House File 2278 - Introduced



                                       HOUSE FILE       
                                       BY  FORD


    Passed House, Date                Passed Senate,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act relating to investment tax credits for eligible businesses
  2    under the enterprise zone program.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 6310HH 81
  5 tm/sh/8

PAG LIN



  1  1    Section 1.  Section 15E.196, subsection 3, Code Supplement
  1  2 2005, is amended to read as follows:
  1  3    3.  Investment tax credit of up to ten percent, as provided
  1  4 in section 15.333.  A business that is located in both an
  1  5 enterprise zone and either an area which meets the
  1  6 requirements for eligibility for an urban or rural enterprise
  1  7 community under Title XIII of the federal Omnibus Budget
  1  8 Reconciliation Act of 1993 or a community empowerment area may
  1  9 receive an additional five percent.
  1 10                           EXPLANATION
  1 11    This bill relates to investment tax credits for eligible
  1 12 businesses under the enterprise zone program.
  1 13    Under the enterprise zone program, a variety of incentives
  1 14 and assistance are available to eligible businesses located in
  1 15 a certified enterprise zone.  One of the available incentives
  1 16 and assistance is an investment tax credit of up to 10
  1 17 percent.  The bill allows an additional 5 percent to be added
  1 18 to the investment tax credit if the eligible business is
  1 19 located in both an enterprise zone and either an area which
  1 20 meets the requirements for eligibility for an urban or rural
  1 21 enterprise community under Title XIII of the federal Omnibus
  1 22 Budget Reconciliation Act of 1993 or a community empowerment
  1 23 area.
  1 24 LSB 6310HH 81
  1 25 tm:nh/sh/8