House File 829 - Reprinted
HOUSE FILE
BY COMMITTEE ON ECONOMIC
GROWTH
(SUCCESSOR TO HSB 266)
Passed House, Date Passed Senate, Date
Vote: Ayes Nays Vote: Ayes Nays
Approved
A BILL FOR
1 An Act relating to the development and commercialization of
2 businesses in the targeted industry areas of advanced
3 manufacturing, bioscience, and information technology and
4 including a contingent effective date provision.
5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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PAG LIN
1 1 Section 1. NEW SECTION. 15.411 TARGETED INDUSTRIES
1 2 DEVELOPMENT FUND == FINANCIAL ASSISTANCE.
1 3 1. A targeted industries development fund is created in
1 4 the state treasury under the control of the department and
1 5 consisting of any moneys appropriated by the general assembly
1 6 and any other moneys available to and obtained or accepted by
1 7 the department for placement in the fund. The fund shall be
1 8 used to provide financial assistance under this section.
1 9 Payments of interest, repayments of moneys loaned pursuant to
1 10 this section, and recaptures of financial assistance shall be
1 11 deposited in the fund. Moneys in the fund are not subject to
1 12 section 8.33. Notwithstanding section 12C.7, interest or
1 13 earnings on moneys in the fund shall be credited to the fund.
1 14 2. The department shall provide financial assistance to
1 15 encourage research and development activities that have a
1 16 clear potential to lead to commercially viable products or
1 17 services within a reasonable period of time in the industries
1 18 of advanced manufacturing, bioscience, and information
1 19 technology. Financial assistance shall be awarded on a per
1 20 project basis. A recipient shall not receive financial
1 21 assistance for more than one hundred fifty thousand dollars.
1 22 In order to receive financial assistance, an applicant must
1 23 demonstrate the ability to secure one dollar of nonstate
1 24 moneys for every two dollars received from the fund.
1 25 Financial assistance shall be provided from the targeted
1 26 industries development fund created in subsection 1.
1 27 3. The department shall provide financial assistance for
1 28 up to seven initiatives designed to encourage joint research
1 29 and development work between insurance or financial services
1 30 companies in the state and information technology and software
1 31 companies in the state. Financial assistance shall not exceed
1 32 one hundred thousand dollars per project. In order to receive
1 33 financial assistance, an applicant must demonstrate the
1 34 ability to secure two dollars of nonstate moneys for every one
1 35 dollar received from the fund. Financial assistance shall be
2 1 awarded to projects that will result in technologies being
2 2 developed as commercial products for sale by Iowa companies
2 3 rather than as custom applications for proprietary use by a
2 4 participating insurance or financial services company.
2 5 Financial assistance shall be provided from the targeted
2 6 industries development fund created in subsection 1.
2 7 4. The department shall provide financial assistance to
2 8 information technology businesses for purposes of upgrading
2 9 existing employees skills. Financial assistance shall be
2 10 provided from the targeted industries development fund created
2 11 in subsection 1. In order to receive financial assistance, an
2 12 applicant must demonstrate the ability to secure two dollars
2 13 of nonstate moneys for every one dollar received from the
2 14 fund.
2 15 Sec. 2. NEW SECTION. 15.412 LEAN MANUFACTURING
2 16 INSTITUTE.
2 17 The department of economic development shall establish a
2 18 lean manufacturing institute for purposes of providing
2 19 executive level, in=depth training assistance to manufacturing
2 20 entities in the state. The department of economic development
2 21 may seek nonstate moneys for purposes of supporting the lean
2 22 manufacturing institute.
2 23 Sec. 3. NEW SECTION. 15.413 STATEWIDE COMMERCIALIZATION
2 24 DEVELOPMENT SERVICES ENTITY.
2 25 Through a request for proposals process, the department
2 26 shall contract with a provider for services related to
2 27 statewide commercialization development in the industries of
2 28 advanced manufacturing, bioscience, and information
2 29 technology. The services provided by the provider shall
2 30 include all of the following:
2 31 1. Assistance provided directly to businesses by
2 32 experienced serial entrepreneurs for all of the following
2 33 activities:
2 34 a. Business plan development.
2 35 b. Due diligence.
3 1 c. Market assessments.
3 2 d. Technology assessments.
3 3 e. Other planning activities.
3 4 2. Operation and coordination of various available
3 5 competitive seed and prototype development funds.
3 6 3. Connecting businesses to private angel investors and
3 7 the venture capital community.
3 8 4. Assistance in obtaining access to an experienced pool
3 9 of managers and operations talent that can staff, mentor, or
3 10 advise start=up enterprises.
3 11 5. Support and advice for accessing sources of early stage
3 12 financing.
3 13 Sec. 4. NEW SECTION. 15.414 TARGETED INDUSTRIES
3 14 INTERNSHIP PROGRAM == FINANCIAL ASSISTANCE.
3 15 The department shall establish and administer a targeted
3 16 industries internship program. A community college, private
3 17 college, or an institution of higher learning under the
3 18 control of the state board of regents and an employer may
3 19 enter into an agreement for purposes of providing internship
3 20 opportunities to students of the community college, private
3 21 college, or university. Upon entering into such an agreement,
3 22 the employer may apply to the department for financial
3 23 assistance. An employer may receive financial assistance in
3 24 an amount of one dollar for every one dollar spent by the
3 25 employer. An employer shall not receive financial assistance
3 26 of more than three thousand one hundred dollars per student.
3 27 In order to be eligible to receive moneys under this section,
3 28 the employer must have five hundred or fewer employees and
3 29 must be engaged in an advanced manufacturing, bioscience, or
3 30 information technology industry.
3 31 Sec. 5. NEW SECTION. 15.415 MATH AND SCIENCE EDUCATOR
3 32 STIPENDS.
3 33 Each fiscal year, a public or private secondary school may
3 34 apply to the department for a one hundred fifty dollar per day
3 35 stipend, not to exceed seven hundred fifty dollars, to pay a
4 1 teacher at the school for attending an educational workshop
4 2 designed to enhance the ability of the teacher to incorporate
4 3 math and science in the daily instruction of students.
4 4 Sec. 6. NEW SECTION. 15.416 RULES.
4 5 The board shall adopt rules pursuant to chapter 17A
4 6 necessary for the administration of this part.
4 7 Sec. 7. Section 262B.22, Code 2007, is repealed.
4 8 Sec. 8. STATEWIDE SUPPLIER CAPACITY AND PRODUCT DATABASE.
4 9 The department of economic development shall contract with a
4 10 third party to create a statewide supplier capacity and
4 11 product database to assist the department in linking suppliers
4 12 to Iowa=based advanced manufacturing companies. The
4 13 department shall select the third party through a request for
4 14 proposals process.
4 15 Sec. 9. CONTINGENT EFFECTIVE DATE. This Act shall take
4 16 effect when moneys appropriated to the department of economic
4 17 development are deposited in the targeted industries
4 18 development fund. The department shall notify the Code editor
4 19 regarding the date of the deposit.
4 20 HF 829
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