House File 2670 - Introduced
HOUSE FILE
BY COMMITTEE ON STATE GOVERNMENT
(SUCCESSOR TO HF 2004)
Passed House, Date Passed Senate, Date
Vote: Ayes Nays Vote: Ayes Nays
Approved
A BILL FOR
1 An Act concerning community foundations and economic development
2 relating to the endow Iowa tax credit, the allocation of
3 gambling tax revenues, making an appropriation, and providing
4 an effective date.
5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
6 TLSB 5566HV 81
7 ec/je/5
PAG LIN
1 1 Section 1. Section 15E.305, subsection 2, unnumbered
1 2 paragraph 1, Code Supplement 2005, is amended to read as
1 3 follows:
1 4 The aggregate amount of tax credits authorized pursuant to
1 5 this section shall not exceed a total of two million dollars
1 6 plus such additional credit amount as provided by this section
1 7 annually. The maximum amount of tax credits granted to a
1 8 taxpayer shall not exceed five percent of the aggregate amount
1 9 of tax credits authorized.
1 10 Sec. 2. Section 15E.305, subsection 2, Code Supplement
1 11 2005, is amended by adding the following new unnumbered
1 12 paragraph:
1 13 NEW UNNUMBERED PARAGRAPH. For purposes of this subsection,
1 14 the additional credit amount shall be an amount for each
1 15 applicable calendar year determined by the department of
1 16 revenue equal to the amount of money credited as provided by
1 17 section 99F.11, subsection 3, paragraph "d", subparagraph (3),
1 18 for the prior fiscal year.
1 19 Sec. 3. Section 15E.305, subsection 4, Code Supplement
1 20 2005, is amended by striking the subsection.
1 21 Sec. 4. Section 99F.11, subsection 3, paragraph d, Code
1 22 2005, is amended to read as follows:
1 23 d. One=half of one One percent of the adjusted gross
1 24 receipts shall be deposited allocated as follows:
1 25 (1) Eight=tenths of one percent shall be deposited in the
1 26 county endowment fund created in section 15E.311.
1 27 (2) One=tenth of one percent is appropriated to the
1 28 department of economic development for purposes of marketing
1 29 and tourism.
1 30 (3) One=tenth of one percent shall be credited to the
1 31 general fund of the state for the purpose of funding the endow
1 32 Iowa tax credit provided in section 15E.305.
1 33 Sec. 5. 2003 Iowa Acts, 1st Extraordinary Session, chapter
1 34 2, section 93, is amended to read as follows:
1 35 SEC. 93. The divisions of this Act designated economic
2 1 development appropriations, workforce=related issues, loan and
2 2 credit guarantee fund, university=based research utilization
2 3 program appropriation, endow Iowa tax credit, and
2 4 rehabilitation project tax credits are repealed effective June
2 5 30, 2010.
2 6 Sec. 6. EFFECTIVE DATE. This Act takes effect July 1,
2 7 2007.
2 8 EXPLANATION
2 9 This bill concerns the endow Iowa tax credit and the
2 10 distribution of gambling tax revenues collected from excursion
2 11 gambling boats and racetracks.
2 12 Code section 15E.305, concerning the endow Iowa tax credit,
2 13 is amended. The bill increases the aggregate amount of tax
2 14 credits authorized in a calendar year by an amount equal to
2 15 the amount generated for this purpose from a distribution of
2 16 gambling tax revenues generated in the prior fiscal year. The
2 17 bill eliminates the provision ending this tax credit after
2 18 December 31, 2008. The bill also eliminates the repeal of the
2 19 Code provisions concerning the endow Iowa tax credit that
2 20 would have occurred on June 30, 2010.
2 21 Code section 99F.11, subsection 3, concerning the
2 22 distribution of gambling tax revenues from gambling games at
2 23 excursion gambling boats and racetracks, is amended. Current
2 24 law provides that one=half of 1 percent of tax revenues shall
2 25 be deposited in the county endowment fund. The bill increases
2 26 this percentage to eight=tenths of 1 percent. The bill also
2 27 provides that one=tenth of 1 percent of tax revenues is
2 28 appropriated to the department of economic development for
2 29 marketing and tourism. The bill also provides that one=tenth
2 30 of 1 percent of tax revenues shall be credited to the general
2 31 fund of the state for the purposes of funding the endow Iowa
2 32 tax credit.
2 33 The bill takes effect July 1, 2007.
2 34 LSB 5566HV 81
2 35 ec:rj/je/5