House File 688 - Reprinted HOUSE FILE 688 BY COMMITTEE ON WAYS AND MEANS (SUCCESSOR TO HSB 234) (As Amended and Passed by the House May 10, 2011 ) A BILL FOR An Act relating to tax credits for investment in certain 1 qualifying businesses or community-based seed capital funds 2 and including retroactive applicability provisions. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 HF 688 (4) 84 tw/sc/mb
H.F. 688 Section 1. Section 15.119, subsection 2, Code 2011, is 1 amended to read as follows: 2 2. The department, with the approval of the board, shall 3 adopt by rule a procedure for allocating the aggregate tax 4 credit limit established in this section among the following 5 programs administered by the department : 6 a. The high quality job creation program administered 7 pursuant to sections 15.326 through 15.336 . 8 b. The film, television, and video project promotion program 9 administered pursuant to sections 15.391 through 15.393 . 10 c. The corporate tax research credit under the quality jobs 11 enterprise zone program pursuant to section 15A.9, subsection 12 8 . 13 d. The enterprise zones program administered pursuant to 14 sections 15E.191 through 15E.197 . 15 e. The assistive device tax credit program administered 16 pursuant to section 422.11E and section 422.33, subsection 9 . 17 f. The tax credits for investments in qualifying businesses 18 and community-based seed capital funds issued pursuant to 19 section 15E.43. In allocating tax credits pursuant to this 20 subsection, the department shall allocate two million dollars 21 for purposes of this paragraph. 22 Sec. 2. Section 15E.42, subsection 2, Code 2011, is amended 23 to read as follows: 24 2. “Board” means the Iowa capital investment economic 25 development board created in section 15E.63 15.103 . 26 Sec. 3. Section 15E.43, subsection 4, Code 2011, is amended 27 by striking the subsection and inserting in lieu thereof the 28 following: 29 4. The board shall not issue tax credits under this section 30 in excess of the amount approved by the department for any one 31 fiscal year pursuant to section 15.119. 32 Sec. 4. Section 15E.44, subsection 2, paragraphs d and e, 33 Code 2011, are amended to read as follows: 34 d. The business is not a business engaged primarily in 35 -1- HF 688 (4) 84 tw/sc/mb 1/ 2
H.F. 688 retail sales, real estate, or the provision of health care 1 or other professional services that require a professional 2 license . 3 e. The business shall not have a net worth that exceeds ten 4 five million dollars. 5 Sec. 5. CODE EDITOR DIRECTIVE. If 2011 Iowa Acts, House 6 File 590, is enacted, the Code editor is directed to change 7 references in this Act from “economic development board” to 8 “economic development authority.” 9 Sec. 6. RETROACTIVE APPLICABILITY. This Act applies 10 retroactively to January 1, 2011, for tax years beginning and 11 investments made on or after that date. 12 -2- HF 688 (4) 84 tw/sc/mb 2/ 2