House Journal: Page 2238: Tuesday, June 3, 2003
Page 27
1 individual's earnings from the partnership, limited
2 liability company, S corporation, estate, or trust. A
3 tax credit shall not be claimed under this subsection
4 unless a tax credit certificate issued by the
5 department of economic development is attached to the
6 taxpayer's tax return for the tax year for which the
7 tax credit is claimed. The amount of a tax credit
8 allowed under this subsection shall equal the amount
9 listed on a tax credit certificate issued by the
10 department of economic development pursuant to
11 subsection 4. A tax credit certificate shall not be
12 transferable. Any tax credit in excess of the
13 taxpayer's liability for the tax year may be credited
14 to the taxpayer's tax liability for the following five
15 years or until depleted, whichever occurs first. A
16 tax credit shall not be carried back to a tax year
17 prior to the tax year in which the taxpayer redeems
18 the tax credit.
19 4. For the five tax years following the tax year
20 in which a business is approved under the program, the
21 department of revenue and finance shall provide the
22 department of economic development with information
23 required by the department of economic development
24 from each tax return filed by the approved business.
25 Upon receiving the tax return-related information, the
26 department of economic development shall do all of the
27 following:
28 a. Review the information provided by the
29 department of revenue and finance pursuant to this
30 subsection and the annual report submitted by the
31 applicant pursuant to subsection 2, paragraph "d". If
32 the department determines that the business activities
33 of the applicant are not providing the benefits to
34 Iowa employment and economic development projected in
35 the applicant's approved five-year business plan, the
36 department shall not issue tax credit certificates for
37 that year to the applicant or university employee and
38 shall determine any related university share to be
39 equal to zero for that year.
40 b. Effective for the fiscal year beginning July 1,
41 2004, and for subsequent fiscal years, issue a tax
42 credit certificate to the approved business and the
43 university employee responsible for the development of
44 the technology utilized by the approved business in an
45 amount determined pursuant to subsection 5. A tax
46 credit certificate shall contain the taxpayer's name,
47 address, tax identification number, the amount of the
48 tax credit, and other information required by the
49 department of revenue and finance.
50 c. (1) Determine the university share which is
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League of Women Voters of Iowa
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