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