Bill Text: IA SSB3207 | 2013-2014 | 85th General Assembly | Introduced
Bill Title: A study bill for an act placing a limit on the amount of investment tax credits that may be authorized, awarded, or issued by the economic development authority for any one project under the high quality jobs program or enterprise zone program, and including effective date and applicability provisions.
Spectrum: Unknown
Status: (N/A - Dead) 2014-03-10 - In Ways and Means [SSB3207 Detail]
Download: Iowa-2013-SSB3207-Introduced.html
Senate
Study
Bill
3207
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
WAYS
AND
MEANS
BILL
BY
CHAIRPERSON
BOLKCOM)
A
BILL
FOR
An
Act
placing
a
limit
on
the
amount
of
investment
tax
credits
1
that
may
be
authorized,
awarded,
or
issued
by
the
economic
2
development
authority
for
any
one
project
under
the
high
3
quality
jobs
program
or
enterprise
zone
program,
and
4
including
effective
date
and
applicability
provisions.
5
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
6
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6174XC
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S.F.
_____
Section
1.
Section
15.333,
Code
2014,
is
amended
by
adding
1
the
following
new
subsection:
2
NEW
SUBSECTION
.
3.
Notwithstanding
any
other
provision
3
of
law
to
the
contrary,
the
authority
shall
not
authorize,
4
award,
or
issue
for
any
one
project
an
amount
of
tax
credits
5
provided
under
this
section
that
is
in
excess
of
seventy-five
6
million
dollars.
For
purposes
of
this
subsection,
“project”
7
means
an
activity
or
set
of
activities
directly
related
to
the
8
start-up,
location,
modernization,
or
expansion
of
a
business,
9
and
proposed
in
an
application
by
a
business,
that
will
result
10
in
the
accomplishment
of
the
goals
of
the
high
quality
jobs
11
program
or
the
enterprise
zone
program.
12
Sec.
2.
EFFECTIVE
UPON
ENACTMENT.
This
Act,
being
deemed
of
13
immediate
importance,
takes
effect
upon
enactment.
14
Sec.
3.
APPLICABILITY.
This
Act
is
not
intended
to
and
15
shall
not
limit,
modify,
or
otherwise
adversely
affect
the
16
right
or
ability
of
a
taxpayer
or
transferee
to
claim,
redeem,
17
or
transfer
a
certificate
or
tax
credit
that
was
authorized,
18
awarded,
or
issued
before
the
effective
date
of
this
Act.
19
EXPLANATION
20
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
21
the
explanation’s
substance
by
the
members
of
the
general
assembly.
22
This
bill
prohibits
the
economic
development
authority
from
23
authorizing,
awarding,
or
issuing
for
any
one
project
an
amount
24
of
investment
tax
credits
provided
in
Code
section
15.333
under
25
the
high
quality
jobs
program
or
enterprise
zone
program
that
26
is
in
excess
of
$75
million.
27
The
bill
defines
“project”
to
mean
an
activity
or
set
28
of
activities
directly
related
to
the
start-up,
location,
29
modernization,
or
expansion
of
a
business,
and
proposed
30
in
an
application
by
a
business,
that
will
result
in
the
31
accomplishment
of
the
goals
of
the
high
quality
jobs
program
32
administered
pursuant
to
Code
sections
15.326
through
15.336
33
or
the
enterprise
zone
program
administered
pursuant
to
Code
34
sections
15E.191
through
15E.198.
35
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