261—71.6 (403) Reporting requirements.
	 71.6(1) Required reports.
	  a.   	 At the time the pilot project city submits its budget to the department of management, the pilot project city shall submit to the department of management and the department a description of the activities involving the use of withholding agreements. The description shall include, but not be limited to, the following:
	 (1) 	 The total number of targeted jobs associated with withholding agreements and the wages of those targeted jobs.
	 (2) 	 A breakdown of the number of targeted jobs that are associated with Iowa business expansions or retentions within the city limits of the pilot project city and the number of targeted jobs resulting from out-of-state businesses moving to or expanding in Iowa.
	 (3) 	 The number of withholding agreements and the amount of withholding credits associated with those agreements.
	 (4) 	 The types of businesses that entered into withholding agreements with the city and the types of businesses that declined the city’s proposal to enter into a withholding agreement with the city.
	  b.   	 The pilot project city shall provide information documenting the total amount of payments and receipts from the special fund under the withholding agreement, including all agreements with an employer to suspend, abate, exempt, rebate, refund, or reimburse property taxes, to provide a grant for property taxes, a grant not related to property taxes, or to make a direct payment of taxes. The pilot project city shall submit this information to the department annually by September 1 covering the prior fiscal year (July 1 to June 30). The department shall verify the information provided by the pilot project city. The department will verify job creation or retention using the method described in 261—Chapter 188.
	  c.   	 The department may request additional reports from pilot project cities as necessary to determine the status of the targeted jobs withholding tax credit program.
	  d.   	 The department shall make, at minimum, an annual on-site monitoring visit to each pilot project city to verify the documented information. The pilot project city shall provide the following:
	 (1) 	 Payroll records that correspond to the quarterly report provided by the pilot project city for the department of revenue;
	 (2) 	 Information substantiating the total amount of qualifying investment made in the project;
	 (3) 	 Information substantiating the total amount of local financial support made in the project;
	 (4) 	 Payments and receipts as described in paragraph 71.6(1)“b.”
	 71.6(2) Annual report. As required by Iowa Code section 15.104(9)“k,” the department includes in its annual report information about the targeted jobs withholding tax credit program. This report is due on January 31 of each year.
[ARC 7561B, IAB 2/11/09, effective 3/18/09; ARC 7848B, IAB 6/17/09, effective 7/1/09]