House Journal: Page 2124: Tuesday, June 3, 2003
Page 15
1 department may pledge an amount not to exceed the
2 total amount appropriated to the fund for the same
3 fiscal year to assure the repayment of loan and credit
4 guarantees or other extensions of credit made to or on
5 behalf of qualified businesses or targeted industry
6 businesses for eligible project costs.
7 b. The department shall not pledge the credit or
8 taxing power of this state or any political
9 subdivision of this state or make debts payable out of
10 any moneys except for those in the loan and credit
11 guarantee fund.
12 DIVISION X
13 UNIVERSITY-BASED RESEARCH UTILIZATION
14 PROGRAM APPROPRIATION
15 Sec. . NEW SECTION. 262B.12 APPROPRIATION.
16 On July 1 of each year there is appropriated from
17 the general fund of the state to each university under
18 the control of the state board of regents, an amount
19 equal to the amount determined by the department of
20 economic development pursuant to section 262B.11,
21 subsection 4, paragraph "c", subparagraph (2), if
22 enacted by 2003 Iowa Acts, House File 692 or another
23 Act.
24 DIVISION XI
25 ENDOW IOWA TAX CREDIT
26 Sec. . NEW SECTION. 15E.305 ENDOW IOWA TAX
27 CREDIT.
28 1. For tax years beginning on or after January 1,
29 2003, a tax credit shall be allowed against the taxes
30 imposed in chapter 422, divisions II, III, and V, and
31 in chapter 432, and against the moneys and credits tax
32 imposed in section 533.24 equal to twenty percent of a
33 taxpayer's endowment gift to a qualified community
34 foundation. An individual may claim a tax credit
35 under this section of a partnership, limited liability
36 company, S corporation, estate, or trust electing to
37 have income taxed directly to the individual. The
38 amount claimed by the individual shall be based upon
39 the pro rata share of the individual's earnings from
40 the partnership, limited liability company, S
41 corporation, estate, or trust. A tax credit shall be
42 allowed only for an endowment gift made to a qualified
43 community foundation for a permanent endowment fund
44 established to benefit a charitable cause in this
45 state. Any tax credit in excess of the taxpayer's tax
46 liability for the tax year may be credited to the tax
47 liability for the following five years or until
48 depleted, whichever occurs first. A tax credit shall
49 not be carried back to a tax year prior to the tax
50 year in which the taxpayer claims the tax credit.
© 2003 Cornell College and
League of Women Voters of Iowa
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