House
File
666
-
Introduced
HOUSE
FILE
666
BY
COMMITTEE
ON
WAYS
AND
MEANS
(SUCCESSOR
TO
HSB
222)
A
BILL
FOR
An
Act
increasing
the
maximum
aggregate
amount
of
tax
credits
1
that
may
be
issued
under
the
fund
of
funds
program.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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H.F.
666
Section
1.
Section
15E.66,
subsection
1,
Code
2011,
is
1
amended
to
read
as
follows:
2
1.
The
board
may
issue
certificates
and
related
tax
credits
3
to
designated
investors
which,
if
redeemed
for
the
maximum
4
possible
amount,
shall
not
exceed
a
total
aggregate
of
sixty
5
one
hundred
twenty-five
million
dollars
of
tax
credits.
6
The
certificates
shall
be
issued
contemporaneously
with
a
7
commitment
to
invest
in
the
Iowa
fund
of
funds
by
a
designated
8
investor.
A
certificate
issued
by
the
board
shall
have
a
9
specific
maturity
date
or
dates
designated
by
the
board
and
10
shall
be
redeemable
only
in
accordance
with
the
contingencies
11
reflected
on
the
certificate
or
incorporated
therein
by
12
reference.
A
certificate
and
the
related
tax
credit
shall
be
13
transferable
by
the
designated
investor.
A
tax
credit
shall
14
not
be
claimed
or
redeemed
except
by
a
designated
investor
or
15
transferee
in
accordance
with
the
terms
of
a
certificate
from
16
the
board.
A
tax
credit
shall
not
be
claimed
for
a
tax
year
17
that
begins
earlier
than
the
maturity
date
or
dates
stated
18
on
the
certificate.
An
individual
may
claim
the
credit
of
a
19
partnership,
limited
liability
company,
S
corporation,
estate,
20
or
trust
electing
to
have
the
income
taxed
directly
to
the
21
individual.
The
amount
claimed
by
the
individual
shall
be
22
based
upon
the
pro
rata
share
of
the
individual’s
earnings
from
23
the
partnership,
limited
liability
company,
S
corporation,
24
estate,
or
trust.
Any
tax
credit
in
excess
of
the
taxpayer’s
25
tax
liability
for
the
tax
year
may
be
credited
to
the
tax
26
liability
for
the
following
seven
years,
or
until
depleted,
27
whichever
is
earlier.
28
EXPLANATION
29
In
2010,
the
maximum
aggregate
amount
of
tax
credits
that
30
could
be
redeemed
under
the
fund
of
funds
program
was
reduced
31
from
$100
million
to
$60
million.
This
bill
increases
the
32
maximum
to
$125
million.
33
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