Bill Text: IA SF104 | 2017-2018 | 87th General Assembly | Introduced
Bill Title: A bill for an act modifying the tax incentives available under the high quality jobs program and including applicability provisions.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2018-01-17 - Subcommittee reassigned: Feenstra, Edler, and Quirmbach. S.J. 119. [SF104 Detail]
Download: Iowa-2017-SF104-Introduced.html
Senate File 104 - Introduced SENATE FILE BY PETERSEN A BILL FOR 1 An Act modifying the tax incentives available under the high 2 quality jobs program and including applicability provisions. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: TLSB 1620XS (2) 87 mm/sc PAG LIN 1 1 Section 1. Section 15.335A, subsection 1, paragraph a, Code 1 2 2017, is amended by striking the paragraph. 1 3 Sec. 2. APPLICABILITY. This Act applies to high quality 1 4 jobs program agreements entered into by an eligible business 1 5 and the economic development authority on or after July 1, 1 6 2017, and high quality jobs program agreements entered into by 1 7 an eligible business and the economic development authority 1 8 prior to July 1, 2017, shall be governed by section 15.335A, 1 9 Code 2017. 1 10 EXPLANATION 1 11 The inclusion of this explanation does not constitute agreement with 1 12 the explanation's substance by the members of the general assembly. 1 13 The high quality jobs program administered by the economic 1 14 development authority makes several types of tax incentives 1 15 available to eligible businesses that engage in a project in 1 16 the state. The type and amount of tax incentives available 1 17 is determined, among other factors, using a progressive scale 1 18 based on the number of jobs created or retained by the project 1 19 and the amount of qualifying capital investment involved in 1 20 the project. Under the first and lowest category on the 1 21 tax incentive scale, an eligible business is eligible for 1 22 certain tax incentives according to the amount of qualifying 1 23 capital investment it makes, and if the number of jobs created 1 24 or retained by the project is zero. The bill strikes that 1 25 category. An eligible business will now be required to engage 1 26 in a project that creates or retains at least one job in order 1 27 to qualify for tax incentives under the program. 1 28 The bill applies to high quality jobs program agreements 1 29 entered into on or after July 1, 2017, and high quality jobs 1 30 program agreements entered into prior to July 1, 2017, shall be 1 31 governed by current law. LSB 1620XS (2) 87 mm/sc
