701—46.9 (15) Supplemental new jobs credit from withholding and alternative credit for housing assistance programs.
	 46.9(1) Supplemental new jobs credit from withholding. For eligible businesses approved by the Iowa department of economic development under the new jobs and income program or the enterprise zone program, a credit equal to an additional 1.5 percent of the wages paid to employees in new jobs covered under these programs can be taken on the Iowa withholding tax return. This supplemental new jobs credit is in addition to the credit described in rule 46.8(260E). The administrative rules for the new jobs and income program and the enterprise zone program administered by the Iowa department of economic development may be found in 261—Chapters 58 and 59.
	 46.9(2) Alternative credit for housing assistance programs. As an alternative to the credit described in subrule 46.9(1) for eligible businesses in an enterprise zone, a business may provide a housing assistance program in the form of down payment assistance or rental assistance for employees in new jobs. A credit equal to 1.5 percent of the wages paid to employees participating in a housing assistance program may be claimed on the Iowa withholding tax return for wages paid prior to July 1, 2009. Effective July 1, 2009, the alternative credit for housing assistance programs was repealed. The administrative rules for the enterprise zone program administered by the Iowa department of economic development may be found in 261—Chapter 59.
This rule is intended to implement Iowa Code section 15E.196 as amended by 2009 Iowa Acts, Senate File 478, section 104, and section 15E.197.
[ARC 8605B, IAB 3/10/10, effective 4/14/10]