Text: S05001 Text: S05003 Text: S05000 - S05099 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend Senate File 2025 as follows:
1 2 #1. Page 1, by striking lines 1 and 2.
1 3 #2. Page 1, line 11, by inserting after the word
1 4 "Iowa" the following: ", including, without
1 5 limitation, enterprises in the life sciences, advanced
1 6 manufacturing, information technology, and value-added
1 7 agriculture areas".
1 8 #3. Page 1, line 34, by striking the word "five"
1 9 and inserting the following: "three".
1 10 #4. Page 2, by striking lines 1 through 7 and
1 11 inserting the following:
1 12 "b. The investment of resources from the Iowa fund
1 13 of funds in Iowa businesses within three years of the
1 14 effective date of this Act.
1 15 c. A cumulative rate of return on venture
1 16 investments of the Iowa fund of funds equal to a
1 17 minimum of one and one-half percentage points above
1 18 the ten-year treasury bill rate in effect at the end
1 19 of five years following the effective date of this
1 20 Act."
1 21 #5. Page 2, line 30, by inserting after the figure
1 22 "432" the following: "and against the moneys and
1 23 credits tax imposed by section 533.24".
1 24 #6. Page 4, line 4, by striking the words "and
1 25 investments made by".
1 26 #7. Page 4, line 34, by inserting after the word
1 27 "year." the following: "The board shall indicate on
1 28 the tax certificate the principal amount of the tax
1 29 credit and the taxable year or years for which the
1 30 credit may be claimed."
1 31 #8. Page 6, line 5, by striking the words "any
1 32 of".
1 33 #9. Page 6, line 27, by inserting after the words
1 34 "shall not" the following: "and cannot".
1 35 #10. By striking page 6, line 31, through page 7,
1 36 line 26, and inserting the following:
1 37 "2. To facilitate the organization of an Iowa
1 38 capital investment corporation, both of the following
1 39 persons shall serve as incorporators as provided in
1 40 section 504A.28:
1 41 a. The chairperson of the Iowa economic
1 42 development board or a designee of the chairperson.
1 43 b. The director of the department of economic
1 44 development or a designee of the director.
1 45 3. After incorporation, the initial board of
1 46 directors shall be elected by the members of an
1 47 appointment committee. The members of the appointment
1 48 committee shall be appointed by the Iowa economic
1 49 development board. The initial board of directors
1 50 shall consist of five members. The persons elected to
2 1 the initial board of directors by the appointment
2 2 committee shall include persons who have an expertise
2 3 in the areas of the selection and supervision of
2 4 investment managers or in the fiduciary management of
2 5 investment funds, and other areas of expertise as
2 6 deemed appropriate by the appointment committee.
2 7 After the election of the initial board of directors,
2 8 vacancies in the board of directors of the corporation
2 9 shall be elected by the remaining directors of the
2 10 corporation. Members of the board of directors shall
2 11 be subject to any restrictions on conflicts of
2 12 interest specified in the organizational documents and
2 13 shall have no interest in any venture capital
2 14 investment fund allocation manager selected by the
2 15 corporation pursuant to the provisions of this
2 16 division or in any investments made by the Iowa fund
2 17 of funds.
2 18 4. The members of the appointment committee shall
2 19 exercise due care to assure that persons elected to
2 20 the initial board of directors have the requisite
2 21 financial experience necessary in order to carry out
2 22 the duties of the corporation as established in this
2 23 division, including in areas related to venture
2 24 capital investment, investment management, and
2 25 supervision of investment managers and investment
2 26 funds.
2 27 5. Upon the election of the initial board of
2 28 directors, the terms of the members of the appointment
2 29 committee shall expire."
2 30 #11. Page 7, line 28, by inserting after the word
2 31 "incorporators" the following: "and the appointment
2 32 committee".
2 33 #12. Page 7, line 29, by striking the words "the
2 34 incorporators" and inserting the following: "the
2 35 director of the department in order to administer this
2 36 section".
2 37 #13. Page 10, by striking lines 26 through 28, and
2 38 inserting the following: "within the state of Iowa.
2 39 The Iowa fund of funds shall not invest more than five
2 40 percent of its assets in investments for this
2 41 program."
2 42 #14. Page 11, by striking lines 13 through 15, and
2 43 inserting the following:
2 44 "g. Each calendar year, the auditor of state shall
2 45 conduct an annual audit of the activities of the Iowa
2 46 fund of funds or shall engage an independent auditor
2 47 to conduct the audit provided that the independent
2 48 auditor has no business, contractual, or other
2 49 connection to the Iowa capital investment corporation
2 50 or the Iowa fund of funds. The corporation shall
3 1 reimburse the auditor of state for costs associated
3 2 with the annual audit. The audit shall be delivered
3 3 to the Iowa".
3 4 #15. Page 11, by inserting after line 23 the
3 5 following:
3 6 "i. Upon the liquidation of the Iowa fund of
3 7 funds, the Iowa capital investment corporation shall
3 8 file a report with the general assembly stating how
3 9 many jobs in this state were created through
3 10 investments made by the Iowa fund of funds."
3 11 #16. Page 13, line 23, by inserting after the word
3 12 "year." the following: "The board shall indicate on
3 13 the tax certificate the principal amount of the tax
3 14 credit and the taxable year or years for which the
3 15 credit may be claimed."
3 16 #17. Page 14, line 20, by inserting after the word
3 17 "banks" the following: ", for credit unions,".
3 18 #18. Page 14, by inserting after line 21, the
3 19 following:
3 20 "Sec. ___. NEW SECTION. 15E.229 ENFORCEMENT.
3 21 The attorney general may enforce the provisions of
3 22 this division and conduct any investigations necessary
3 23 for such enforcement."
3 24 #19. By striking page 14, line 22, through page
3 25 19, line 9.
3 26 #20. Title page, by striking lines 1 through 15,
3 27 and inserting the following: "An Act creating an Iowa
3 28 capital investment board, authorizing the organization
3 29 of an Iowa capital investment corporation and an Iowa
3 30 fund of funds, and authorizing the issuance of
3 31 contingent tax credits to investors in the Iowa fund
3 32 of funds."
3 33 #21. By renumbering as necessary.
3 34
3 35
3 36
3 37 LARRY McKIBBEN
3 38 SF 2025.503 79
3 39 tm/pj
Text: S05001 Text: S05003 Text: S05000 - S05099 Text: S Index Bills and Amendments: General Index Bill History: General Index
© 2002 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Fri Jan 25 07:05:39 CST 2002
URL: /DOCS/GA/79GA/Legislation/S/05000/S05002/020124.html
jhf