House Journal: Page 2239: Tuesday, June 3, 2003
Page 28
1 equal to the value of thirty percent of the tax
2 liability of the approved business for purposes of
3 making an appropriation pursuant to section 262B.12,
4 if enacted by 2003 Iowa Acts, House File 683 or
5 another Act, to the university where the technology
6 utilized by the approved business was developed. A
7 university share shall not exceed two hundred twenty-
8 five thousand dollars per year per technology
9 utilized. For each technology utilized, the aggregate
10 university share over a five-year period shall not
11 exceed six hundred thousand dollars.
12 (2) The department shall maintain records for each
13 university during each fiscal year regarding the
14 university share each university is entitled to
15 receive through the appropriation in section 262B.12,
16 if enacted by 2003 Iowa Acts, House File 683 or
17 another Act. A university shall be entitled to
18 receive the total university share for that particular
19 university during the previous fiscal year.
20 d. For the fiscal year beginning July 1, 2004, not
21 more than two million dollars worth of certificates
22 shall be issued pursuant to paragraph "b". For the
23 fiscal year beginning July 1, 2005, and every fiscal
24 year thereafter, not more than ten million dollars
25 worth of certificates shall be issued pursuant to
26 paragraph "b".
27 5. The tax credit certificates issued by the
28 department for each of the five years following the
29 tax year in which the business is approved under the
30 program shall be for the following amounts:
31 a. For the approved business, the value of the tax
32 credit certificate shall equal thirty percent of the
33 tax liability of the approved business. The value of
34 a certificate issued to an approved business shall not
35 exceed two hundred twenty-five thousand dollars. The
36 total aggregate value of certificates issued over a
37 five-year period to an approved business shall not
38 exceed six hundred thousand dollars.
39 b. For the university employee responsible for the
40 development of the technology utilized by the approved
41 business, the value of the tax credit certificate
42 shall equal ten percent of the tax liability of the
43 approved business. If more than one employee is
44 responsible for the development of the technology, the
45 value equal to ten percent of the tax liability of the
46 approved business shall be divided equally and
47 individual tax credit certificates shall be issued to
48 each employee responsible for the development of the
49 technology. Each year, the total value of a
50 certificate or certificates issued for a utilized
© 2003 Cornell College and
League of Women Voters of Iowa
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