Text: HF02560 Text: HF02562 Text: HF02500 - HF02599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 HOUSE FILE 2561
1 2
1 3 AN ACT
1 4 CREATING A JOB CORPS CENTER NEW JOBS TAX CREDIT AND PROVIDING
1 5 EFFECTIVE AND RETROACTIVE APPLICABILITY DATES.
1 6
1 7 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 8
1 9 Section 1. NEW SECTION. 422.11J JOB CORPS CENTER NEW
1 10 JOBS TAX CREDIT.
1 11 The taxes imposed under this division, less the credits
1 12 allowed under sections 422.12 and 422.12B, shall be reduced by
1 13 a job corps center new jobs tax credit. An employer who hires
1 14 a graduate of a job corps center on a full-time basis within
1 15 six months of the employee's graduation from the job corps
1 16 center or within three years of the employee's graduation from
1 17 the job corps center if the job corps center graduate elects
1 18 to attend a community college in Iowa within six months of the
1 19 employee's graduation from the job corps center is entitled to
1 20 the job corps center new jobs tax credit. The amount of the
1 21 tax credit for each employed job corps graduate is equal to
1 22 the product of six percent of the taxable wages paid to the
1 23 graduate upon which the employer is required to contribute to
1 24 the state unemployment compensation fund, as defined in
1 25 section 96.19, subsection 37, multiplied by the number of
1 26 whole months the graduate is employed by the employer during
1 27 the tax year divided by twelve. The tax credit applies only
1 28 to the first twelve months of employment for each graduate
1 29 hired. An individual may claim the tax credit allowed a
1 30 partnership, subchapter S corporation, or estate or trust
1 31 electing to have the income taxed directly to the individual.
1 32 The amount claimed by the individual shall be based upon the
1 33 pro rata share of the individual's earnings of the
1 34 partnership, subchapter S corporation, or estate or trust.
1 35 For purposes of this section, "job corps center" is defined as
2 1 a campus located in Iowa that is part of the nationwide
2 2 network of campuses organized under the federal job corps
2 3 program authorized by the federal Workforce Investment Act of
2 4 1998, Pub. L. No. 10-222.
2 5 Sec. 2. Section 422.33, Code Supplement 2003, is amended
2 6 by adding the following new subsection:
2 7 NEW SUBSECTION. 16. The taxes imposed under this division
2 8 shall be reduced by a job corps center new jobs tax credit.
2 9 An employer who hires a graduate of a job corps center on a
2 10 full-time basis within six months of the employee's graduation
2 11 from the job corps center or within three years of the
2 12 employee's graduation from the job corps center if the job
2 13 corps center graduate elects to attend a community college in
2 14 Iowa within six months of the employee's graduation from the
2 15 job corps center is entitled to the job corps center new jobs
2 16 tax credit. The amount of the tax credit for each employed
2 17 job corps graduate is equal to the product of six percent of
2 18 the taxable wages paid to the graduate upon which the employer
2 19 is required to contribute to the state unemployment
2 20 compensation fund, as defined in section 96.19, subsection 37,
2 21 multiplied by the number of whole months the graduate is
2 22 employed by the employer during the tax year divided by
2 23 twelve. The tax credit applies only to the first twelve
2 24 months of employment for each graduate hired. An individual
2 25 may claim the tax credit allowed a partnership, subchapter S
2 26 corporation, or estate or trust electing to have the income
2 27 taxed directly to the individual. The amount claimed by the
2 28 individual shall be based upon the pro rata share of the
2 29 individual's earnings of the partnership, subchapter S
2 30 corporation, or estate or trust. For purposes of this
2 31 section, "job corps center" is defined as a campus located in
2 32 Iowa that is part of the nationwide network of campuses
2 33 organized under the federal job corps program authorized by
2 34 the federal Workforce Investment Act of 1998, Pub. L. No. 10-
2 35 222.
3 1 Sec. 3. EFFECTIVE AND APPLICABILITY DATES. This Act,
3 2 being deemed of immediate importance, takes effect upon
3 3 enactment. This Act applies retroactively to January 1, 2004,
3 4 and is applicable to tax years beginning on and after that
3 5 date.
3 6
3 7
3 8
3 9 CHRISTOPHER C. RANTS
3 10 Speaker of the House
3 11
3 12
3 13
3 14 JEFFREY M. LAMBERTI
3 15 President of the Senate
3 16
3 17 I hereby certify that this bill originated in the House and
3 18 is known as House File 2561, Eightieth General Assembly.
3 19
3 20
3 21
3 22 MARGARET THOMSON
3 23 Chief Clerk of the House
3 24 Approved , 2004
3 25
3 26
3 27
3 28 THOMAS J. VILSACK
3 29 Governor
Text: HF02560 Text: HF02562 Text: HF02500 - HF02599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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