Upon the completion by a business of its repayment obligation for a training project funded under chapter 260E, including a job training project funded under chapter 260E and repaid in whole or in part by the supplemental new jobs credit from withholding under section 15A.7, the sponsoring community college shall report to the department of economic development the amount of withholding paid by the business to the community college during the final twelve months of withholding payments. The department of economic development shall notify the department of revenue and finance of that amount. The department shall credit to the workforce development fund account established in section 15.342A twenty-five percent of that amount each quarter for a period of ten years. If the amount of withholding from the business or employer is insufficient, the department shall prorate the quarterly amount credited to the workforce development fund account. The maximum amount from all employers which shall be transferred to the workforce development fund account in any year is ten million dollars.
95 Acts, ch 184, §9; 96 Acts, ch 1180, § 17; 97 Acts, ch 98, §1
Referred to in § 15.342A, 422.16, 422.38
1997 amendment is retroactive to July 1, 1996; 97 Acts, ch 98, §3
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