Senate Journal: Page 1210: Friday, April 12, 2002
MESSAGE FROM THE GOVERNOR
April 18, 2002
The Honorable Mary Kramer
President of the Senate
State Capitol
LOCAL
The Honorable Brent Siegrist
Speaker of the House
State Capitol
LOCAL
Dear President Kramer and Speaker Siegrist:
Two significant highlights from this year’s regular legislative session include
progress made in attracting venture capital to Iowa and a major step forward toward
striking a balance between our livestock industry and our natural resources.
In an effort to attract venture capital for emerging, expanding, and restructuring
enterprises, I worked with lawmakers to establish the Iowa Capital Formation Act.
Designed around the fund of funds venture capital model, this initiative offers
individuals and institutional investors the opportunity to participate in venture capital
initiatives with contingent tax credits as an incentive to investors. We worked in a
bipartisan effort to add a new tax credit to encourage increased private sector
investment in start-up business ventures by reducing risk and increasing profitability
of such investments. Legislation was also passed to provide a tax credit for equity
investment in a venture capital fund and to allow start-up businesses to defer their
taxable income. Combined, these initiatives will provide the opportunity for
entrepreneurs to fulfill their dreams here in Iowa resulting in increased growth and
productivity for our state.
This year also yielded a livestock confinement bill that better balances the need for
clean water, clean air, and quality of life with the need for a healthy livestock industry.
This is a difficult issue that I asked the legislature to address for three years by
providing local officials authority over locating large confinement facilities. While the
legislation passed this year does not accomplish that goal, I believe it will result in a
better quality of life for Iowans, cleaner water, cleaner air, and a livestock industry
that will help support family farmers across the state.
The biggest disappointment of the legislative session was the majority party’s
unwillingness to compromise on a budget that protected Iowa families. The
Republican-controlled legislature refused to fund the priorities of Iowa families -
putting schools, child safety, health care, and public security in jeopardy - even though
Iowa has sufficient resources to protect these priorities.
We have witnessed significant progress in other areas when we set partisanship
aside and work for the interests of all Iowans. I intend to continue to work with
legislators to ensure we protect education, health care, and public safety for all Iowans.
Sincerely,
THOMAS J. VILSACK
Governor
© 2002 Cornell College and
League of Women Voters of Iowa
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