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
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688
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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
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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.
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