House File 2791 - Enrolled

PAG LIN

1	
1	HOUSE FILE 2791	
1	2	
1	3	AN ACT	
1	4 CONCERNING COMMUNITY FOUNDATIONS AND ECONOMIC DEVELOPMENT	
1	5	RELATING TO THE ENDOW IOWA TAX CREDIT, THE ALLOCATION OF	
1	6	GAMBLING TAX REVENUES, THE DISTRIBUTION OF COUNTY ENDOWMENT	
1	7	MONEYS, MAKING AN APPROPRIATION, AND PROVIDING AN EFFECTIVE	
1	8	DATE.	
1	9		
1 10 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 11
1 12	Section 1.	Section 15E.305, subsection 2, unnumbered
1 13 paragraph 1, Code Supplement 2005, is amended to read as
1 14 follows:
1 15	The aggregate amount of tax credits authorized pursuant to
1 16 this section shall not exceed a total of two million dollars
1 17 plus such additional credit amount as provided by this section
1 18 annually.	The maximum amount of tax credits granted to a
1 19 taxpayer shall not exceed five percent of the aggregate amount
1 20 of tax credits authorized.
1 21	Sec. 2.	Section 15E.305, subsection 2, Code Supplement
1 22 2005, is amended by adding the following new unnumbered
1 23 paragraph:
1 24	NEW UNNUMBERED PARAGRAPH.	For purposes of this subsection,
1 25 the additional credit amount shall be an amount for each
1 26 applicable calendar year determined by the department of
1 27 revenue equal to the amount of money credited as provided by
1 28 section 99F.11, subsection 3, paragraph "e", subparagraph (3),
1 29 for the prior fiscal year.
1 30	Sec. 3.	Section 15E.305, subsection 4, Code Supplement
1 31 2005, is amended by striking the subsection.
1 32	Sec. 4.	Section 15E.311, subsection 3, paragraph a, Code
1 33 Supplement 2005, is amended to read as follows:
1 34	a.	At the end of each fiscal year, moneys in the fund
35 shall be transferred into separate accounts within the fund
1 and designated for use by each county in which no licensee
2	2 authorized to conduct gambling games under chapter 99F was
2	3 located during that fiscal year.	Moneys transferred to county
2	4 accounts shall be divided equally among the counties.	Moneys
2	5 transferred into an account for a county shall be transferred
2	6 by the department to an eligible county recipient for that
2	7 county.	Of the moneys transferred, an eligible county
2	8 recipient shall distribute seventy=five percent of the moneys
2	9 as grants to charitable organizations for charitable purposes
2 10 in that county and shall retain twenty=five percent of the
2 11 moneys for use in establishing a permanent endowment fund for
2 12 the benefit of charitable organizations for charitable
2 13 purposes.	Of the amounts distributed, eligible county
  2 14 recipients shall give special consideration to grants for
  2 15 projects that include significant vertical infrastructure
  2 16 components designed to enhance quality of life aspects within
  2 17 local communities.  In addition, as a condition of receiving a
  2 18 grant, the governing body of a charitable organization
  2 19 receiving a grant shall approve all expenditures of grant
  2 20 moneys and shall allow a state audit of expenditures of all
  2 21 grant moneys.
2 22	Sec. 5.	Section 15E.311, subsection 6, Code Supplement
2 23 2005, is amended to read as follows:
2 24	6.	Three percent of the moneys deposited in the county
2 25 endowment fund shall be used by the lead philanthropic
2 26 organization identified by the department pursuant to section
2 27 15E.304 for purposes of administering and marketing the county
2 28 endowment fund.	Of the amounts available to be used by the
  2 29 lead philanthropic organization pursuant to this subsection,
  2 30 seventy thousand dollars is appropriated to the department of
  2 31 economic development each fiscal year for administrative costs
  2 32 related to the endow Iowa program.
2 33	Sec. 6.	Section 99F.11, subsection 3, paragraphs d and e,
2 34 Code 2005, are amended to read as follows:
35	d.	One=half Eight=tenths of one percent of the adjusted
1 gross receipts tax shall be deposited in the county endowment
3	2 fund created in section 15E.311.
3	3	e.	Two=tenths of one percent of the adjusted gross

  3  4 receipts tax shall be allocated each fiscal year as follows:
3	5	(1)  Five hundred twenty thousand dollars is appropriated
  3  6 each fiscal year to the department of cultural affairs with
  3  7 one=half of the moneys allocated for operational support
  3  8 grants and the remaining one=half allocated for the community
  3  9 cultural grants program established under section 303.3.
3 10	(2)  One=half of the moneys remaining after the
  3 11 appropriation in subparagraph (1) is appropriated to the
  3 12 community development division of the department of economic
  3 13 development for the purposes of regional tourism marketing.
  3 14 However, none of the moneys appropriated under this
  3 15 subparagraph shall be used for administrative purposes.
3 16	(3)  One=half of the moneys remaining after the
  3 17 appropriation in subparagraph (1) shall be credited to the
  3 18 general fund of the state for the purpose of funding the endow
  3 19 Iowa tax credit provided in section 15E.305.
3 20	f.	The remaining amount of the adjusted gross receipts tax
3 21 shall be credited to the general fund of the state.
3 22	Sec. 7.	2003 Iowa Acts, 1st Extraordinary Session, chapter
3 23 2, section 93, is amended to read as follows:
3 24	SEC. 93.	The divisions of this Act designated economic
3 25 development appropriations, workforce=related issues, loan and
3 26 credit guarantee fund, university=based research utilization
3 27 program appropriation, endow Iowa tax credit, and
3 28 rehabilitation project tax credits are repealed effective June 3 29 30, 2010.
3 30	Sec. 8.	EFFECTIVE DATE.	This Act takes effect July 1,
3 31 2007.
3 32
3 33
3 34
35	CHRISTOPHER C. RANTS
1	Speaker of the House
4	2
4	3
4	4
4	5	JEFFREY M. LAMBERTI
4	6	President of the Senate
4	7
4	8	I hereby certify that this bill originated in the House and
4	9 is known as House File 2791, Eighty=first General Assembly. 4 10
4 11
4 12
4 13	MARGARET THOMSON
4 14	Chief Clerk of the House
4 15 Approved	, 2006
4 16
4 17
4 18  	
4 19 THOMAS J. VILSACK
4 20 Governor