 current or future development assistance activities under its
 10 13 control in the granting body's jurisdiction, unless and until
 10 14 the department of economic development receives proof that the
 10 15 negligent granting body or corporation has complied with
 10 16 subsections 1 through 3.
 10 17    Sec. 6.  NEW SECTION.  16B.6  JOB CREATION AND JOB QUALITY
 10 18 STANDARDS.
 10 19    1.  In considering development assistance applications, all
 10 20 granting bodies shall perform the following analyses
 10 21 concerning the projected wages and benefits:
 10 22    a.  A comparison of the aggregate projected wage, as
 10 23 specified in section 16B.4, subsection 1, paragraph "i", with
 10 24 existing wages, as specified and defined under section 16B.4,
 10 25 subsection 1, paragraphs "j" and "k".  To derive the aggregate
 10 26 projected wage, the granting body shall compute the weighted
 10 27 hourly average wage for all new employees, including full-
 10 28 time, part-time, and temporary employees.  If the aggregate
 10 29 projected wage is less than eighty-five percent of existing
 10 30 wages, the application shall be denied.  For small businesses,
 10 31 if the aggregate projected wage is less than seventy-five
 10 32 percent of existing wages, the application shall be denied.
 10 33    b.  A wage computation to consider the value of health care
 10 34 coverage provided to full-time employees, as specified in
 10 35 section 16B.4, subsection 1, paragraph "l".  If the applicant
 11  1 corporation is not providing health care coverage to full-time
 11  2 employees, the granting body shall subtract one dollar and
 11  3 fifty cents an hour from the projected wage.  If the recipient
 11  4 corporation projects some health care costs to be borne by the
 11  5 new full-time employees, the granting body shall, based on
 11  6 data from the applicant corporation, estimate the hourly cost
 11  7 to the new full-time employee of such costs and subtract that
 11  8 amount from the projected wage.  If the amount of the wage
 11  9 after subtracting such cost is less than eighty percent of
 11 10 existing wages as specified and defined under section 16B.4,
 11 11 subsection 1, paragraphs "j" and "k", the application shall be
 11 12 denied.  For small businesses, if the amount of the wage after
 11 13 subtracting such cost is less than seventy percent of existing
 11 14 wages, the application shall be denied.
 11 15    c.  The granting bodies shall divide the value of
 11 16 development assistance by the number of projected full-time
 11 17 jobs as reported in section 16B.4, subsection 1.  If the
 11 18 resulting sum exceeds thirty-five thousand dollars, the
 11 19 application shall be denied.
 11 20    2.  A granting body's requirement under subsection 1 may be
 11 21 waived by a bona fide collective bargaining agreement that
 11 22 covers employees at the specific project site of the applicant
 11 23 corporation, but only if the waiver is explicitly set forth in
 11 24 the collective bargaining agreement in clear and unambiguous
 11 25 terms.  Unilateral implementation of terms and conditions of
 11 26 employment by either party to a collective bargaining
 11 27 agreement shall not constitute a waiver of subsection 1.
 11 28    Sec. 7.  NEW SECTION.  16B.7  RECAPTURE OF ASSISTANCE.
 11 29    1.  Recipient corporations are required to achieve their
 11 30 job creation and wage and benefit goals within two years of
 11 31 the date of development assistance.  Recipient corporations
 11 32 are also required to maintain their wage and benefit goals as
 11 33 long as the assistance is in effect.  Corporate parents of
 11 34 recipient corporations are required to maintain at least
 11 35 ninety percent of their original employment number in this
 12  1 state, as specified in section 16B.4, subsection 1, paragraph
 12  2 "f", and section 16B.5, subsection 3, paragraph "g".
 12  3    2.  Granting bodies shall, within ten working days after
 12  4 the second anniversary of the date of assistance, and each
 12  5 year thereafter, fill out a standardized progress report, as
 12  6 prescribed in section 16B.5, subsection 3, and the recipient
 12  7 corporation shall sign the progress report and certify its
 12  8 accuracy under penalty of perjury.  This second anniversary
 12  9 progress report shall be filed by the granting body with the
 12 10 department of economic development along with the granting
 12 11 body's next annual filing of progress reports.
 12 12    3.  The granting body shall indicate on this second
 12 13 anniversary progress report whether the recipient corporation
 12 14 has achieved its job creation and wage and benefit goals, and
 12 15 whether the corporate parent has maintained ninety percent of
 12 16 its employment number in this state.
 12 17    4.  On all subsequent annual progress reports, the granting
 12 18 body shall indicate whether or not the recipient corporation
 12 19 is still in compliance with its job creation and wage and
 12 20 benefit goals, and whether the corporate parent is still in
 12 21 compliance with its employment maintenance requirement.
 12 22    5.  If for any progress report, beginning with the second
 12 23 anniversary progress report, a granting body finds that a
 12 24 recipient corporation has not achieved or maintained its job
 12 25 creation or wage or benefit goals, or the corporate parent has
 12 26 not maintained ninety percent of its employment number in the
 12 27 state, the granting body must, within ten business days, file
 12 28 a finding of development assistance default with the
 12 29 department of economic development and with the recipient
 12 30 corporation.
 12 31    6.  If a recipient corporation defaults on development
 12 32 assistance, the recipient corporation must pay back to the
 12 33 granting body that portion of the development assistance that
 12 34 accrued to its benefit for the calendar year in which the
 12 35 default occurred.  For one-time forms of development
 13  1 assistance, such as grants, a defaulting recipient corporation
 13  2 must pay back to the granting body one-fifth of the value of
 13  3 assistance for each year of default.  If the recipient
 13  4 corporation defaults for a third straight year, the recipient
 13  5 corporation must pay back the entire remaining amount of
 13  6 assistance.  Remittance of the payback by the recipient
 13  7 corporation to the granting body shall take place within sixty
 13  8 calendar days of the delivery of the default notice to the
 13  9 recipient corporation.
 13 10    7.  If a recipient corporation defaults on development
 13 11 assistance in three consecutive calendar years, the granting
 13 12 body shall declare the development assistance null and void,
 13 13 and shall so notify the department of economic development and
 13 14 the recipient corporation.  Upon such declaration, the
 13 15 recipient corporation must pay back to the granting body all
 13 16 the remaining value of the development assistance it has not
 13 17 already paid back.  Remittance of the development assistance
 13 18 payback by the recipient corporation to the granting body
 13 19 shall take place within one hundred eighty calendar days of
 13 20 the delivery of such notice to the recipient corporation.
 13 21    8.  Every aspect of all development assistance default
 13 22 notices, recapture remittances, associated correspondence, and
 13 23 related proceedings shall be subject to examination and
 13 24 copying under chapter 22.
 13 25    9.  If a granting body fails to enforce this chapter, any
 13 26 person who paid personal income taxes or sales or use taxes to
 13 27 the state in the calendar year prior to the year in dispute,
 13 28 or any organization representing such taxpayers, shall be
 13 29 entitled to bring a civil action in state court to compel
 13 30 enforcement of the provisions of this chapter.  The court
 13 31 shall award to any prevailing taxpayer plaintiff or
 13 32 organizational plaintiff reasonable attorney fees and actual
 13 33 incurred costs in pursuing such enforcement action.  
 13 34                           EXPLANATION
 13 35    This bill requires the department of revenue and finance
 14  1 to, each year, provide to the general assembly a report
 14  2 disclosing tax expenditures by the state in the form of
 14  3 uncollected revenues by virtue of all types of tax credits
 14  4 allowed to businesses.
 14  5    Beginning April 1, 2002, the department of revenue and
 14  6 finance is also required to create a standardized disclosure
 14  7 form for use by local governments, beginning in 2003, to
 14  8 report to the department of revenue and finance on the amount
 14  9 of property tax reductions or abatements allowed in the
 14 10 previous fiscal year.  If the local government does not
 14 11 comply, current development assistance activities under the
 14 12 control of the department of economic development will be
 14 13 suspended and future assistance prohibited in the local
 14 14 government's jurisdiction until the local government complies.
 14 15    The bill provides that, by April 1, 2002, the department of
 14 16 economic development is required to create a standardized
 14 17 application form for use by entities granting economic
 14 18 development assistance.  The bill further provides that,
 14 19 beginning February 1, 2004, entities granting economic
 14 20 development assistance are required to submit to the
 14 21 department of economic development each application for
 14 22 assistance received and the disposition of the application.
 14 23    The bill requires that entities granting economic
 14 24 development assistance perform specified analyses relating to
 14 25 projected wages and benefits of the employees whose employers
 14 26 will be receiving economic development assistance.
 14 27    The bill provides for recapture of economic development
 14 28 assistance if the recipient businesses do not achieve their
 14 29 job creation and wage and benefit goals within two years of
 14 30 the date of assistance.  A recipient business is also required
 14 31 to maintain its wage and benefit goals as long as the business
 14 32 is receiving economic development assistance.  
 14 33 LSB 1848YH 79
 14 34 sc/cf/24.2
     

Text: HF00748                           Text: HF00750
Text: HF00700 - HF00799                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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