Bill Text: IA SF461 | 2023-2024 | 90th General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: A bill for an act to include veterans in the small business linked investments program. (Formerly SSB 1174.) Effective date: 07/01/2024.
Spectrum: Committee Bill
Status: (Passed) 2024-05-08 - Signed by Governor. S.J. 962. [SF461 Detail]
Download: Iowa-2023-SF461-Introduced.html
Bill Title: A bill for an act to include veterans in the small business linked investments program. (Formerly SSB 1174.) Effective date: 07/01/2024.
Spectrum: Committee Bill
Status: (Passed) 2024-05-08 - Signed by Governor. S.J. 962. [SF461 Detail]
Download: Iowa-2023-SF461-Introduced.html
Senate
File
461
-
Introduced
SENATE
FILE
461
BY
COMMITTEE
ON
VETERANS
AFFAIRS
(SUCCESSOR
TO
SSB
1174)
A
BILL
FOR
An
Act
to
include
veterans
in
the
small
business
linked
1
investments
program.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
2277SV
(1)
90
dg/rn
S.F.
461
Section
1.
Section
12.34,
subsection
1,
Code
2023,
is
1
amended
to
read
as
follows:
2
1.
a.
The
treasurer
of
state
may
invest
up
to
the
lesser
3
of
one
hundred
eight
million
dollars
or
twenty-five
percent
4
of
the
balance
of
the
state
pooled
money
fund
in
certificates
5
of
deposit
in
eligible
lending
institutions
as
provided
in
6
section
12.32
,
this
section
,
and
sections
12.35
through
12.43
.
7
One-half
of
the
moneys
invested
pursuant
to
this
section
shall
8
be
made
available
under
the
program
implemented
pursuant
to
9
section
12.43
to
increase
the
availability
of
lower
cost
10
moneys
for
purposes
of
injecting
needed
capital
into
small
11
businesses
which
are
fifty-one
percent
or
more
owned,
operated,
12
and
actively
managed
by
one
or
more
women,
veterans,
minority
13
persons,
or
persons
with
disabilities.
“Disability”
and
14
“minority
person”
mean
the
same
as
defined
in
section
15.102
.
15
The
treasurer
shall
invest
the
remaining
one-half
of
the
moneys
16
invested
pursuant
to
this
section
to
support
any
other
eligible
17
applicant
as
provided
in
section
12.43
.
18
b.
For
the
purposes
of
this
section:
19
(1)
“Disability”
means
the
same
as
defined
in
section
20
15.102.
21
(2)
“Minority
person”
means
the
same
as
defined
in
section
22
15.102.
23
(3)
“Veteran”
means
a
person
who
served
on
federal
24
active
duty,
other
than
training,
in
the
armed
forces
of
the
25
United
States
and
who
was
released
or
discharged
under
any
26
circumstances
other
than
dishonorable
conditions,
or
who
meets
27
the
definition
of
“veteran”
in
section
35.1.
28
EXPLANATION
29
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
30
the
explanation’s
substance
by
the
members
of
the
general
assembly.
31
This
bill
allows
the
treasurer
of
state
to
make
loans
to
32
businesses
which
are
51
percent
or
more
owned,
operated,
and
33
actively
managed
by
one
or
more
veterans
through
the
small
34
business
linked
investments
program.
35
-1-
LSB
2277SV
(1)
90
dg/rn
1/
2
S.F.
461
The
bill
defines
a
veteran,
for
the
purposes
of
the
small
1
business
linked
investments
program,
as
a
person
who
served
on
2
federal
active
duty,
other
than
training,
in
the
armed
forces
3
of
the
United
States
and
who
was
released
or
discharged
under
4
any
circumstances
other
than
dishonorable
conditions,
or
who
5
meets
the
definition
of
a
“veteran”
in
Code
section
35.1.
6
-2-
LSB
2277SV
(1)
90
dg/rn
2/
2
