House File 2382 - Introduced HOUSE FILE 2382 BY COMMITTEE ON ECONOMIC GROWTH/REBUILD IOWA (SUCCESSOR TO HSB 648) A BILL FOR An Act relating to the amount allowable as an innovation fund 1 investment tax credit and including effective date and 2 retroactive applicability provisions. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 6027HV (2) 84 mm/sc

H.F. 2382 Section 1. Section 15E.52, subsection 3, Code Supplement 1 2011, is amended to read as follows: 2 3. The amount of a tax credit allowed under this section 3 shall equal twenty percent of the following percentage of the 4 taxpayer’s equity investment in an innovation fund : 5 a. For equity investments made in fiscal years beginning on 6 or after July 1, 2011, and ending on or before June 30, 2014, 7 one hundred percent . 8 b. For equity investments made in fiscal years beginning on 9 or after July 1, 2014, twenty percent. 10 Sec. 2. EFFECTIVE UPON ENACTMENT. This Act, being deemed of 11 immediate importance, takes effect upon enactment. 12 Sec. 3. RETROACTIVE APPLICABILITY. This Act applies 13 retroactively to July 1, 2011, for innovation fund tax credit 14 certificates issued on or after that date. 15 EXPLANATION 16 This bill changes the amount allowable as an innovation fund 17 investment tax credit under Code section 15E.52. Under current 18 law, the credit is equal to 20 percent of a taxpayer’s equity 19 investment in an innovation fund. The bill changes the credit 20 amount to 100 percent of an equity investment made in fiscal 21 years beginning July 1, 2011, July 1, 2012, and July 1, 2013, 22 and 20 percent for fiscal years beginning on or after July 1, 23 2014. 24 The bill is effective upon enactment and applies 25 retroactively to July 1, 2011, for innovation fund tax credit 26 certificates issued on or after that date. 27 -1- LSB 6027HV (2) 84 mm/sc 1/ 1