Bill Text: IA SSB1156 | 2019-2020 | 88th General Assembly | Introduced
Bill Title: A bill for an act relating to certain tax credits awarded by the economic development authority for equity investments in qualifying businesses or innovation funds and including effective date provisions.
Spectrum: Committee Bill
Status: (N/A - Dead) 2019-02-18 - Subcommittee recommends passage. [SSB1156 Detail]
Download: Iowa-2019-SSB1156-Introduced.html
Senate
Study
Bill
1156
-
Introduced
SENATE/HOUSE
FILE
_____
BY
(PROPOSED
ECONOMIC
DEVELOPMENT
AUTHORITY
BILL)
A
BILL
FOR
An
Act
relating
to
certain
tax
credits
awarded
by
the
economic
1
development
authority
for
equity
investments
in
qualifying
2
businesses
or
innovation
funds
and
including
effective
date
3
provisions.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
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Section
1.
Section
15.119,
subsection
2,
paragraphs
d
and
e,
1
Code
2019,
are
amended
to
read
as
follows:
2
d.
The
tax
credits
for
investments
in
qualifying
businesses
3
issued
pursuant
to
section
15E.43
.
In
allocating
tax
credits
4
pursuant
to
this
subsection
,
the
authority
shall
allocate
at
5
least
two
million
and
not
more
than
four
million
dollars
for
6
purposes
of
this
paragraph,
unless
the
authority
determines
7
that
the
tax
credits
awarded
will
be
less
than
that
amount.
8
e.
The
tax
credits
for
investments
in
an
innovation
fund
9
pursuant
to
section
15E.52
.
In
allocating
tax
credits
pursuant
10
to
this
subsection
,
the
authority
shall
allocate
at
least
six
11
million
and
not
more
than
eight
million
dollars
for
purposes
of
12
this
paragraph,
unless
the
authority
determines
that
the
tax
13
credits
awarded
will
be
less
than
that
amount.
14
Sec.
2.
Section
15.119,
Code
2019,
is
amended
by
adding
the
15
following
new
subsection:
16
NEW
SUBSECTION
.
2A.
On
or
before
June
30
of
each
year,
17
the
authority
shall
determine
the
amount
of
tax
credits
that
18
shall
be
issued
pursuant
to
sections
15E.43
and
15E.52
for
19
the
following
fiscal
year.
In
allocating
the
amount
of
tax
20
credits
authorized
pursuant
to
subsection
1
among
the
programs
21
specified
in
subsection
2,
the
aggregate
amount
allocated
by
22
the
authority
for
purposes
of
subsection
2,
paragraphs
“d”
and
23
“e”
,
shall
not
exceed
ten
million
dollars.
24
Sec.
3.
EFFECTIVE
DATE.
This
Act,
being
deemed
of
immediate
25
importance,
takes
effect
upon
enactment.
26
EXPLANATION
27
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
28
the
explanation’s
substance
by
the
members
of
the
general
assembly.
29
This
bill
relates
to
certain
tax
credits
awarded
by
the
30
economic
development
authority
for
equity
investments
in
a
31
qualifying
business
or
innovation
fund.
32
The
bill
directs
the
economic
development
authority
to
33
determine
on
or
before
June
30
of
each
year
the
amount
of
tax
34
credits
that
will
be
issued
for
the
following
fiscal
year
35
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for
equity
investments
in
qualifying
businesses
pursuant
to
1
Code
section
15E.43
and
in
innovation
funds
pursuant
to
Code
2
section
15E.52.
The
bill
caps
the
aggregate
amount
of
these
3
tax
credits
at
$10
million.
4
The
bill
takes
effect
upon
enactment.
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