House File 579 - Introduced



                                       HOUSE FILE       
                                       BY  D. OLSON


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

                                      A BILL FOR

  1 An Act relating to targeted jobs withholding tax credit
  2    agreements, providing for a report to the general assembly,
  3    and including an effective date provision.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  5 TLSB 2435YH 83
  6 tw/mg:sc/8

PAG LIN



  1  1    Section 1.  CESSATION OF TARGETED JOBS WITHHOLDING TAX
  1  2 CREDIT AGREEMENTS == PROGRAM REPORT.
  1  3    1.  Notwithstanding section 403.19A, subsection 3,
  1  4 paragraph "c", subparagraph (2), a project city shall not
  1  5 enter into a withholding agreement during the period of time
  1  6 between the effective date of this Act and March 1, 2010.
  1  7    2.  The department of economic development shall evaluate
  1  8 the effectiveness of the targeted jobs withholding tax credit
  1  9 program under section 403.19A, including the extent to which
  1 10 the program has successfully enhanced economic development in
  1 11 the state and the impact on property tax revenues in those
  1 12 cities designated as pilot project cities under the program.
  1 13 The department shall issue a report on the program on or
  1 14 before January 15, 2010, to the general assembly and the
  1 15 chairpersons and ranking members of the house and senate
  1 16 standing committees on economic growth.
  1 17    Sec. 2.  EFFECTIVE DATE.  This Act, being deemed of
  1 18 immediate importance, takes effect upon enactment.
  1 19                           EXPLANATION
  1 20    This bill provides that pilot project cities under the
  1 21 targeted jobs withholding tax credit program pursuant to Code
  1 22 section 403.19A shall not enter into a withholding agreement
  1 23 between the enactment of the bill and March 1, 2010.
  1 24    The department of economic development is directed to
  1 25 evaluate the effectiveness of the program and issue a report
  1 26 to the general assembly on or before January 15, 2010.
  1 27    The bill takes effect upon enactment.
  1 28 LSB 2435YH 83
  1 29 tw/mg:sc/8