SF 2118 (LSB 5775XS (4) 83)

SENATE FILE 2118

BY  QUIRMBACH

A BILL FOR

An Act repealing the film, television, and video project promotion program and including effective date and retroactive and other applicability provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 15.119, subsection 1, Code Supplement 2009, is amended to read as follows:
   1.  Notwithstanding any provision to the contrary in sections 15.327 through 15.336, section 15.393, section 15A.9, subsection 8, sections 15E.191 through 15E.197, 422.11E, and section 422.33, subsection 9, the department shall not authorize an amount of tax credits for purposes specified in subsection 2 in excess of one hundred eighty-five million dollars for any fiscal year. However, the department may authorize an amount of tax credits in one fiscal year in excess of one hundred eighty-five million, and such excess amount shall be counted against the total amount of tax credits that may be authorized in the next fiscal year.
    Sec. 2.  Section 15.119, subsection 2, paragraph b, Code Supplement 2009, is amended by striking the paragraph.
    Sec. 3.  Section 422.7, subsection 52, Code Supplement 2009, is amended by striking the subsection.
    Sec. 4.  Section 422.33, subsections 23 and 24, Code Supplement 2009, are amended by striking the subsections.
    Sec. 5.  Section 422.35, subsection 23, Code Supplement 2009, is amended by striking the subsection.
    Sec. 6.  Section 422.60, subsections 12 and 13, Code Supplement 2009, are amended by striking the subsections.
    Sec. 7.  Section 533.329, subsection 2, paragraphs f and g, Code Supplement 2009, are amended by striking the paragraphs.
    Sec. 8.  REPEAL.  Sections 15.391, 15.392, 422.11T, 422.11U, 432.12J, 432.12K, Code 2009, are repealed.
    Sec. 9.  REPEAL.  Section 15.393, Code Supplement 2009, is repealed.
    Sec. 10.  EFFECTIVE UPON ENACTMENT AND RETROACTIVE APPLICABILITY.  This Act, being deemed of immediate importance, takes effect upon enactment and applies retroactively to January 1, 2010, for tax years beginning on or after that date.
    Sec. 11.  APPLICABILITY.  This Act does not apply to contracts or agreements entered into on or before the effective date of this Act.
EXPLANATION
   This bill eliminates the film, television, and video project promotion program and makes conforming amendments.
   The bill takes effect upon enactment and applies retroactively to January 1, 2010, for tax years beginning on or after that date. The bill does not apply to contracts or agreements entered into on or before the effective date of the bill.