Text: SF02136 Text: SF02138 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 15E.192, subsections 2, 3, and 4, Code 1 2 2001, are amended to read as follows: 1 3 2. A city with a population of twenty-four thousand or 1 4 more, as shown by the19902000 certified federal census, may 1 5 create an economic development enterprise zone as authorized 1 6 in this division, subject to certification by the department 1 7 of economic development, by designating one or more contiguous 1 8 census tracts, as determined in the most recent federal 1 9 census, or designating other geographic units approved by the 1 10 department of economic development for that purpose. If there 1 11 is an area in the city which meets the requirements for 1 12 eligibility for an urban or rural enterprise community under 1 13 Title XIII of the federal Omnibus Budget Reconciliation Act of 1 14 1993, such area shall be designated by the state an economic 1 15 development enterprise zone. The area meeting the 1 16 requirements for eligibility for an urban or rural enterprise 1 17 community shall not be included for the purpose of determining 1 18 the area limitation pursuant to subsection 4. In creating an 1 19 enterprise zone, a city with a population of twenty-four 1 20 thousand or more, as shown by the19902000 certified federal 1 21 census, may designate as part of the area tracts or approved 1 22 geographic units located in a contiguous city if such tracts 1 23 or approved geographic units meet the criteria and the city 1 24 agrees to being included. The city may establish more than 1 25 one enterprise zone. Reference in this division to "city" 1 26 means a city with a population of twenty-four thousand or 1 27 more, as shown by the19902000 certified federal census. 1 283. a. A county may designate an enterprise zone within an1 29area located in one or more contiguous census tracts or other1 30geographic units of the county that meets at least two of the1 31following distress criteria:1 32(1) The area has a per capita income of nine thousand six1 33hundred dollars or less based according to the 1990 census.1 34(2) The area has a family poverty rate of twelve percent1 35or more according to the 1990 census.2 1(3) Ten percent or more of the housing units in the area2 2are vacant.2 3(4) The valuations of each class of property in the2 4designated area of the census tract is seventy-five percent or2 5less of the countywide average for that classification based2 6upon the most recent valuations for property tax purposes.2 7(5) The area is a blighted area, as defined in section2 8403.17.2 9b. The department shall not approve more than five2 10enterprise zones designated under this subsection prior to2 11July 1, 2001.2 12 4. a. A county or city which meets the distress criteria 2 13 provided in section 15E.194, Code 2001, may apply to the 2 14 department for an area to be certified as an enterprise zone 2 15 at any time prior to July 1, 2003. However, the total amount 2 16 of land designated as enterprise zones under subsections 1 and 2 17 2, and any other enterprise zones certified by the department, 2 18 excluding those approved pursuant to section 15E.194, 2 19 subsection 4, shall not exceed in the aggregate one percent of 2 20 the total county area. 2 21 b. An enterprise zone certified by the department shall 2 22 not be decertified or amended. 2 23 c. A county or city may apply to the department for an 2 24 area to be certified as an enterprise zone at any time prior 2 25 to July 1, 2005. However, the total amount of land designated 2 26 as enterprise zones under subsections 1 and 2, and any other 2 27 enterprise zones certified by the department, excluding those 2 28 approved pursuant to section 15E.194, subsection 4, shall not 2 29 exceed in the aggregate one percent of the total county area. 2 30 Sec. 2. Section 15E.193C, subsections 5 and 10, Code 2 31 Supplement 2001, are amended to read as follows: 2 32 5. Prior to applying for assistance under this section, an 2 33 eligible development business shall enter into an agreement 2 34 with at least one business for purposes of locating the 2 35 business in all or a portion of the building space for a 3 1 period of at least five years. The locating business must 3 2 occupy at least seventy-five percent of the total building 3 3 space and meet the criteria provided in section 15E.193, 3 4 subsection 1, paragraphs "a", "b", and "c", and create at 3 5 least three full-time positions. 3 610. An eligible business under section 15E.193 is not3 7eligible for incentives and assistance listed in section3 815E.196 if the property is owned, or was previously owned, by3 9an approved development business that has received incentives3 10and assistance under this section.3 11 Sec. 3. Section 15E.194, subsections 1 and 2, Code 2001, 3 12 are amended to read as follows: 3 13 1. An enterprise zone may be designated by a county which 3 14 meets at least two of the following criteria: 3 15 a. The county has an average weekly wage that ranks among 3 16 the bottom twenty-five counties in the state based on the19953 17 2000 annual average weekly wage for employees in private 3 18 business. 3 19 b. The county has a family poverty rate that ranks among 3 20 the top twenty-five counties in the state based on the19903 21 2000 census. 3 22 c. The county has experienced a percentage population loss 3 23 that ranks among the top twenty-five counties in the state 3 24 between1990 and1995 and 2000. 3 25 d. The county has a percentage of persons sixty-five years 3 26 of age or older that ranks among the top twenty-five counties 3 27 in the state based on the19902000 census. 3 28 2. An enterprise zone may be designated by a city which 3 29 meets at least two of the following criteria: 3 30 a. The area has a per capita income of nine thousand six 3 31 hundred dollars or less based on the19902000 census. 3 32 b. The area has a family poverty rate of twelve percent or 3 33 higher based on the19902000 census. 3 34 c. Ten percent or more of the housing units are vacant in 3 35 the area. 4 1 d. The valuations of each class of property in the 4 2 designated area is seventy-five percent or less of the 4 3 citywide average for that classification based upon the most 4 4 recent valuations for property tax purposes. 4 5 e. The area is a blighted area, as defined in section 4 6 403.17. 4 7 Sec. 4. Section 15E.192, subsection 4, paragraph a, Code 4 8 2003, is amended by striking the paragraph. 4 9 Sec. 5. Section 422.6, unnumbered paragraph 1, Code 2001, 4 10 is amended to read as follows: 4 11 The tax imposed by section 422.5 less the credits allowed 4 12 under sections 15.333, 15.335,15E.193A,422.10, 422.11, 4 13 422.11A, and 422.11B, and the personal exemption credit 4 14 allowed under section 422.12 apply to and are a charge against 4 15 estates and trusts with respect to their taxable income, and 4 16 the rates are the same as those applicable to individuals. 4 17 The fiduciary shall make the return of income for the estate 4 18 or trust for which the fiduciary acts, whether the income is 4 19 taxable to the estate or trust or to the beneficiaries. 4 20 However, for tax years ending after August 5, 1997, if the 4 21 trust is a qualified preneed funeral trust as set forth in 4 22 section 685 of the Internal Revenue Code and the trustee has 4 23 elected the special tax treatment under section 685 of the 4 24 Internal Revenue Code, neither the trust nor the beneficiary 4 25 is subject to Iowa income tax on income accruing to the trust. 4 26 Sec. 6. Section 15E.193A, Code 2001, is repealed. 4 27 Sec. 7. EFFECTIVE DATE. Section 4 of this Act, striking 4 28 section 15E.192, subsection 4, paragraph "a", Code 2003, takes 4 29 effect July 1, 2003. 4 30 EXPLANATION 4 31 This bill amends the enterprise zone program which is 4 32 administered by the department of economic development. 4 33 The bill changes all the references to the 1990 certified 4 34 federal census to the 2000 certified federal census. The bill 4 35 allows counties and cities currently meeting distress criteria 5 1 based on the 1990 census to continue to designate enterprise 5 2 zones until July 1, 2003. The bill allows counties and cities 5 3 meeting the distress criteria based on the 2000 census to 5 4 designate enterprise zones between the effective date of the 5 5 bill (July 1, 2002) and July 1, 2005. 5 6 The bill provides that a certified enterprise zone shall 5 7 not be decertified or amended. 5 8 The bill eliminates a special provision which allowed a 5 9 county to designate an enterprise zone if certain criteria 5 10 were met. The special provision limited the department to 5 11 approving not more than five such enterprise zones prior to 5 12 July 1, 2001. 5 13 The bill amends two provisions relating to business 5 14 development enterprise zones. The bill eliminates a provision 5 15 which prohibited an eligible business from receiving 5 16 enterprise zone incentives and assistance if the eligible 5 17 business is located on property which is owned, or was 5 18 previously owned, by an approved development business that had 5 19 received enterprise zone incentives and assistance. The bill 5 20 also provides that an eligible development business must enter 5 21 into an agreement with a business which will occupy at least 5 22 75 percent of the total building space, meet employment level 5 23 criteria, and meet certain criteria relating to employee wages 5 24 and benefits and the type of business locating in the 5 25 building. 5 26 The bill repeals Code section 15E.193A relating to the 5 27 ability of certain businesses located outside of an enterprise 5 28 zone to receive enterprise zone incentives and assistance. 5 29 LSB 5305SV 79 5 30 tm/pj/5
Text: SF02136 Text: SF02138 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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