HOUSE FILE 2123

BY  LUKAN

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 2.48, subsection 3, paragraph c, subparagraph (5), Code 2011, is amended by striking the subparagraph.
    Sec. 2.  Section 15.119, subsection 2, paragraph b, Code Supplement 2011, is amended by striking the paragraph.
    Sec. 3.  Section 422.7, subsection 52, Code Supplement 2011, is amended by striking the subsection.
    Sec. 4.  Section 422.33, subsections 23 and 24, Code Supplement 2011, are amended by striking the subsections.
    Sec. 5.  Section 422.35, subsection 23, Code Supplement 2011, is amended by striking the subsection.
    Sec. 6.  Section 422.60, subsections 10 and 11, Code Supplement 2011, are amended by striking the subsections.
    Sec. 7.  Section 533.329, subsection 2, paragraphs f and g, Code Supplement 2011, are amended by striking the paragraphs.
    Sec. 8.  REPEAL.  Sections 15.391, 15.392, 15.393, 422.11T, 422.11U, 432.12J, and 432.12K, Code and Code Supplement 2011, are repealed.
    Sec. 9.  EFFECTIVE UPON ENACTMENT.  This Act, being deemed of immediate importance, takes effect upon enactment.
    Sec. 10.  RETROACTIVE APPLICABILITY.  This Act applies retroactively to January 1, 2012, 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 repeals the film, television, and video project promotion program within the economic development authority. The bill also repeals the various tax credits and tax exclusions provided under the program. The repeal takes effect immediately upon enactment and applies retroactively to January 1, 2012, for tax years beginning on or after that date. The bill does not impact existing contracts or agreements entered into on or before the effective date of the bill. The bill makes changes corresponding to the repeal of the program and the related tax credits and exclusions.