Senate Study Bill 3129 



                                       SENATE FILE       
                                       BY  (PROPOSED COMMITTEE ON
                                            ECONOMIC GROWTH BILL BY
                                            CHAIRPERSON STEWART)


    Passed Senate, Date               Passed House,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act increasing the total aggregate amount of tax credits
  2    issued for business investment and contributions to seed
  3    capital funds.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  5 TLSB 5786XC 82
  6 tw/rj/8

PAG LIN



  1  1    Section 1.  Section 15E.43, subsection 4, Code Supplement
  1  2 2007, is amended to read as follows:
  1  3    4.  The aggregate amount of tax credits issued pursuant to
  1  4 this division shall not exceed a total of ten thirteen million
  1  5 dollars.  The total amount of tax credits issued during the
  1  6 fiscal year beginning July 1, 2002, shall not exceed three
  1  7 million dollars.  The total amount of tax credits issued
  1  8 during the fiscal year beginning July 1, 2003, shall not
  1  9 exceed three million dollars.  The total amount of tax credits
  1 10 issued during the fiscal year beginning July 1, 2004, shall
  1 11 not exceed four million dollars.  The total amount of tax
  1 12 credits issued during the fiscal year beginning July 1, 2008,
  1 13 shall not exceed three million dollars.  Any amount of the
  1 14 maximum aggregate limit of tax credits that have not been
  1 15 issued by June 30, 2005 2009, may be issued in any subsequent
  1 16 fiscal year.  Not more than three million dollars of tax
  1 17 credits may be issued in any one subsequent fiscal year.
  1 18                           EXPLANATION
  1 19    This bill increases the current limitation on the total
  1 20 aggregate amount of investment tax credits for seed capital
  1 21 and business investments from $10 million to $13 million and
  1 22 provides that any unclaimed credits may be used in subsequent
  1 23 fiscal years.
  1 24 LSB 5786XC 82
  1 25 tw/rj/8