House
File
2287
-
Introduced
HOUSE
FILE
2287
BY
COMMITTEE
ON
ECONOMIC
GROWTH/REBUILD
IOWA
(SUCCESSOR
TO
HSB
567)
A
BILL
FOR
An
Act
creating
a
tracking
and
reporting
system
for
certain
tax
1
credits
awarded
by
the
economic
development
authority.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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2287
Section
1.
Section
15.119,
subsection
4,
Code
Supplement
1
2011,
is
amended
to
read
as
follows:
2
4.
The
authority
shall
submit
to
the
department
of
revenue
3
on
or
before
August
15
of
each
year
a
report
on
the
tax
credits
4
allocated
pursuant
to
this
section
and
the
tax
credits
awarded
5
under
each
of
the
programs
described
in
subsection
2
.
The
6
department
of
revenue
shall
submit
to
the
authority
on
or
7
before
November
15
of
each
year
a
report
on
the
tax
credits
8
claimed
and
allowed
under
each
program
described
in
subsection
9
2.
10
Sec.
2.
Section
15.119,
Code
Supplement
2011,
is
amended
by
11
adding
the
following
new
subsection:
12
NEW
SUBSECTION
.
5.
a.
The
authority
shall
track
the
amount
13
of
tax
credits
and
other
incentives
awarded
under
the
programs
14
listed
in
subsection
2
and
make
a
report
to
the
general
15
assembly
and
the
department
of
revenue
within
sixty
days
of
the
16
end
of
each
fiscal
year
on
such
awards
that
includes
the
amount
17
and
type
of
tax
credits
and
other
incentives
that
have
been
18
awarded
to
each
recipient.
19
b.
The
department
of
revenue
shall
track
the
amount
of
tax
20
credits
and
other
incentives
actually
claimed
by
recipients
21
receiving
awards
as
described
in
paragraph
“a”
.
The
department
22
shall
issue
a
report
each
year
with
aggregate
information
on
23
the
claiming
of
the
awards
listed
in
a
given
fiscal
year
report
24
prepared
pursuant
to
paragraph
“a”
.
25
EXPLANATION
26
This
bill
requires
the
economic
development
authority
to
27
track
the
tax
credits
and
incentives
awarded
through
its
28
programs
under
the
aggregate
tax
credit
limit
cap
in
Code
29
section
15.119
and
make
a
report
to
the
general
assembly
and
30
the
department
of
revenue
within
60
days
of
the
end
of
each
31
fiscal
year.
The
report
shall
include
the
amount
and
type
of
32
tax
credits
and
other
incentives
that
have
been
awarded
to
each
33
recipient.
34
The
bill
requires
the
department
of
revenue
to
track
35
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2287
the
amount
of
tax
credits
and
incentives
actually
claimed
1
through
programs
under
the
aggregate
tax
credit
limit
cap
2
in
Code
section
15.119
and
issue
an
annual
report
with
such
3
information.
The
bill
also
requires
the
department
of
revenue
4
to
submit
to
the
authority
on
or
before
November
15
of
each
5
year
a
report
on
the
tax
credits
claimed
and
allowed
pursuant
6
to
each
of
the
programs
under
the
aggregate
tax
credit
limit
7
cap
of
the
economic
development
authority.
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