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