Iowa 2002 Summary of Legislation

2002 Summary of Legislation
ECONOMIC DEVELOPMENT

Published by the Iowa General Assembly -- Legislative Service Bureau

Economic Development Legislation: SENATE FILE 2048 - Project Labor Agreements Prohibited - VETOED BY THE GOVERNOR; SENATE FILE 2160 - Dry Fire Hydrant and Rural Water Supply Education and Demonstration Project; HOUSE FILE 2078 - Business Growth and Development Initiatives - Seed and Venture Capital Investments - Small Business Income Allocation; HOUSE FILE 2229 - Strategic Investment Fund - Use of Fund Moneys; HOUSE FILE 2271 - Investment Tax Credits - Qualifying Businesses - Community-Based Seed Capital Funds; HOUSE FILE 2378 - Enterprise Zones; HOUSE FILE 2586 - Venture Capital Fund Investment Tax Credits; HOUSE FILE 2592 - Start-Up Businesses - Taxable Income Deferment

Related Legislation: SENATE FILE 2051 - State Interagency Missouri River Authority; SENATE FILE 2275 - Substantive Code Corrections; SENATE FILE 2304 - Miscellaneous Appropriations, Reductions, Transfers, and Other Provisions; SENATE FILE 2318 - Taxation of Insurance Premiums, Assessments, and Fees and Health Service Corporation Subscriber Contract Payments; HOUSE FILE 2582 - Federal Block Grant Appropriations; HOUSE FILE 2623 - Compensation for Public Employees and Additional Provisions; HOUSE FILE 2625 - Miscellaneous Appropriations, Reductions, Transfers, and Other Provisions - Fiscal Year 2001-2002 - SECOND EXTRAORDINARY SESSION; HOUSE FILE 2627 - Miscellaneous Appropriations, Reductions, Transfers, and Other Provisions - 2002 - 2003 and Prior Fiscal Years - SECOND EXTRAORDINARY SESSION

SENATE FILE 2048 - Project Labor Agreements Prohibited - VETOED BY THE GOVERNOR Full Text of Bill
By Committee on Business and Labor Relations.

This bill would have prohibited the disbursement of moneys from the Vision Iowa Fund to any public contracting entity that requires certain labor-related agreements for a public works project. The bill would prohibit disbursement if the public contracting entity requires any person to become a member of a labor organization, to use a referral screening process through a labor organization, or to pay dues or fees to a labor organization as a condition for being eligible to be a party to or work on a public works project; requires a person to enter into any agreement with a labor organization as a condition of being involved in a public works project; or discriminates against any person for refusing or failing to remain a party to any labor agreement as referenced in the bill or for bringing a civil action to enforce the bill.

The bill also would have provided that the requirements of the bill be enforced through a civil action, including injunctive relief.

SENATE FILE 2160 - Dry Fire Hydrant and Rural Water Supply Education and Demonstration Project Full Text of Bill
By Greiner.

This Act relates to the Dry Fire Hydrant and Rural Water Supply Education and Demonstration Project created in 1998 Iowa Acts, Chapter 1219, and administered by the Department of Economic Development. The Act defines the term "dry fire hydrant," for purposes of the project, to mean a water supply system permanently installed in existing lakes, ponds, streams, holding tanks, or other water sources that provide a ready means of transporting water by a fire tanker truck.

HOUSE FILE 2078 - Business Growth and Development Initiatives - Seed and Venture Capital Investments - Small Business Income Allocation Full Text of Bill
By Committee on Ways and Means.

This Act creates the Iowa Capital Investment Board, and authorizes the organization of a private, not-for-profit corporation, the Iowa Capital Investment Corporation, and the organization of a for-profit, limited partnership or limited liability company, the Iowa Fund of Funds. The Act authorizes the issuance of tax credits to investors in the Iowa Fund of Funds. The Act also amends the allocation to Iowa of income earned by an S corporation for purposes of the state individual income tax.

The Act creates the Iowa Capital Investment Board as a governmental entity consisting of five voting members and two nonvoting members. The Act provides the board with powers to carry out its purpose and prohibits the board from hiring employees. The Act provides that board members are indemnified against loss under Code Chapter 669. Board meetings must comply with open meetings laws, except to the extent necessary to protect confidential information with respect to investments in the Iowa Fund of Funds. The Act requires the board, in cooperation with the Department of Revenue and Finance, to establish criteria and procedures for the allocation and issuance of tax credits to designated investors by means of certificates issued by the board, which may be redeemable for tax credits as incentives to designated investors to make equity investments. The board must issue the certificates so that not more than $20 million of tax credits may be initially redeemable in any fiscal year. The board may charge a placement fee to the Iowa Fund of Funds with respect to the issuance of a certificate and related tax credit. The board, in consultation with the Iowa Capital Investment Corporation, must publish an annual report of the activities conducted by the Iowa Fund of Funds. The board shall redeem a certificate submitted by a designated investor, shall calculate the amount of the allowable tax credit, and issue a verification to the department setting forth the maximum tax credit which may be claimed.

The Act authorizes the organization of an Iowa Capital Investment Corporation as a private, not-for-profit corporation. The Act provides a method for incorporation, including providing for incorporators, an appointment committee, and an initial board of directors. The Act requires the Department of Economic Development to assist the incorporators and the appointment committee in any manner determined necessary and appropriate. The corporation must conduct a national solicitation for an investment plan proposal. The corporation may charge a management fee on assets under management in the Iowa Fund of Funds that shall not exceed one-half of 1 percent per year of the value of the assets under management. The directors of the corporation shall be compensated for direct expenses and mileage, but shall not receive a director's fee or salary for their service. The Act provides the corporation with various business-related powers. Upon the dissolution of the Iowa Fund of Funds, the corporation shall be liquidated and dissolved, and any assets owned by it shall be distributed to the State of Iowa.

The Act provides for the organization of the Iowa Fund of Funds by the Iowa Capital Investment Corporation. Under the Act, the Iowa Fund of Funds shall be organized as a for-profit limited partnership or limited liability company, for which the Iowa Capital Investment Corporation shall be the general partner or manager, and shall be organized so as to provide for equity interests for designated investors which provide for a designated scheduled rate of return and a scheduled redemption that shall occur not less than five years following the issuance of such equity interests.

The Iowa Fund of Funds shall principally make investments in high-quality venture capital funds managed by investment managers who have made a commitment to consider equity investments in businesses located within the state of Iowa and which have committed to maintain a physical presence within the state of Iowa. The Iowa Fund of Funds must invest 5 percent of its assets in investments in the form of loan guarantees and other related credit enhancements on loans to rural and small business borrowers within the state of Iowa. The Act provides the Iowa Fund of Funds with certain business-related powers. The Act permits the Iowa Fund of Funds to issue debt and borrow, to open and manage bank and short-term investment accounts, and to expend moneys to secure investment ratings for investments by designated investors. Each calendar year, the Auditor of State must conduct an annual audit of the activities of the Iowa Fund of Funds or engage an independent auditor to conduct the audit. The Act provides that the Iowa Fund of Funds shall be liquidated 50 years following the organization of the Iowa Fund of Funds and requires a report to be filed with the General Assembly upon liquidation.

The Act permits the Iowa Capital Investment Board to issue to designated investors certificates and related tax credits that shall not exceed a total aggregate of $100 million of tax credits. The certificates shall be issued contemporaneously with an investment in the Iowa Fund of Funds by a designated investor. The certificates and tax credits are transferable. The Act provides that a tax credit shall be claimed for a tax year that begins during the calendar year maturity date stated on the certificate. The amount of the tax credit shall be limited to the equivalent of any difference between the scheduled aggregate return to the designated investor and the aggregate return on invested capital at rates of return authorized by the board. Any tax credit in excess of the designated investor's tax liability for the tax year may be credited to the tax liability for the following seven years, or until depleted, whichever is earlier. The board, in conjunction with the Department of Revenue and Finance, shall develop a system for registration of any certificate and related tax credit issued or transferred and a verification system. A certificate or tax credit issued pursuant to the Act is not considered a security.

The Act provides provisions relating to statutory construction and the powers of the Iowa Capital Investment Board.

The Act provides that investments by designated investors in the Iowa Fund of Funds shall be deemed permissible investments for state-chartered banks, credit unions, and domestic insurance companies under applicable state laws.

The Act authorizes the Attorney General to enforce the provisions of the Act and to conduct any necessary investigations.

Currently, under the state individual income tax, resident shareholders of S corporations doing business within and without the state are allowed to allocate income between Iowa and other states in determining their state income tax. As part of the allocation procedure, under current law, 50 percent of the amount of an S corporation distribution received by a shareholder, which is used to pay federal income tax, is not allocated to Iowa. The Act increases this percentage to 100 percent. This provision applies retroactively to January 1, 2002, for tax years beginning on or after that date.

HOUSE FILE 2229 - Strategic Investment Fund - Use of Fund Moneys Full Text of Bill
By Committee on Economic Development.

This Act amends the purposes for which moneys in the Strategic Investment Fund may be used by the Department of Economic Development.

Currently, the Code lists a number of specific programs for which moneys in the Strategic Investment Fund may be used. The Act provides that moneys in the fund shall be used to assist in relocation or expansion projects for existing businesses, as well as entrepreneurial start-up and expansion projects, and for projects designed to meet certain purposes.

The Act eliminates a requirement that the Director of the Department of Economic Development annually submit a proposed allocation of funds from the Strategic Investment Fund. The Act provides that, at the beginning of each fiscal year, the Iowa Economic Development Board shall establish goals for the Strategic Investment Fund relating to the intended strategic focus for the fiscal year.

HOUSE FILE 2271 - Investment Tax Credits - Qualifying Businesses - Community-Based Seed Capital Funds Full Text of Bill
By Committee on Ways and Means.

This Act creates a tax credit for investments in qualifying businesses and community-based seed capital funds.

The Act provides that, for tax years beginning on or after January 1, 2002, a tax credit shall be allowed against personal income tax for a portion of an individual taxpayer's equity investment in a qualified business. An individual shall not claim a tax credit for an equity investment in a qualified business of a partnership, limited liability company, S corporation, estate, or trust electing to have income taxed directly to the individual.

The Act provides that, for tax years beginning on or after January 1, 2002, a tax credit shall be allowed against personal and corporate income tax, the franchise tax for financial institutions, the insurance premium tax, and the moneys and credits tax for credit unions for a portion of a taxpayer's equity investment in a community-based seed capital fund.

The Act provides that a tax credit shall be allowed only for an investment made in a form of cash to purchase equity in a qualifying business or in a community-based seed capital fund. A taxpayer shall not claim the tax credit prior to the third tax year following the tax year in which the investment is made. Any tax credit in excess of the taxpayer's liability for the tax year may be credited to the tax liability for the following five years or until depleted, whichever is earlier. A tax credit shall not be carried back to a tax year prior to the tax year in which the taxpayer redeems the tax credit. A tax credit shall equal 20 percent of the taxpayer's equity investment.

The maximum amount of a tax credit for an investment by a taxpayer in any one qualifying business shall be $50,000. The Act provides that, each year, an investor and all affiliates of the investor shall not claim tax credits for more than five different investments in five different qualifying businesses. An investment shall be deemed to have been made on the same date as the date of acquisition of the equity interest, as determined by the Internal Revenue Code. The aggregate amount of tax credits issued shall not exceed a total of $10 million. The total amount of tax credits issued shall not exceed $3 million for the fiscal year beginning July 1, 2002, $3 million for the fiscal year beginning July 1, 2003, and $4 million for the fiscal year beginning July 1, 2004. A tax credit shall not be redeemed during any tax year beginning prior to January 1, 2005, and shall not be transferable.

The Act authorizes the Iowa Capital Investment Board to cooperate with the small business development centers in an effort to disseminate information regarding the availability of tax credits for investments in qualifying businesses and to develop a standard seed capital application form. The Act requires the board to develop a system for registration and authorization of tax credits authorized pursuant to this Act and to control distribution of all tax credits distributed to investors under the Act.

In order for an equity investment to qualify for a tax credit, the business in which the equity investment is made shall, within 120 days of the date of the first investment, notify the board of the names, addresses, taxpayer identification numbers, shares issued, consideration paid for the shares, and the amount of any tax credits of all shareholders who may initially qualify for the tax credits, and the earliest year in which the tax credits may be redeemed. The Act provides certain criteria that a qualifying business must meet relating to location of the business, the duration of the business, the experience of the business owner, the type of business, the net worth of the business, and the equity investments in the business.

A qualifying business shall have the burden of proof to demonstrate to the board its qualifications, and the obligation to notify the board in a timely manner of any changes in the qualifications or in the eligibility of investors to redeem the investment tax credits in any tax year. After verifying the eligibility of a qualifying business, the board shall issue a tax credit certificate to be attached to the equity investor's tax return.

An investment in a community-based seed capital fund qualifies for a tax credit provided that all requirements of the Act are met. In order to be a community-based seed capital fund qualifying under this Act, a community-based seed capital fund must be a limited partnership or limited liability company; must have, on or after January 1, 2002, a total of both capital commitments from investors and investments in qualifying businesses of at least $500,000, but not more than $3 million; and must have no fewer than 10 individual investors who are not affiliates, with no single investor and affiliates of that investor together owning a total of more than 25 percent of the ownership interests outstanding in the fund.

In order for an investment in a community-based seed capital fund to qualify for a tax credit, the community-based seed capital fund shall, within 120 days of the date of the first investment, notify the board of the names, addresses, taxpayer identification numbers, equity interests issued, consideration paid for the interests, and the amount of any tax credits of all limited partners or members who may initially qualify for the tax credits and the earliest year in which the tax credits may be redeemed. After verifying the eligibility of the community-based seed capital fund, the board shall issue a tax credit certificate to be attached to the taxpayer's tax return.

The manager of the community-based seed capital fund has the burden of proof to demonstrate to the board the community-based seed capital fund's qualifications, and has the obligation to notify the board in a timely manner of any changes in the qualifications of the community-based seed capital fund, in the qualifications of any qualifying business in which the fund has invested, or in the eligibility of limited partners or members to redeem the investment tax credits in any year. In the event a community-based seed capital fund fails to meet or maintain any requirement set forth in the Act, or in the event the community-based seed capital fund has not invested at least 33 percent of its invested capital in no fewer than two separate qualifying businesses, measured at the end of the 36th month after commencing the fund's investing activities, the board shall rescind any tax credit certificates issued to limited partners or members and notify the Department of Revenue and Finance that it has done so, and the tax credit certificates shall be null and void. A community-based seed capital fund may apply to the board for a one-year waiver regarding the investment requirements.

A community-based seed capital fund shall receive a tax credit only for an investor's investment in the community-based seed capital fund and shall not receive any additional tax credit for the investor's share of investments in a qualifying business made by the community-based seed capital fund. An investor may receive a tax credit with respect to a separate direct investment made by the investor in the same qualifying business in which the community-based seed capital fund invests. A community-based seed capital fund shall not invest in the Iowa Fund of Funds organized pursuant to H.F. 2078 (see Economic Development).

The Act requires the board to file an annual report with the General Assembly and the Governor regarding eligible qualifying businesses and tax credit certificates issued.

State mandate requirements shall not apply to a tax credit issued and applied against the moneys and credits tax liability of a credit union.

The provision of the Act amending 2002 Iowa Acts, H.F. 2078, takes effect February 28, 2002. The Act takes effect February 28, 2002, and applies retroactively to January 1, 2002, for tax years beginning on or after that date.

HOUSE FILE 2378 - Enterprise Zones Full Text of Bill
By Committee on Economic Development.

This Act amends the Enterprise Zone Program administered by the Department of Economic Development.

The Act changes all the references to the 1990 certified federal census to the 2000 certified federal census, allows counties and cities currently meeting distress criteria based on the 1990 census to continue to designate enterprise zones until July 1, 2003, and allows counties and cities meeting the distress criteria based on the 2000 census to designate enterprise zones between the effective date of the Act (July 1, 2002) and July 1, 2005. The Act amends one of the possible distress criteria that cities may meet in order to designate an enterprise zone. The Act raises the per capita income level from $9,600 to $12,648.

The Act provides that a certified enterprise zone shall not be decertified or amended.

The Act adds a tax credit under the housing portion of the program for insurance companies to claim against the tax on gross premiums.

The Act eliminates a special provision that allowed a county to designate an enterprise zone if certain criteria were met. The special provision limited the department to approving not more than five such enterprise zones prior to July 1, 2001.

The Act amends the provision of the Code that allows an enterprise zone to be established on property on which a business closure occurred that resulted in a significant loss of employment. The Act expands the area that may be included in such an enterprise zone from one mile adjacent to the property to three miles adjacent to the property. An eligible housing business under the program shall not receive incentives or assistance for a home or multiple dwelling unit built or rehabilitated in such an enterprise zone.

The Act amends provisions relating to business development enterprise zones. The Act eliminates a provision that prohibited an eligible business from receiving enterprise zone incentives and assistance if the eligible business is located on property which is owned, or was previously owned, by an approved development business that had received enterprise zone incentives and assistance. The Act provides that nonretail businesses locating in a building space developed by an approved development business must create at least 10 full-time positions, meet certain employment and wage criteria, and not share common ownership or common management with the development business. The Act provides that a development business shall receive a pro rata share of the total incentives and assistance available to the development business based on the percentage of the building that is leased to nonretail businesses. The Act directs the department to determine the procedure for issuing the incentives and assistance on a pro rata basis. Provisions of the Act relating to business development enterprise zones take effect April 30, 2002, and, if approved by the Governor after April 30, 2002, apply retroactively to April 30, 2002.

The Act repeals Code Section 15E.193A, relating to the ability of certain businesses located outside of an enterprise zone to receive enterprise zone incentives and assistance.

HOUSE FILE 2586 - Venture Capital Fund Investment Tax Credits Full Text of Bill
By Committee on Ways and Means.

This Act allows a tax credit for equity investments in venture capital funds against personal, corporate, franchise, insurance premium, and moneys and credits taxes. The amount of the tax credit shall not exceed 6 percent of the taxpayer's equity investment in a venture capital fund certified by the Iowa Capital Investment Board.

The Act prohibits a taxpayer from claiming a tax credit if the taxpayer is a venture capital investment fund allocation manager for the Iowa Fund of Funds, created in H.F. 2078 (see Economic Development), or an investor that receives a tax credit for an investment in a community-based seed capital fund as defined in H.F. 2271 (see Economic Development).

The Act requires the Iowa Capital Investment Board to issue certificates that may be redeemed for tax credits. However, the board must issue the certificates so that not more than a total of $5 million of tax credits may be claimed.

The Act provides that a taxpayer shall not claim the tax credit prior to the third tax year following the tax year in which the investment is made; that any tax credit in excess of the taxpayer's liability for the tax year may be credited to the tax liability for the following five years or until depleted, whichever is earlier; and that a tax credit shall not be carried back to a tax year prior to the tax year in which the taxpayer claims the tax credit.

The Act provides that state funding requirements shall not apply to tax credits allowed against the moneys and credits tax.

The Act takes effect May 8, 2002, and applies retroactively to January 1, 2002, for tax years beginning on or after that date.

HOUSE FILE 2592 - Start-Up Businesses - Taxable Income Deferment Full Text of Bill
By Committee on Ways and Means.

This Act relates to certain businesses deferring taxable income.

The Act permits a start-up business that meets certain criteria to submit a request to the Department of Revenue and Finance for the deferment of taxable income and the tax on it for the first three years that the business is in operation. If the department approves the deferment, the taxpayer shall pay taxes owed on the deferred income in five equal annual installments during the five tax years following the three years of income deferment. The taxpayer shall file a return for each tax year in which a deferment is approved. Net losses during the three-year deferment period may be applied to any deferred income. The department must approve a request for deferment if the business is a wholly new start-up business beginning operations during the first tax year for which the income deferment is claimed, the business has its commercial domicile in the state, the operations of the business are at least 25 percent funded by venture capital moneys, and the taxpayer does not have any delinquent taxes or other debt outstanding and owed to the state. Penalty and interest are not to be assessed until after the tax on the deferred income is due and payable.

The Act takes effect April 22, 2002, and is retroactively applicable to January 1, 2002.

RELATED LEGISLATION

SENATE FILE 2051 - State Interagency Missouri River Authority
SEE NATURAL RESOURCES & OUTDOOR RECREATION.
This Act creates a State Interagency Missouri River Authority to represent the State of Iowa as a member of the Missouri River Basin Association. The Director of the Department of Economic Development is a member of the authority.

SENATE FILE 2275 - Substantive Code Corrections
SEE STATE GOVERNMENT.
This Act contains statutory corrections that adjust language to reflect current practices, insert earlier omissions, delete redundancies and inaccuracies, delete temporary language, resolve inconsistencies and conflicts, update ongoing provisions, or remove ambiguities. Changes made in the area of economic development include substituting the word "treasurer" for the word "authority" in language relating to the Treasurer of State's authority to receive and deposit moneys into the Vision Iowa Fund and the School Infrastructure Fund bond reserve funds; correcting a reference to the Iowa Department of Economic Development Board; updating a reference to S corporations in language relating to the refunding of unused corporate tax credits for certain new investments and clarifying language relating to the tax return to which those tax credit claims must be attached; adding a definition of the term "department" in the Development Activities chapter; correcting language pertaining to tax exemptions that may be claimed for the value of certain property located within enterprise zones; clarifying language relating to the Grape and Wine Development Commission; correcting a reference to a certificate of appropriateness in description of the standards governing the establishment of rehabilitation project criteria and standards by the State Historic Preservation Office; adding a citation to an additional exception in a provision regarding optional advertisement and letting of contracts for construction of secondary roads; striking a reference to a former requirement imposed on manufactured or mobile home retailers; clarifying the statutory prerequisites for in-state travel by unregistered out-of-state commercial motor vehicles; striking obsolete definitions of "distributor's representative" and "manufacturer's representative" from the Travel Trailer Dealers, Manufacturers, and Distributors chapter; correcting a reference to successors in interest of a railroad corporation in the definition of "railroad right-of-way" in a public utility crossings and railway property provision; replacing the word "city" with "municipal" or "municipality" in two provisions in the Urban Renewal chapter; clarifying language relating to petitions regarding the issuance of bonds secured by revenues derived from the local hotel and motel tax; and clarifying language describing acquisitions that constitute a "major addition" for purposes of taxation of electricity and natural gas providers.

SENATE FILE 2304 - Miscellaneous Appropriations, Reductions, Transfers, and Other Provisions
SEE APPROPRIATIONS.
This Act makes, reduces and transfers appropriations for FY 2001-2002 and includes transfers to the General Fund of the State from the Value-Added Agricultural Products and Processes Financial Assistance Fund and the Strategic Investment Fund. The Act takes effect March 1, 2002.

SENATE FILE 2318 - Taxation of Insurance Premiums, Assessments, and Fees and Health Service Corporation Subscriber Contract Payments
SEE TAXATION.
This Act phases in a reduction of the state's gross premiums tax rate from 2 percent to 1 percent by .25 percent per year beginning with the 2003 calendar year for life and health insurance companies and associations and beginning with the 2004 calendar year for insurance companies and associations that are not life and health insurance companies and associations. The Act also increases the amount of prepayment of taxes beginning with the 2003 calendar year until the 2005 calendar year, when 100 percent of the previous year's tax liability must be paid. The 100 percent requirement continues for subsequent years.

HOUSE FILE 2582 - Federal Block Grant Appropriations
SEE APPROPRIATIONS.
This Act appropriates federal block grant and other nonstate moneys to state agencies for the federal fiscal year beginning October 1, 2002, and ending September 30, 2003. The Act includes funding for various economic development programs, including the Community Development Block Grant.

HOUSE FILE 2623 - Compensation for Public Employees and Additional Provisions
SEE APPROPRIATIONS.
This Act relates to compensation and benefits for public officials and employees, county mental health allowed growth, regulatory and other related matters of the state, and makes and reduces appropriations. The Act also amends the Accelerated Career Education Program by reducing the total amount of program job credits from all employers during FY 2002-2003 from $6 million to $3 million.

HOUSE FILE 2625 - Miscellaneous Appropriations, Reductions, Transfers, and Other Provisions - Fiscal Year 2001-2002 - SECOND EXTRAORDINARY SESSION
SEE APPROPRIATIONS.
This Act addresses public funding provisions and related matters by making, transferring and reducing appropriations in order to balance the State General Fund budget for FY 2001-2002. The Act includes transfers and reductions that affect economic development funding and addresses distribution of tax credits under the New Jobs and Income Program and the Enterprise Zone Program to members of a farmers' cooperative that owns an ethanol-producing facility.

HOUSE FILE 2627 - Miscellaneous Appropriations, Reductions, Transfers, and Other Provisions - 2002 - 2003 and Prior Fiscal Years - SECOND EXTRAORDINARY SESSION
SEE APPROPRIATIONS.
This Act provides FY 2002-2003 appropriations from the General Fund of the State to the executive and judicial branches of state government, reduces or limits standing appropriations, and transfers appropriations. The Act is organized into divisions corresponding to the General Assembly's joint appropriations subcommittees and includes appropriations for the state's economic development programs.

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