House
File
129
-
Introduced
HOUSE
FILE
129
BY
THOMAS
,
MURPHY
,
STECKMAN
,
RUNNING-MARQUARDT
,
HALL
,
GASKILL
,
ABDUL-SAMAD
,
OURTH
,
GAINES
,
HANSON
,
JACOBY
,
LENSING
,
STUTSMAN
,
KELLEY
,
MUHLBAUER
,
FORBES
,
DUNKEL
,
RIDING
,
H.
MILLER
,
ANDERSON
,
KAJTAZOVIC
,
WESSEL-KROESCHELL
,
WINCKLER
,
LYKAM
,
COHOON
,
M.
SMITH
,
MASCHER
,
T.
TAYLOR
,
KRESSIG
,
WOLFE
,
STAED
,
KEARNS
,
BEARINGER
,
and
HEDDENS
A
BILL
FOR
An
Act
relating
to
employee
stock
ownership
plans
by
making
1
an
appropriation
to
provide
assistance,
promotion,
and
2
education
to
interested
businesses
and
to
obtain
the
3
services
of
an
expert
in
employee
stock
ownership
plans.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
5
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1072YH
(2)
85
mm/sc
H.F.
129
Section
1.
EMPLOYEE
STOCK
OWNERSHIP
PLAN
ASSISTANCE
AND
1
PROMOTION.
2
1.
There
is
appropriated
from
the
general
fund
of
the
state
3
to
the
economic
development
authority
for
the
fiscal
year
4
beginning
July
1,
2013,
and
ending
June
30,
2014,
the
following
5
amount,
or
so
much
thereof
as
is
necessary,
to
be
used
for
the
6
purposes
designated:
7
For
providing
financial
assistance,
including
establishment
8
of
a
loan
program,
and
technical
assistance,
marketing,
and
9
education
to
businesses
interested
in
establishing
employee
10
stock
ownership
plans
and
for
procuring
the
services
of
an
11
independent
contractor
with
expertise
in
the
formation
of
12
employee
stock
ownership
plans:
13
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
$
1,000,000
14
2.
Notwithstanding
section
8.33,
moneys
appropriated
15
pursuant
to
this
section
shall
not
revert
but
shall
remain
16
available
to
the
economic
development
authority
for
the
17
purposes
designated
until
expended.
Notwithstanding
18
section
12C.7,
subsection
2,
earnings
or
interest
on
moneys
19
appropriated
pursuant
to
this
section
shall
be
retained
by
20
the
economic
development
authority
and
used
for
the
purposes
21
designated
until
expended.
22
3.
On
or
before
January
15,
2015,
the
authority
shall
23
provide
to
the
general
assembly
and
the
governor’s
office
a
24
report
describing
the
expenditure
of
funds
pursuant
to
this
25
section
and
evaluating
the
success
of
the
assistance
and
26
promotion
program.
27
4.
For
purposes
of
this
section,
“employee
stock
ownership
28
plan”
means
an
employee
stock
ownership
plan,
as
defined
in
29
Section
4975(e)(7)
of
the
Internal
Revenue
Code,
and
trust
30
that
are
established
by
a
corporation
for
the
benefit
of
the
31
employees
of
the
corporation.
32
EXPLANATION
33
This
bill
relates
to
employee
stock
ownership
plans
by
34
making
an
appropriation
of
$1
million
for
FY
2014
to
the
35
-1-
LSB
1072YH
(2)
85
mm/sc
1/
2
H.F.
129
economic
development
authority
for
the
purpose
of
providing
1
financial
assistance,
including
the
establishment
of
a
loan
2
program,
and
technical
assistance,
marketing,
and
education
to
3
businesses
regarding
the
formation
of
employee
stock
ownership
4
plans
and
for
the
purpose
of
hiring
an
independent
contractor
5
with
expertise
in
the
formation
of
employee
stock
ownership
6
plans.
The
economic
development
authority
is
required
to
7
provide
a
report
detailing
its
use
of
the
appropriation
to
the
8
general
assembly
and
the
governor
by
January
15,
2015.
9
-2-
LSB
1072YH
(2)
85
mm/sc
2/
2