Senate Study Bill 1105 - Introduced SENATE FILE _____ BY (PROPOSED COMMITTEE ON WAYS AND MEANS BILL BY CHAIRPERSON BOLKCOM) A BILL FOR An Act reducing the aggregate tax credit limit for certain 1 economic development authority programs. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 1610XC (1) 86 mm/sc

S.F. _____ Section 1. Section 15.119, subsection 1, paragraph a, Code 1 2015, is amended to read as follows: 2 a. Notwithstanding any provision to the contrary in any 3 of the programs listed in subsection 2 , the authority, except 4 as provided in paragraph “b” , shall not authorize for any one 5 fiscal year an amount of tax credits for the programs specified 6 in subsection 2 that is in excess of one hundred seventy fifty 7 million dollars. 8 EXPLANATION 9 The inclusion of this explanation does not constitute agreement with 10 the explanation’s substance by the members of the general assembly. 11 This bill reduces the aggregate tax credit limit on economic 12 development authority programs listed in Code section 15.119 13 from $170 million per fiscal year to $150 million per fiscal 14 year. 15 The economic development authority programs subject to 16 this aggregate tax credit limit are the high quality jobs 17 program, the enterprise zone program, the assistive device tax 18 credit program, the tax credits for investments in qualifying 19 businesses and community-based seed capital funds, the 20 innovation fund investment tax credits, the brownfield and 21 grayfield redevelopment tax credits, and the workforce housing 22 incentives program. 23 -1- LSB 1610XC (1) 86 mm/sc 1/ 1