Text: SSB01201 Text: SSB01203 Text: SSB01200 - SSB01299 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 15E.66, Code 2003, is amended by adding 1 2 the following new subsection: 1 3 NEW SUBSECTION. 8. In determining whether to issue tax 1 4 credit certificates and related tax credits with respect to a 1 5 particular investment in the Iowa fund of funds, the board 1 6 shall consider the terms of the investment and the terms of 1 7 the proposed tax credit certificate and shall assess the level 1 8 of risk that the tax credits will be redeemed and the 1 9 likelihood that the investment will result in returns in 1 10 excess of amounts payable to designated investors which may be 1 11 reinvested in the Iowa fund of funds revolving fund as 1 12 provided in section 15E.65, subsection 2, paragraph "a". In 1 13 making this determination, the board shall compare how 1 14 alternative investment structures would affect the level of 1 15 risk that the tax credits will be redeemed and the likelihood 1 16 that the investment will cause excess returns to be generated 1 17 in the Iowa fund of funds for reinvestment in the revolving 1 18 fund. The board may issue tax credit certificates and related 1 19 tax credits with respect to a particular investment in the 1 20 Iowa fund of funds if it determines that the Iowa capital 1 21 investment corporation has taken appropriate measures to 1 22 minimize the risk that the tax credits will be redeemed and 1 23 maximize the amount available to be reinvested in the Iowa 1 24 fund of funds revolving fund. The board shall not be 1 25 obligated to issue tax credit certificates and related tax 1 26 credits, but may do so consistent with the provisions of this 1 27 subsection. 1 28 EXPLANATION 1 29 This bill relates to the issuance of tax credit 1 30 certificates and related tax credits to designated investors 1 31 in the Iowa fund of funds. 1 32 The bill provides criteria for the Iowa capital investment 1 33 board to consider in determining whether to issue tax credit 1 34 certificates and related tax credits. The bill provides that 1 35 the board shall consider the terms of the investment and the 2 1 terms of the proposed tax credit certificate and shall assess 2 2 the level of risk that the tax credits will be redeemed and 2 3 the likelihood that the investment will result in returns in 2 4 excess of amounts payable to designated investors which may be 2 5 reinvested in the Iowa fund of funds revolving fund. The bill 2 6 requires the board to compare how alternative investment 2 7 structures would affect the level of risk that the tax credits 2 8 will be redeemed and the likelihood that the investment will 2 9 cause excess returns to be generated in the Iowa fund of funds 2 10 for reinvestment in the revolving fund. The bill allows the 2 11 board to issue tax credit certificates and related tax credits 2 12 if it determines that the Iowa capital investment corporation 2 13 has taken appropriate measures to minimize the risk that the 2 14 tax credits will be redeemed and maximize the amount available 2 15 to be reinvested in the Iowa fund of funds revolving fund. 2 16 The bill provides that the board shall not be obligated to 2 17 issue tax credit certificates and related tax credits, but may 2 18 do so consistent with the provisions of this bill. 2 19 LSB 3484SC 80 2 20 tm/pj/5
Text: SSB01201 Text: SSB01203 Text: SSB01200 - SSB01299 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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