House Amendment 1703


PAG LIN




     1  1    Amend the amendment, H=1663, to Senate File 304, as
     1  2 passed by the Senate, as follows:
     1  3 #1.  By striking page 1, line 3, through page 2,
     1  4 line 33, and inserting the following:
     1  5    <Sec.    .  Section 403.19A, subsection 3,
     1  6 paragraph c, Code 2009, is amended to read as follows:
     1  7    c.  (1)  The pilot project city shall enter into a
     1  8 withholding agreement with each employer concerning
     1  9 the targeted jobs withholding credit.  The withholding
     1 10 agreement shall provide for the total amount of
     1 11 withholding tax credits awarded.  An agreement shall
     1 12 not provide for an amount of withholding credits that
     1 13 exceeds the amount of the qualifying investment made
     1 14 in the project.  However, an An agreement shall not be
     1 15 entered into by a pilot project city with a business
     1 16 currently located in this state unless the business
     1 17 either creates ten new jobs or makes a qualifying
     1 18 investment of at least five hundred thousand dollars
     1 19 within the urban renewal area.  The withholding
     1 20 agreement may have a term of up to ten years.  An
     1 21 employer shall not be obligated to enter into a
     1 22 withholding agreement.
     1 23    (2)  The pilot project city shall not enter into a
     1 24 withholding agreement after June 30, 2010 2013.
     1 25    Sec.    .  Section 403.19A, subsection 3, paragraph
     1 26 j, Code 2009, is amended by striking the paragraph and
     1 27 inserting in lieu thereof the following:
     1 28    j.  (1)  A pilot project city entering into a
     1 29 withholding agreement shall arrange for matching local
     1 30 financial support for the project.  The local match
     1 31 required under this paragraph "j" shall be in an
     1 32 amount equal to one dollar for every dollar of
     1 33 withholding credit received by the pilot project city.
     1 34    (2)  For purposes of this paragraph "j", "local
     1 35 financial support" means cash or in=kind contributions
     1 36 to the project from a private donor, a business, or
     1 37 the pilot project city.
     1 38    (3)  If the project, when completed, will increase
     1 39 the amount of property tax revenues collected by the
     1 40 pilot project city by an amount equal to at least ten
     1 41 percent of the amount of withholding credit dollars
     1 42 received by the pilot project city, then the pilot
     1 43 project city shall itself contribute at least ten
     1 44 percent of the local match amount computed under
     1 45 subparagraph (1).
     1 46    (4)  If the project, when completed, will not
     1 47 increase the amount of property tax revenues collected
     1 48 by an amount at least equal to ten percent of the
     1 49 amount of withholding credit dollars received by the
     1 50 pilot project city, then the pilot project city shall
     2  1 not be required to make a contribution to the local
     2  2 match.
     2  3    (5)  A pilot project city's contribution, if any,
     2  4 to the local match may include the dollar value of any
     2  5 tax abatement provided by the city to the business for
     2  6 new construction.>
     2  7 #2.  By renumbering as necessary.
     2  8
     2  9
     2 10                               
     2 11 SANDS of Louisa
     2 12 SF 304.202 83
     2 13 tw/sc/24460

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