Print
Senate File 321 - IntroducedA Bill ForAn Act 1relating to certain tax credits awarded by the economic
2development authority for equity investments in qualifying
3businesses or innovation funds and including effective date
4provisions.
5BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 15.119, subsection 2, paragraphs d and e,
2Code 2019, are amended to read as follows:
3d. The tax credits for investments in qualifying businesses
4issued pursuant to section 15E.43. In allocating tax credits
5pursuant to this subsection, the authority shall allocate at
6least two million and not more than four million dollars for
7purposes of this paragraph, unless the authority determines
8that the tax credits awarded will be less than that amount.
9e. The tax credits for investments in an innovation fund
10pursuant to section 15E.52. In allocating tax credits pursuant
11to this subsection, the authority shall allocate at least six
12million and not more than eight million dollars for purposes of
13this paragraph, unless the authority determines that the tax
14credits awarded will be less than that amount.
15 Sec. 2. Section 15.119, Code 2019, is amended by adding the
16following new subsection:
17 NEW SUBSECTION. 2A. On or before June 30 of each year,
18the authority shall determine the amount of tax credits that
19shall be issued pursuant to sections 15E.43 and 15E.52 for
20the following fiscal year. In allocating the amount of tax
21credits authorized pursuant to subsection 1 among the programs
22specified in subsection 2, the aggregate amount allocated by
23the authority for purposes of subsection 2, paragraphs “d” and
24“e”, shall not exceed ten million dollars.
25 Sec. 3. EFFECTIVE DATE. This Act, being deemed of immediate
26importance, takes effect upon enactment.
27EXPLANATION
28The inclusion of this explanation does not constitute agreement with
29the explanation’s substance by the members of the general assembly.
30This bill relates to certain tax credits awarded by the
31economic development authority for equity investments in a
32qualifying business or innovation fund.
33The bill directs the economic development authority to
34determine on or before June 30 of each year the amount of tax
35credits that will be issued for the following fiscal year
-1-1for equity investments in qualifying businesses pursuant to
2Code section 15E.43 and in innovation funds pursuant to Code
3section 15E.52. The bill caps the aggregate amount of these
4tax credits at $10 million.
5The bill takes effect upon enactment.
-2-ko/jh
2development authority for equity investments in qualifying
3businesses or innovation funds and including effective date
4provisions.
5BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 15.119, subsection 2, paragraphs d and e,
2Code 2019, are amended to read as follows:
3d. The tax credits for investments in qualifying businesses
4issued pursuant to section 15E.43. In allocating tax credits
5pursuant to this subsection, the authority shall allocate at
6least two million and not more than four million dollars for
7purposes of this paragraph, unless the authority determines
8that the tax credits awarded will be less than that amount.
9e. The tax credits for investments in an innovation fund
10pursuant to section 15E.52. In allocating tax credits pursuant
11to this subsection, the authority shall allocate at least six
12million and not more than eight million dollars for purposes of
13this paragraph, unless the authority determines that the tax
14credits awarded will be less than that amount.
15 Sec. 2. Section 15.119, Code 2019, is amended by adding the
16following new subsection:
17 NEW SUBSECTION. 2A. On or before June 30 of each year,
18the authority shall determine the amount of tax credits that
19shall be issued pursuant to sections 15E.43 and 15E.52 for
20the following fiscal year. In allocating the amount of tax
21credits authorized pursuant to subsection 1 among the programs
22specified in subsection 2, the aggregate amount allocated by
23the authority for purposes of subsection 2, paragraphs “d” and
24“e”, shall not exceed ten million dollars.
25 Sec. 3. EFFECTIVE DATE. This Act, being deemed of immediate
26importance, takes effect upon enactment.
27EXPLANATION
28The inclusion of this explanation does not constitute agreement with
29the explanation’s substance by the members of the general assembly.
30This bill relates to certain tax credits awarded by the
31economic development authority for equity investments in a
32qualifying business or innovation fund.
33The bill directs the economic development authority to
34determine on or before June 30 of each year the amount of tax
35credits that will be issued for the following fiscal year
-1-1for equity investments in qualifying businesses pursuant to
2Code section 15E.43 and in innovation funds pursuant to Code
3section 15E.52. The bill caps the aggregate amount of these
4tax credits at $10 million.
5The bill takes effect upon enactment.
-2-ko/jh