Text: SSB01190 Text: SSB01192 Text: SSB01100 - SSB01199 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 15E.64, subsection 1, Code 2003, is 1 2 amended to read as follows: 1 3 1. An Iowa capital investment corporation may be organized 1 4 as a private, not-for-profit corporation under chapter 504A. 1 5 The Iowa capital investment corporation is not a public 1 6 corporation or instrumentality of the state and shall not 1 7 enjoy any of the privileges and shall not be required to 1 8 comply with the requirements of a state agency. Except as 1 9 otherwise provided in this division, this division does not 1 10 exempt the corporation from the requirements under state law 1 11 which apply to other corporations organized under chapter 1 12 504A. The purposes of an Iowa capital investment corporation 1 13 shall be to organize the Iowa fund of funds, to select a 1 14 venture capital investment fund allocation manager to select 1 15 venture capital fund investments by the Iowa fund of funds, to 1 16 negotiate the terms of a contract with the venture capital 1 17 investment fund allocation manager, to execute the contract 1 18 with the selected venture capital investment fund allocation 1 19 manager on behalf of the Iowa fund of funds, to receive 1 20 investment returns from the Iowa fund of funds, and to 1 21 reinvest the investment returns in additional venture capital 1 22 investments designed to result in a significant potential to 1 23 create jobs and to diversify and stabilize the economy of the 1 24 state. The corporation shall not exercise governmental 1 25 functions and shall not have members. The obligations of the 1 26 corporation are not obligations of this state or any political 1 27 subdivision of this state within the meaning of any 1 28 constitutional or statutory debt limitations, but are 1 29 obligations of the corporation payable solely and only from 1 30 the corporation's funds. The corporation shall not and cannot 1 31 pledge the credit or taxing power of this state or any 1 32 political subdivision of this state or make its debts payable 1 33 out of any moneys except those of the corporation. The 1 34 corporation shall not issue any securities for which the 1 35 scheduled aggregate return of capital and other returns exceed 2 1 the maximum amount of tax credits specified in section 15E.66, 2 2 subsection 1. 2 3 Sec. 2. Section 15E.66, subsection 2, Code 2003, is 2 4 amended to read as follows: 2 5 2. The board shall certify the maximum amount of a tax 2 6 credit which could be issued to a designated investor and 2 7 identify the specific calendar year the certificate may be 2 8 redeemed pursuant to this division. A tax credit certificate 2 9 shall not be issued for any security or series of securities 2 10 to which insurance guarantees are attached. The amount of the 2 11 tax credit shall belimitedequal to an amount equivalent to 2 12 any difference between the scheduled aggregate return to the 2 13 designated investor at rates of return authorized by the board 2 14 and aggregate actual return received by the designated 2 15 investor and any predecessor in interest of capital and 2 16 interest on the capital. The rates, whether fixed rates or 2 17 variable rates, shall be determined pursuant to a formula 2 18 stipulated in the certificate. The board shall clearly 2 19 indicate on the certificate the schedule, the amount of equity 2 20 investment, the calculation formula for determining the 2 21 scheduled aggregate return on invested capital, and the 2 22 calculation formula for determining the amount of the tax 2 23 credit that may be claimed. Once moneys are invested by a 2 24 designated investor, the certificate shall be binding on the 2 25 board and the department of revenue and finance and shall not 2 26 be modified, terminated, or rescinded. 2 27 EXPLANATION 2 28 This bill relates to securities and tax credits issued by 2 29 the Iowa capital investment corporation and board. 2 30 The bill provides that the Iowa capital investment 2 31 corporation shall not issue any securities for which the 2 32 scheduled aggregate return of capital and other returns exceed 2 33 the maximum amount of tax credits allowed. 2 34 The bill prohibits the board from issuing tax credit 2 35 certificates for any security or series of securities to which 3 1 insurance guarantees are attached. 3 2 The bill provides that the amount of a designated 3 3 investor's tax credit shall be equal to, rather than limited 3 4 to, an amount equivalent to any difference between the 3 5 scheduled aggregate return to the designated investor at rates 3 6 of return authorized by the board and aggregate actual return 3 7 received by the designated investor and any predecessor in 3 8 interest of capital and interest on the capital. 3 9 LSB 3431SC 80 3 10 tm/cf/24
Text: SSB01190 Text: SSB01192 Text: SSB01100 - SSB01199 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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