House File 2123 - Introduced HOUSE FILE 2123 BY LUKAN 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 5356YH (2) 84 mm/sc

H.F. 2123 Section 1. Section 2.48, subsection 3, paragraph c, 1 subparagraph (5), Code 2011, is amended by striking the 2 subparagraph. 3 Sec. 2. Section 15.119, subsection 2, paragraph b, Code 4 Supplement 2011, is amended by striking the paragraph. 5 Sec. 3. Section 422.7, subsection 52, Code Supplement 2011, 6 is amended by striking the subsection. 7 Sec. 4. Section 422.33, subsections 23 and 24, Code 8 Supplement 2011, are amended by striking the subsections. 9 Sec. 5. Section 422.35, subsection 23, Code Supplement 10 2011, is amended by striking the subsection. 11 Sec. 6. Section 422.60, subsections 10 and 11, Code 12 Supplement 2011, are amended by striking the subsections. 13 Sec. 7. Section 533.329, subsection 2, paragraphs f and g, 14 Code Supplement 2011, are amended by striking the paragraphs. 15 Sec. 8. REPEAL. Sections 15.391, 15.392, 15.393, 422.11T, 16 422.11U, 432.12J, and 432.12K, Code and Code Supplement 2011, 17 are repealed. 18 Sec. 9. EFFECTIVE UPON ENACTMENT. This Act, being deemed of 19 immediate importance, takes effect upon enactment. 20 Sec. 10. RETROACTIVE APPLICABILITY. This Act applies 21 retroactively to January 1, 2012, for tax years beginning on 22 or after that date. 23 Sec. 11. APPLICABILITY. This Act does not apply to 24 contracts or agreements entered into on or before the effective 25 date of this Act. 26 EXPLANATION 27 This bill repeals the film, television, and video project 28 promotion program within the economic development authority. 29 The bill also repeals the various tax credits and tax 30 exclusions provided under the program. The repeal takes effect 31 immediately upon enactment and applies retroactively to January 32 1, 2012, for tax years beginning on or after that date. The 33 bill does not impact existing contracts or agreements entered 34 into on or before the effective date of the bill. The bill 35 -1- LSB 5356YH (2) 84 mm/sc 1/ 2

H.F. 2123 makes changes corresponding to the repeal of the program and 1 the related tax credits and exclusions. 2 -2- LSB 5356YH (2) 84 mm/sc 2/ 2