Senate File 2118 - Introduced SENATE FILE 2118 BY QUIRMBACH A BILL FOR An Act repealing the film, television, and video project 1 promotion program and including effective date and 2 retroactive and other applicability provisions. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 5775XS (4) 83 tw/sc

S.F. 2118 Section 1. Section 15.119, subsection 1, Code Supplement 1 2009, is amended to read as follows: 2 1. Notwithstanding any provision to the contrary in 3 sections 15.327 through 15.336, section 15.393 , section 15A.9, 4 subsection 8, sections 15E.191 through 15E.197, 422.11E, 5 and section 422.33, subsection 9, the department shall not 6 authorize an amount of tax credits for purposes specified in 7 subsection 2 in excess of one hundred eighty-five million 8 dollars for any fiscal year. However, the department may 9 authorize an amount of tax credits in one fiscal year in excess 10 of one hundred eighty-five million, and such excess amount 11 shall be counted against the total amount of tax credits that 12 may be authorized in the next fiscal year. 13 Sec. 2. Section 15.119, subsection 2, paragraph b, Code 14 Supplement 2009, is amended by striking the paragraph. 15 Sec. 3. Section 422.7, subsection 52, Code Supplement 2009, 16 is amended by striking the subsection. 17 Sec. 4. Section 422.33, subsections 23 and 24, Code 18 Supplement 2009, are amended by striking the subsections. 19 Sec. 5. Section 422.35, subsection 23, Code Supplement 20 2009, is amended by striking the subsection. 21 Sec. 6. Section 422.60, subsections 12 and 13, Code 22 Supplement 2009, are amended by striking the subsections. 23 Sec. 7. Section 533.329, subsection 2, paragraphs f and g, 24 Code Supplement 2009, are amended by striking the paragraphs. 25 Sec. 8. REPEAL. Sections 15.391, 15.392, 422.11T, 422.11U, 26 432.12J, 432.12K, Code 2009, are repealed. 27 Sec. 9. REPEAL. Section 15.393, Code Supplement 2009, is 28 repealed. 29 Sec. 10. EFFECTIVE UPON ENACTMENT AND RETROACTIVE 30 APPLICABILITY. This Act, being deemed of immediate importance, 31 takes effect upon enactment and applies retroactively to 32 January 1, 2010, for tax years beginning on or after that date. 33 Sec. 11. APPLICABILITY. This Act does not apply to 34 contracts or agreements entered into on or before the effective 35 -1- LSB 5775XS (4) 83 tw/sc 1/ 2

S.F. 2118 date of this Act. 1 EXPLANATION 2 This bill eliminates the film, television, and video project 3 promotion program and makes conforming amendments. 4 The bill takes effect upon enactment and applies 5 retroactively to January 1, 2010, for tax years beginning on 6 or after that date. The bill does not apply to contracts or 7 agreements entered into on or before the effective date of the 8 bill. 9 -2- LSB 5775XS (4) 83 tw/sc 2/ 2