House File 2702 - Introduced



                                 HOUSE FILE       
                                 BY  COMMITTEE ON ECONOMIC GROWTH

                                 (SUCCESSOR TO HSB 733)


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

                                      A BILL FOR

  1 An Act relating to alternative and renewable energy for purposes
  2    of economic development.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 5570HV 81
  5 tm/gg/14

PAG LIN



  1  1    Section 1.  Section 15.103, subsection 1, paragraph b,
  1  2 subparagraph (7), Code Supplement 2005, is amended to read as
  1  3 follows:
  1  4    (7)  Economics or alternative and renewable energy
  1  5 including the alternative and renewable energy sectors listed
  1  6 in section 476.42, subsection 1, paragraph "a".
  1  7    Sec. 2.  Section 15E.61, unnumbered paragraph 1, Code 2005,
  1  8 is amended to read as follows:
  1  9    The general assembly finds the following:  Fundamental
  1 10 changes have occurred in national and international financial
  1 11 markets and in the financial markets of this state.  A
  1 12 critical shortage of seed and venture capital resources exists
  1 13 in the state, and such shortage is impairing the growth of
  1 14 commerce in the state.  A need exists to increase the
  1 15 availability of venture equity capital for emerging,
  1 16 expanding, and restructuring enterprises in Iowa, including,
  1 17 without limitation, enterprises in the life sciences, advanced
  1 18 manufacturing, information technology, alternative and
  1 19 renewable energy including the alternative and renewable
  1 20 energy sectors listed in section 476.42, subsection 1,
  1 21 paragraph "a", and value=added agriculture areas.  Such
  1 22 investments will create jobs for Iowans and will help to
  1 23 diversify the state's economic base.
  1 24    Sec. 3.  Section 15E.223, subsection 4, Code 2005, is
  1 25 amended to read as follows:
  1 26    4.  "Targeted industry business" means an existing or
  1 27 proposed business entity, including an emerging small business
  1 28 or qualified business which is operated for profit and which
  1 29 has a primary business purpose of doing business in at least
  1 30 one of the targeted industries designated by the department
  1 31 which include life sciences, software and information
  1 32 technology, advanced manufacturing, value=added agriculture,
  1 33 alternative and renewable energy including the alternative and
  1 34 renewable energy sectors listed in section 476.42, subsection
  1 35 1, paragraph "a", and any other industry designated as a
  2  1 targeted industry by the department.
  2  2    Sec. 4.  Section 15E.231, subsection 1, Code Supplement
  2  3 2005, is amended by adding the following new paragraph:
  2  4    NEW PARAGRAPH.  h.  Development of the alternative and
  2  5 renewable energy sector.
  2  6    Sec. 5.  Section 15E.351, subsection 1, Code Supplement
  2  7 2005, is amended to read as follows:
  2  8    1.  The department shall establish and administer a
  2  9 business accelerator program to provide financial assistance
  2 10 for the establishment and operation of a business accelerator
  2 11 for technology=based, value=added agricultural, information
  2 12 solutions, alternative and renewable energy including the
  2 13 alternative and renewable energy sectors listed in section
  2 14 476.42, subsection 1, paragraph "a", or advanced manufacturing
  2 15 start=up businesses or for a satellite of an existing business
  2 16 accelerator.  The program shall be designed to foster the
  2 17 accelerated growth of new and existing businesses through the
  2 18 provision of technical assistance.  The department shall use
  2 19 moneys appropriated to the department from the grow Iowa
  2 20 values fund pursuant to section 15G.111, subsection 1, subject
  2 21 to the approval of the economic development board, to provide
  2 22 financial assistance under this section.
  2 23    Sec. 6.  Section 260C.18A, subsection 2, unnumbered
  2 24 paragraph 1, Code Supplement 2005, is amended to read as
  2 25 follows:
  2 26    Moneys deposited in the funds and disbursed to community
  2 27 colleges for a fiscal year shall be expended for the following
  2 28 purposes, provided seventy percent of the moneys shall be used
  2 29 on projects in the areas of advanced manufacturing,
  2 30 information technology and insurance, alternative and
  2 31 renewable energy including the alternative and renewable
  2 32 energy sectors listed in section 476.42, subsection 1,
  2 33 paragraph "a", and life sciences which include the areas of
  2 34 biotechnology, health care technology, and nursing care
  2 35 technology:
  3  1                           EXPLANATION
  3  2    This bill relates to alternative and renewable energy for
  3  3 purposes of economic development.
  3  4    Currently, members of the Iowa economic development board
  3  5 represent certain areas of expertise, one of which is
  3  6 economics.  The bill provides that expertise in alternative
  3  7 and renewable energy may be represented in lieu of the
  3  8 economics area of expertise.
  3  9    The bill adds alternative and renewable energy to lists of
  3 10 targeted industries as they appear in the Code.  Such lists
  3 11 are included under the Iowa fund of funds, in the loan and
  3 12 credit guarantee program, as a possibility for regional
  3 13 development plans, under the business accelerator program, and
  3 14 as part of the workforce training and economic development
  3 15 funds.
  3 16 LSB 5570HV 81
  3 17 tm:nh/gg/14