House File 305 - Introduced
HOUSE FILE
BY RAECKER
Passed House, Date Passed Senate, Date
Vote: Ayes Nays Vote: Ayes Nays
Approved
A BILL FOR
1 An Act relating to the endow Iowa program and county endowment
2 funds, making appropriations, and including effective date and
3 retroactive applicability provisions.
4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
5 TLSB 1861HH 81
6 tm/sh/8
PAG LIN
1 1 Section 1. Section 15E.305, subsections 2 and 4, Code
1 2 2005, are amended to read as follows:
1 3 2. a. The aggregate amount of tax credits authorized
1 4 pursuant to this section shall not exceed a total of two three
1 5 million dollars each calendar year for the time period
1 6 beginning January 1, 2005, and ending December 31, 2008. Any
1 7 tax credits remaining undistributed on December 31, 2005,
1 8 December 31, 2006, or December 31, 2007, may be carried
1 9 forward to the succeeding calendar year. The maximum amount
1 10 of tax credits granted to a taxpayer shall not exceed five
1 11 percent of the aggregate amount of tax credits authorized.
1 12 b. Ten percent of the aggregate amount of tax credits
1 13 authorized in a calendar year shall be reserved for those
1 14 endowment gifts in amounts of thirty thousand dollars or less.
1 15 If by September 1 of a calendar year the entire ten percent of
1 16 the reserved tax credits is not distributed, the remaining tax
1 17 credits shall be available to any other eligible applicants.
1 18 4. A tax credit shall not be authorized pursuant to this
1 19 section after December 31, 2005 2008.
1 20 Sec. 2. Section 15E.311, subsection 3, paragraphs a and c,
1 21 Code 2005, are amended to read as follows:
1 22 a. At the end of each fiscal year, moneys in the fund
1 23 shall be transferred into separate accounts within the fund
1 24 and designated for use by each county in which no licensee
1 25 authorized to conduct gambling games under chapter 99F was
1 26 located during that fiscal year. Moneys transferred to county
1 27 accounts shall be divided equally among the counties. Moneys
1 28 transferred into an account for a county shall be transferred
1 29 by the department to an eligible county recipient for that
1 30 county. Of the moneys transferred, an eligible county
1 31 recipient shall distribute seventy=five percent of the moneys
1 32 as grants to charitable organizations for educational, civic,
1 33 public, charitable, patriotic, or religious uses, as defined
1 34 in section 99B.7, subsection 3, paragraph "b", charitable
1 35 purposes in that county and shall retain twenty=five percent
2 1 of the moneys for use in establishing a permanent endowment
2 2 fund for the benefit of charitable organizations for
2 3 educational, civic, public, charitable, patriotic, or
2 4 religious uses, as defined in section 99B.7, subsection 3,
2 5 paragraph "b" charitable purposes.
2 6 c. For purposes of
2 7 3A. As used in this subsection section, an "eligible
2 8 unless the context otherwise requires:
2 9 a. "Charitable organization" means an organization that is
2 10 described in section 501(c)(3) of the Internal Revenue Code
2 11 that is exempt from taxation under section 501(a) of the
2 12 Internal Revenue Code or an organization that is established
2 13 for a charitable purpose.
2 14 b. "Charitable purpose" means a purpose described in
2 15 section 501(c)(3) of the Internal Revenue Code, or a
2 16 benevolent, educational, philanthropic, humane, scientific,
2 17 patriotic, social welfare or advocacy, public health,
2 18 environmental conservation, civic, or other eleemosynary
2 19 objective.
2 20 c. "Eligible county recipient" means a qualified community
2 21 foundation or community affiliate organization, as defined in
2 22 section 15E.303, that is selected, in accordance with the
2 23 procedures described in section 15E.304, to receive moneys
2 24 from an account created in this section for a particular
2 25 county. To be selected as an eligible county recipient, a
2 26 community affiliate organization shall establish a county
2 27 affiliate fund to receive moneys as provided by this section.
2 28 Sec. 3. Section 15E.311, Code 2005, is amended by adding
2 29 the following new subsection:
2 30 NEW SUBSECTION. 5. Three percent of the moneys deposited
2 31 in the county endowment fund shall be used by the lead
2 32 philanthropic organization identified by the department
2 33 pursuant to section 15E.304 for purposes of administering and
2 34 marketing the county endowment fund.
2 35 Sec. 4. ENDOW IOWA GRANTS APPROPRIATIONS.
3 1 1. There is appropriated from the general fund of the
3 2 state to the department of economic development for the fiscal
3 3 period beginning July 1, 2005, and ending June 30, 2008, the
3 4 following amounts, or so much thereof as is necessary, to be
3 5 used for the purpose designated:
3 6 For endow Iowa grants to lead philanthropic entities
3 7 pursuant to section 15E.304:
3 8 FY 2005=2006.......................................$ 2,000,000
3 9 FY 2006=2007.......................................$ 2,000,000
3 10 FY 2007=2008.......................................$ 2,000,000
3 11 2. Notwithstanding section 8.33, moneys that remain
3 12 unexpended at the end of the fiscal year shall not revert to
3 13 any fund but shall remain available for expenditure for the
3 14 designated purposes during the succeeding fiscal year.
3 15 Sec. 5. EFFECTIVE AND RETROACTIVE APPLICABILITY DATES.
3 16 This Act, being deemed of immediate importance, takes effect
3 17 upon enactment and applies retroactively to January 1, 2005.
3 18 EXPLANATION
3 19 This bill relates to the endow Iowa program and the county
3 20 endowment funds and makes appropriations.
3 21 The bill provides that the aggregate amount of tax credits
3 22 authorized for endowment gifts made to a qualified community
3 23 foundation for a permanent endowment fund shall not exceed a
3 24 total of $3 million each calendar year for the time period
3 25 beginning January 1, 2005, and ending December 31, 2008. The
3 26 bill provides that any tax credits remaining undistributed on
3 27 December 31, 2005, December 31, 2006, or December 31, 2007,
3 28 may be carried forward to the succeeding calendar year. The
3 29 bill provides that 10 percent of the aggregate amount of tax
3 30 credits authorized in a calendar year shall be reserved for
3 31 those endowment gifts in amounts of $30,000 or less. If by
3 32 September 1 of a calendar year the entire 10 percent of the
3 33 reserved tax credits is not distributed, the remaining tax
3 34 credits shall be available to any other eligible applicants.
3 35 The bill provides that a tax credit shall not be authorized
4 1 after December 31, 2008.
4 2 The bill provides that moneys in the county endowment fund
4 3 shall be either distributed to charitable organizations for
4 4 charitable purposes or retained for use in establishing a
4 5 permanent endowment fund for the benefit of charitable
4 6 organizations for charitable purposes. The bill defines
4 7 "charitable purpose" as a purpose described in section
4 8 501(c)(3) of the Internal Revenue Code, or a benevolent,
4 9 educational, philanthropic, humane, scientific, patriotic,
4 10 social welfare or advocacy, public health, environmental
4 11 conservation, civic, or other eleemosynary objective. The
4 12 bill provides that 3 percent of the moneys deposited in the
4 13 county endowment fund shall be used for purposes of
4 14 administering and marketing the county endowment fund.
4 15 The bill appropriates from the general fund of the state to
4 16 the department of economic development for the fiscal period
4 17 beginning July 1, 2005, and ending June 30, 2008, $2 million
4 18 each fiscal year for endow Iowa grants to lead philanthropic
4 19 entities.
4 20 The bill takes effect upon enactment and applies
4 21 retroactively to January 1, 2005.
4 22 LSB 1861HH 81
4 23 tm:rj/sh/8.2