House File 299 - Introduced
HOUSE FILE
BY FORD
Passed House, Date Passed Senate, Date
Vote: Ayes Nays Vote: Ayes Nays
Approved
A BILL FOR
1 An Act creating a junior entrepreneur training assistance program
2 and providing a tax deduction.
3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
4 TLSB 2530HH 81
5 tm/cf/24
PAG LIN
1 1 Section 1. Section 15.313, subsection 2, Code 2005, is
1 2 amended by adding the following new paragraph:
1 3 NEW PARAGRAPH. h. To provide matching grants under the
1 4 junior entrepreneur training assistance program as provided in
1 5 section 15E.323.
1 6 Sec. 2. NEW SECTION. 15E.321 SHORT TITLE.
1 7 This division shall be known and may be cited as the
1 8 "Junior Entrepreneur Training Act".
1 9 Sec. 3. NEW SECTION. 15E.322 JUNIOR ENTREPRENEUR
1 10 TRAINING ASSISTANCE PROGRAM.
1 11 1. The department of economic development shall establish
1 12 a junior entrepreneur training assistance program to encourage
1 13 and assist private businesses and organizations to establish
1 14 junior entrepreneur training programs that would operate in
1 15 conjunction or cooperation with a local school district.
1 16 2. a. A junior entrepreneur training program established
1 17 by a private business or organization shall be designed to do
1 18 all of the following:
1 19 (1) Encourage interest in starting or operating a
1 20 business.
1 21 (2) Educate participants regarding the potential
1 22 advantages and rewards of self=employment.
1 23 (3) Engage business professionals and successful
1 24 entrepreneurs in introducing participants to the basics of
1 25 business ownership and management.
1 26 (4) Assist past participants in the program who start or
1 27 purchase a business in developing mentoring relationships with
1 28 successful local businesspersons.
1 29 b. The department shall give funding and assistance
1 30 priority to a junior entrepreneur training program that
1 31 concentrates its efforts on attracting participants who lack
1 32 significant exposure to entrepreneurship role models
1 33 including, but not limited to, persons from economically
1 34 disadvantaged backgrounds or populations traditionally
1 35 underrepresented in the local business community.
2 1 3. For purposes of an eligible taxpayer claiming an income
2 2 tax deduction pursuant to sections 422.7 and 422.35, the
2 3 department shall, upon application by the junior entrepreneur
2 4 training program, certify any junior entrepreneur training
2 5 program that meets the criteria in subsection 2, paragraph
2 6 "b".
2 7 Sec. 4. NEW SECTION. 15E.323 FUNDING.
2 8 The department may provide a matching grant to a private
2 9 business or organization that establishes a junior
2 10 entrepreneur training program. A matching grant shall provide
2 11 one dollar for every two dollars in private matching moneys.
2 12 Sec. 5. NEW SECTION. 15E.324 RULES.
2 13 The department shall adopt rules pursuant to chapter 17A
2 14 necessary for the administration of this division.
2 15 Sec. 6. Section 422.7, Code 2005, is amended by adding the
2 16 following new subsection:
2 17 NEW SUBSECTION. 44. Subtract the amount of any
2 18 contribution made for the establishment or operation of a
2 19 junior entrepreneur training program certified by the
2 20 department of economic development pursuant to section
2 21 15E.322.
2 22 Sec. 7. Section 422.35, Code 2005, is amended by adding
2 23 the following new subsection:
2 24 NEW SUBSECTION. 20. Subtract the amount of any
2 25 contribution made for the establishment or operation of a
2 26 junior entrepreneur training program certified by the
2 27 department of economic development pursuant to section
2 28 15E.322.
2 29 EXPLANATION
2 30 This bill creates a junior entrepreneur training assistance
2 31 program.
2 32 The bill provides that the department of economic
2 33 development shall establish a junior entrepreneur training
2 34 assistance program to encourage and assist private businesses
2 35 and organizations to establish junior entrepreneur training
3 1 programs that would operate in conjunction or cooperation with
3 2 a local school district. The bill provides that a junior
3 3 entrepreneur training program established by a private
3 4 business or organization shall be designed to encourage
3 5 interest in starting or operating a business, educate
3 6 participants regarding the potential advantages and rewards of
3 7 self=employment, engage business professionals and successful
3 8 entrepreneurs in introducing participants to the basics of
3 9 business ownership and management, and assist past
3 10 participants in the program who start or purchase a business
3 11 in developing mentoring relationships with successful local
3 12 businesspersons. The bill provides that the department shall
3 13 give funding and assistance priority to a junior entrepreneur
3 14 training program that concentrates its efforts on attracting
3 15 participants who lack significant exposure to entrepreneurship
3 16 role models including, but not limited to, persons from
3 17 economically disadvantaged backgrounds or populations
3 18 traditionally underrepresented in the local business
3 19 community.
3 20 The bill provides that the department may provide a
3 21 matching grant to a private business or organization that
3 22 establishes a junior entrepreneur training program. The bill
3 23 provides that the moneys for the matching grants shall be
3 24 provided from the strategic investment fund.
3 25 The bill provides for an individual or corporate tax
3 26 deduction for any contribution made for the establishment or
3 27 operation of a junior entrepreneur training program certified
3 28 by the department. The bill provides that the department
3 29 shall, upon application by the junior entrepreneur training
3 30 program, certify programs that concentrate efforts on
3 31 attracting participants who lack significant exposure to
3 32 entrepreneurship role models including, but not limited to,
3 33 persons from economically disadvantaged backgrounds or
3 34 populations traditionally underrepresented in the local
3 35 business community.
4 1 LSB 2530HH 81
4 2 tm:nh/cf/24