House Journal: Page 1709: Thursday, May 1, 2003
41 credit under this paragraph against the taxes imposed
42 in chapter 422, division II, for a portion of the
43 revocable trust's equity investment, as provided in
44 subsection 2, in a qualified business.
45 Sec. . Section 15E.43, subsection 1, Code 2003,
46 is amended by adding the following new paragraph:
47 NEW PARAGRAPH. d. In the case of a tax credit
48 allowed against the taxes imposed in chapter 422,
49 division II, where the taxpayer died prior to
50 redeeming the entire tax credit, the remaining credit
Page 10
1 can be redeemed on the decedent's final income tax
2 return.
3 Sec. . Section 15E.45, subsection 2, paragraph
4 c, Code 2003, is amended to read as follows:
5 c. The fund has no fewer than ten individual
6 investors who are not affiliates, with no single
7 investor and affiliates of that investor together
8 owning a total of more than twenty-five percent of the
9 ownership interests outstanding in the fund.
10 Sec. . Section 15E.51, subsection 4, Code 2003,
11 is amended to read as follows:
12 4. A taxpayer shall not claim a tax credit under
13 this section if the taxpayer is a venture capital
14 investment fund allocation manager for the Iowa fund
15 of funds created in section 15E.65 or an investor that
16 receives a tax credit for an the same investment in a
17 community-based seed capital fund as defined in 2002
18 Iowa Acts, House File 2271.
19 Sec. . Section 15E.66, Code 2003, is amended by
20 adding the following new subsection:
21 NEW SUBSECTION. 8. At such time that the Iowa
22 capital investment corporation requests the issuance
23 of tax credits with respect to an investment in the
24 Iowa fund of funds and prior to issuing such tax
25 credits, the board shall consider the terms of the
26 investment and the terms of the proposed tax credit
27 certificate and shall assess the level of risk that
28 the tax credits will be redeemed and the likelihood
29 that the investment will result in returns in excess
30 of amounts payable to designated investors which may
31 be reinvested in the Iowa fund of funds revolving fund
32 as provided in section 15E.65. In making this
33 determination, the board shall compare how alternative
34 investment structures would affect the level of risk
35 that the tax credits will be redeemed and the
36 likelihood that the investment will cause excess
37 returns to be generated in the Iowa fund of funds for
38 reinvestment in the revolving fund. The board may
39 issue tax credits with respect to a particular
© 2003 Cornell College and
League of Women Voters of Iowa
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