Bill Text: IA HF2013 | 2021-2022 | 89th General Assembly | Introduced

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Bill Title: A bill for an act creating a growing our workforce tax credit available against the individual and corporate income taxes, the franchise tax, and the insurance premiums tax, and including effective date and retroactive applicability provisions.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2022-01-31 - Subcommittee Meeting: 02/02/2022 5:00PM House Lounge. [HF2013 Detail]

Download: Iowa-2021-HF2013-Introduced.html

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House File 2013 - Introduced
HOUSE FILE 2013
BY WILLS
A BILL FOR
An Act creating a growing our workforce tax credit available
against the individual and corporate income taxes, the
franchise tax, and the insurance premiums tax, and including
effective date and retroactive applicability provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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Section 1. NEW SECTION . 15.374 Title.
This part shall be known and may be cited as the “Growing Our
Workforce Investment Now Act” or the “Go Win Act” .
Sec. 2. NEW SECTION . 15.375 Definitions.
As used in this part, unless the context otherwise requires:
1. “Apprentice” means the same as defined in section 15B.2.
2. “Industry-recognized” means sought or accepted by
businesses within an industry or sector as recognized,
preferred, or required for determining occupational
proficiency, and that is endorsed by a nationally recognized
industry association or organization representing a significant
part of that industry or sector.
3. “Nationally portable” means industry-recognized across
multiple states for purposes of recruitment, screening, or
hiring.
4. “Occupational skills training program” means a program
that combines structured learning with on-the-job training
and leads to an industry-recognized and nationally portable
postsecondary credential upon completion.
5. “Trainee” means an individual enrolled in an occupational
skills training program.
Sec. 3. NEW SECTION . 15.376 Growing our workforce tax
credit.
1. a. A growing our workforce tax credit of one thousand
dollars shall be allowed against the taxes imposed in chapter
422, subchapters II, III, and V, and in chapter 432 for each
apprentice or trainee that is employed by an employer for at
least seven calendar months of the tax year.
b. An individual may claim a tax credit under this section
of a partnership, limited liability company, S corporation,
estate, or trust electing to have income taxed directly to
the individual. The amount claimed by the individual shall
be based upon the pro rata share of the individual’s earnings
from the partnership, limited liability company, S corporation,
estate, or trust.
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H.F. 2013
2. An employer shall take the tax credit allowed under
subsection 1 for a maximum of four tax years for the same
apprentice or trainee.
Sec. 4. NEW SECTION . 15.377 Rules.
The authority shall adopt rules pursuant to chapter 17A to
administer this part.
Sec. 5. NEW SECTION . 422.120 Growing our workforce tax
credit.
The tax imposed under this subchapter, less the credits
allowed under section 422.12, shall be reduced by a growing our
workforce tax credit allowed under section 15.376.
Sec. 6. Section 422.33, Code 2022, is amended by adding the
following new subsection:
NEW SUBSECTION . 32. The taxes imposed under this subchapter
shall be reduced by a growing our workforce tax credit allowed
under section 15.376.
Sec. 7. Section 422.60, Code 2022, is amended by adding the
following new subsection:
NEW SUBSECTION . 15. The taxes imposed under this subchapter
shall be reduced by a growing our workforce tax credit allowed
under section 15.376.
Sec. 8. NEW SECTION . 432.120 Growing our workforce tax
credit.
The taxes imposed under this chapter shall be reduced by a
growing our workforce tax credit allowed under section 15.376.
Sec. 9. EFFECTIVE DATE. This Act, being deemed of immediate
importance, takes effect upon enactment.
Sec. 10. RETROACTIVE APPLICABILITY. This Act applies
retroactively to January 1, 2022, for tax years beginning on
or after that date.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
This bill creates a growing our workforce tax credit that
is available against individual and corporate income taxes,
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H.F. 2013
franchise tax, and insurance premiums tax.
The credit is $1,000 for each apprentice or trainee that is
employed by an employer for at least seven calendar months of
the tax year. “Apprentice” and “trainee” are defined in the
bill. An employer is prohibited from taking the credit for
more than four tax years for the same apprentice or trainee.
The economic development authority is required to adopt
rules to administer the bill.
The bill is effective upon enactment and applies to tax years
beginning on or after January 1, 2022.
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