Senate File 583 - Introduced
SENATE FILE
BY COMMITTEE ON WAYS AND MEANS
(SUCCESSOR TO SSB 1341)
Passed Senate, Date Passed House, Date
Vote: Ayes Nays Vote: Ayes Nays
Approved
A BILL FOR
1 An Act relating to certain tax incentives by requiring data
2 collection, modifying requirements for city and county
3 budgets, and creating a reporting committee.
4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
5 TLSB 1342SV 82
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PAG LIN
1 1 Section 1. Section 15.335, Code 2007, is amended by adding
1 2 the following new subsection:
1 3 NEW SUBSECTION. 6. The department of revenue shall
1 4 develop a system for collecting data related to tax credits of
1 5 five thousand dollars or more claimed pursuant to this
1 6 section. The data collected shall include the name of the
1 7 taxpayer claiming the credit, the amount of the tax credit
1 8 claimed, the research activities for which the tax credit is
1 9 based, and any new jobs created or capital expenditures made
1 10 as a result of the research activities for which a tax credit
1 11 is claimed.
1 12 Sec. 2. Section 331.434, subsection 1, Code 2007, is
1 13 amended to read as follows:
1 14 1. The budget shall show the amount required for each
1 15 class of proposed expenditures, a comparison of the amounts
1 16 proposed to be expended with the amounts expended for like
1 17 purposes for the two preceding years, the revenues from
1 18 sources other than property taxation, a tax increment
1 19 financing budget including information required under section
1 20 384.16 for each urban renewal area established by the county,
1 21 and the amount to be raised by property taxation, in the
1 22 detail and form prescribed by the director of the department
1 23 of management.
1 24 Sec. 3. Section 384.16, subsection 1, Code 2007, is
1 25 amended by adding the following new paragraph:
1 26 NEW PARAGRAPH. d. A tax increment financing budget for
1 27 each urban renewal area established by the city.
1 28 Sec. 4. Section 384.16, subsection 1, unnumbered paragraph
1 29 2, Code 2007, is amended to read as follows:
1 30 A budget must show comparisons between the estimated
1 31 expenditures in each program in the following year, the latest
1 32 estimated expenditures in each program in the current year,
1 33 and the actual expenditures in each program from the annual
1 34 report as provided in section 384.22, or as corrected by a
1 35 subsequent audit report. Wherever practicable, as provided in
2 1 rules of the committee, a budget, including the tax increment
2 2 financing budget, must show comparisons between the levels of
2 3 service provided by each program as estimated for the
2 4 following year, and actual levels of service provided by each
2 5 program during the two preceding years. Wherever practicable,
2 6 the tax increment financing budget shall include estimated and
2 7 actual tax increment financing revenues and all estimated and
2 8 actual expenditures of the revenues, proceeds from debt and
2 9 all estimated and actual expenditures of the debt proceeds,
2 10 and identification of any entity receiving a direct rebate of
2 11 taxes funded by tax increment financing revenues.
2 12 Sec. 5. Section 422.10, Code 2007, is amended by adding
2 13 the following new subsection:
2 14 NEW SUBSECTION. 6. The department of revenue shall
2 15 develop a system for collecting data related to tax credits of
2 16 five thousand dollars or more claimed pursuant to this
2 17 section. The data collected shall include the name of the
2 18 taxpayer claiming the credit, the amount of the tax credit
2 19 claimed, the research activities upon which the tax credit is
2 20 based, and any new jobs created or capital expenditures made
2 21 as a result of the research activities for which a tax credit
2 22 is claimed.
2 23 Sec. 6. Section 422.33, subsection 5, Code 2007, is
2 24 amended by adding the following new paragraph:
2 25 NEW PARAGRAPH. h. The department of revenue shall develop
2 26 a system for collecting data related to tax credits of five
2 27 thousand dollars or more claimed pursuant to this subsection.
2 28 The data collected shall include the name of the taxpayer
2 29 claiming the credit, the amount of the tax credit claimed, the
2 30 research activities upon which the tax credit is based, and
2 31 any new jobs created or capital expenditures made as a result
2 32 of the research activities for which a tax credit is claimed.
2 33 Sec. 7. INDUSTRIAL NEW JOBS TRAINING TAX INCENTIVES
2 34 REPORTING COMMITTEE. An industrial new jobs training tax
2 35 incentives reporting committee shall be formed consisting of
3 1 two representatives of the department of economic development,
3 2 two representatives of community colleges, and two
3 3 representatives of the department of revenue. One of the
3 4 representatives of the department of revenue shall serve as
3 5 the chairperson of the committee. The committee shall study
3 6 the reporting of information related to tax incentives
3 7 received pursuant to chapter 260E. By December 31, 2007, the
3 8 committee shall submit a written report to the general
3 9 assembly which shall include but not be limited to a proposed
3 10 system for collecting data for tax incentives received
3 11 pursuant to chapter 260E. The system shall collect data
3 12 including but not limited to the recipient of tax incentives
3 13 and the aggregate amount of tax incentives received under an
3 14 agreement pursuant to chapter 260E.
3 15 EXPLANATION
3 16 This bill relates to certain tax incentives by requiring
3 17 data collection, modifying requirements for city and county
3 18 budgets, and creating a reporting committee.
3 19 Currently, a research activities tax credit is allowed
3 20 under the state individual and corporate income tax. The bill
3 21 requires the department of revenue to develop a system for
3 22 collecting data related to research activities tax credits of
3 23 $5,000 or more claimed by a taxpayer.
3 24 The bill requires cities and counties to include as part of
3 25 their annual budgeting procedures a tax increment financing
3 26 budget. The bill provides that the tax increment financing
3 27 budget, wherever practicable, shall include estimated and
3 28 actual tax increment financing revenues and all estimated and
3 29 actual expenditures of the revenues, proceeds from debt and
3 30 all of the expenditure of debt proceeds, and identification of
3 31 any entity receiving a direct tax increment financing rebate
3 32 of taxes. The bill requires the tax increment financing
3 33 budget, wherever practicable to show comparisons between the
3 34 levels of service provided by each program as estimated for
3 35 the following year, and actual levels of service provided by
4 1 each program during the two preceding years.
4 2 The bill requires an industrial new jobs training tax
4 3 incentives reporting committee to be formed consisting of two
4 4 representatives of the department of economic development, two
4 5 representatives of community colleges, and two representatives
4 6 of the department of revenue. The bill requires the committee
4 7 to study the reporting of information related to tax
4 8 incentives received pursuant to Code chapter 260E. By
4 9 December 31, 2007, the bill requires the committee to submit a
4 10 written report to the general assembly which shall include but
4 11 not be limited to a proposed system for collecting data for
4 12 tax incentives received pursuant to Code chapter 260E.
4 13 LSB 1342SV 82
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