Senate Study Bill 1104 - Introduced SENATE FILE _____ BY (PROPOSED COMMITTEE ON WAYS AND MEANS BILL BY CHAIRPERSON BOLKCOM) A BILL FOR An Act increasing the annual aggregate tax credit authorization 1 limit for the endow Iowa tax credit and including effective 2 date and retroactive applicability provisions. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 1267XC (1) 86 mm/sc

S.F. _____ Section 1. Section 15E.305, subsection 2, unnumbered 1 paragraph 1, Code 2015, is amended to read as follows: 2 The aggregate amount of tax credits authorized pursuant to 3 this section shall not exceed a total of six seven million five 4 hundred thousand dollars annually. 5 Sec. 2. EFFECTIVE UPON ENACTMENT. This Act, being deemed of 6 immediate importance, takes effect upon enactment. 7 Sec. 3. RETROACTIVE APPLICABILITY. This Act applies 8 retroactively to January 1, 2015, for endow Iowa tax credits 9 authorized on or after that date and for endow Iowa tax credit 10 applications received on or after that date. 11 EXPLANATION 12 The inclusion of this explanation does not constitute agreement with 13 the explanation’s substance by the members of the general assembly. 14 This bill increases to $7.5 million from $6 million the 15 amount of endow Iowa tax credits that may be authorized in a 16 calendar year by the economic development authority. 17 The bill takes effect upon enactment and applies 18 retroactively to January 1, 2015, for endow Iowa tax credits 19 authorized on or after that date and for endow Iowa tax credit 20 applications received on or after that date. 21 -1- LSB 1267XC (1) 86 mm/sc 1/ 1