House File 358

                                   HOUSE FILE       
                                   BY  COMMITTEE ON GOVERNMENT OVERSIGHT

                                   (SUCCESSOR TO HSB 169)

    Passed House, Date               Passed Senate,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act relating to life science enterprises by providing for
  2    financing, and providing an effective date.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 HF 358
  5 da/es/25

PAG LIN

  1  1    Section 1.  Section 10C.3, unnumbered paragraph 1, Code
  1  2 2003, is amended to read as follows:
  1  3    Notwithstanding any other provision of law, a life science
  1  4 enterprise may acquire or hold an ownership or leasehold
  1  5 interest in agricultural land if the economic development
  1  6 board approves a life science enterprise plan as provided in
  1  7 section 15.104.  A life science enterprise must acquire or
  1  8 hold the agricultural land pursuant to the plan which may be
  1  9 amended as provided by the board.  However, the life science
  1 10 enterprise shall not hold a total of more than three hundred
  1 11 twenty acres of agricultural land.  The life science
  1 12 enterprise shall hold the land only for purposes of producing
  1 13 life science products according to the life science enterprise
  1 14 plan.  In addition, the life science enterprise shall not
  1 15 acquire or hold agricultural land if the life science
  1 16 enterprise receives receive any form of financing from an Iowa
  1 17 agricultural industry finance corporation as provided in
  1 18 chapter 15E for the purchase or lease of agricultural land in
  1 19 this state.  A life science enterprise that complies with this
  1 20 section may hold the interest in the agricultural land, as
  1 21 provided in the plan, for as long as commercial sales of
  1 22 products produced from the agricultural land are subject to
  1 23 the following:
  1 24    Sec. 2.  EFFECTIVE DATE.  This Act, being deemed of
  1 25 immediate importance, takes effect upon enactment.
  1 26 HF 358
  1 27 da/es/25
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