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, anAn 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 30,20102013. 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 -1-