HF 872 (LSB 1259HV (3) 91)

HOUSE FILE 872

BY  COMMITTEE ON ECONOMIC GROWTH AND TECHNOLOGY

(SUCCESSOR TO HF 112)

A BILL FOR

An Act relating to the maximum annual gross income for an enterprise to qualify as a targeted small business.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 15.102, subsection 12, paragraph a, Code 2025, is amended to read as follows:
   a.  “Targeted small business” means a small business any enterprise which is fifty-one percent or more owned, operated, and actively managed by one or more women, minority persons, service-disabled veterans, or persons with a disability provided the business enterprise meets all of the following requirements:
   (1)  Is located in this state.
   (2)  Is operated for profit and under a single management.
   (3)  Has either fewer than twenty employees or an annual gross income of less than four ten million dollars computed as an average of the three preceding fiscal years.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   This bill relates to the maximum annual gross income for an enterprise to qualify as a targeted small business. Under the bill, an enterprise must have an annual gross income of less than $10 million to qualify as a targeted small business. Under current law, the maximum is $4 million.