Amendment S-3175 to SF 657

Filed May 13, 2025 in the Senate by Sen. Dan Dawson (R)

What it changes

1. Page 1, line 21, after “business” by inserting “or revoked by the authority”
2. Page 1, line 23, after “declination” by inserting “or revocation”
3. Page 2, by striking line 15 and inserting: “e. a. (1) The tax credits for investments in an innovation fund”
4. Page 2, after line 23 by inserting: “(2) For the fiscal year beginning July 1, 2025, the allocation pursuant to this paragraph shall be reduced by any tax credit authorized by the authority prior to July 1, 2026, for an investment in a qualifying business pursuant to chapter 15E, subchapter V, Code
5. This subparagraph is repealed July 1,
6. ”
7. Page 3, by striking lines 27 and 28 and inserting “pursuant to this subsection for the fiscal year beginning July 1, 2026, and for each fiscal year thereafter, the”
8. Page 3, after line 30 by inserting: “e. (1) The high quality jobs program administered pursuant to chapter 15, subchapter II, part 13, and the business incentives for growth program administered pursuant to chapter 15, subchapter II, part
9. In allocating tax credits pursuant to this subsection, the authority shall allocate fifty million dollars in the aggregate for purposes of this paragraph, by allocating tax credits to the high quality jobs program prior to January 1, 2026, and by allocating the remaining tax credits to the business incentives for growth program on or after January 1,
10. (2) This paragraph is repealed July 1,
11. ”
12. Page 4, line 32, by striking ““h” “b”” and inserting ““h” “b””
13. Page 4, after line 32 by inserting: “Sec. ___. Section 15.354, subsection 2, paragraph a, Code 2025, is amended to read as follows: a. All completed applications shall be reviewed and scored on a competitive basis by the authority pursuant to rules adopted by the authority. In scoring applications, the authority may award additional points for all of the following: (1) A housing project located in a community where no housing project has been awarded a tax incentive under the program in the immediately preceding three application periods. (2) A housing project located in a community where a recent or planned business expansion, or a new business, has received a tax incentive or financial assistance under the high quality jobs program administered pursuant to subchapter II, part 13, the major economic growth attraction program administered pursuant to subchapter II, part 32, or the business incentives for growth program administered pursuant to subchapter II, part
14. ”
15. Page 5, line 4, by striking “forty-three million” and inserting “thirty-nine million five hundred thousand”
16. Page 5, line 7, by striking “forty million” and inserting “thirty-six million five hundred thousand”
17. Page 5, line 27, after “occurs.” by inserting “Tax credits awarded pursuant to this paragraph shall not be counted against the tax credit limit established in paragraph “a” .”
18. Page 7, line 20, after “support.” by inserting “For purposes of this subparagraph, “program support” means the services necessary for the efficient administration of a program administered by the authority, including but not limited to administrative costs, conducting a statewide laborshed study in coordination with the department of workforce development, outreach to business and marketing programs, the procurement of technical assistance, and the implementation of information technology.”
19. Page 9, by striking lines 19 and 20 and inserting “directly related to the start-up, location, modernization, or expansion of an eligible business and proposed in an eligible business’s application to the”
20. Page 9, by striking lines 30 through 33 and inserting “real property, including the purchase price of the land and existing buildings and structures, site preparation, improvements to the real property, building construction, and long-term lease costs. “Qualifying investment” also means a capital investment in depreciable”
21. Page 10, after line 6 by inserting: “
22. “Retained job” means a full-time equivalent position that is in existence at the time an eligible business applies for the program that remains continuously filled, and that is at risk of elimination if the proposed project for which the eligible business is applying to the program does not proceed.”
23. Page 10, line 7, by striking “
24. ” and inserting “
25. ”
26. Page 10, line 11, by striking “
27. ” and inserting “
28. ”
29. Page 11, line 15, by striking “provide” and inserting “offer”
30. Page 12, by striking line 25 and inserting “an ongoing basis, or will result in increased skills and wages for employees of the eligible business.”
31. Page 13, by striking line 21 and inserting “investment, unless the eligible business’s project is located in a rural county, in which case the maximum aggregate value of tax incentives that any one eligible business may receive shall not exceed seven and one-half percent of the eligible business’s qualifying investment. For purposes of this paragraph, “rural county” means a county in the state with a population of twenty thousand or less based on the most recent decennial census released by the United States census bureau.”
32. Page 14, line 4, by striking “The” and inserting “After a final determination by the authority, the”
33. Page 14, line 23, after “date,” by inserting “the agreement end date, the base employment level, any retained jobs,”
34. Page 14, by striking line 28 and inserting “necessary or material to the determination of the business’s eligibility for the program, or the aggregate value of tax incentives approved by the board.”
35. Page 15, by striking line 12 and inserting “terms of the agreement until the agreement end date. An eligible business shall maintain the business’s base employment level until the agreement end date.”
36. Page 16, by striking line 3 and inserting “paid during the period for which the refund is claimed, and shall submit the forms”
37. Page 16, by striking lines 5 through 7 and inserting: “b. The eligible business shall, no more frequently than quarterly, submit an”
38. Page 16, line 18, after “business’s” by inserting “final”
39. Page 16, by striking lines 21 and 22 and inserting “this section shall not be denied by reason of a time limitation for filing a refund claim set forth in section 423.47.”
40. Page 16, line 24, by striking “on a quarterly basis.” and inserting “as soon as practicable after completion of the audit pursuant to paragraph “b” .”
41. Page 17, line 2, by striking “The”
42. Page 17, by striking line 3 and inserting “An eligible business may claim the tax credit authorized and issued by the authority. The tax credit shall be amortized to the”
43. Page 17, line 19, after “refunded.” by inserting “In lieu of claiming a refund, an eligible business may elect to have the overpayment shown on the eligible business’s final, completed return credited to the eligible business’s tax liability for the immediately succeeding tax year.”
44. Page 18, after line 26 by inserting: “f. Except as provided in section 15.119, subsection 1, paragraph “b” , the board shall not authorize for any one fiscal year an amount of tax credits pursuant to this section that exceeds the amount allocated pursuant to section 15.119, subsection
45. ”
46. Page 19, by striking line 3 and inserting: “
47. If an eligible business has been authorized by the board to receive tax incentives under the program, a community in which the eligible business’s project”
48. Page 19, line 18, after “assistance” by inserting “to an eligible business”
49. Page 19, by striking line 25 and inserting “for the project.”
50. Page 19, line 28, after “15.506.” by inserting “The agreement shall specify the circumstances under which the financial assistance must be repaid to the authority.”
51. Page 19, after line 32 by inserting: “
52. For purposes of this section, “financial assistance” means assistance provided exclusively from the funds, rights, and assets legally available to the authority pursuant to this chapter and includes but is not limited to assistance in the form of grants, loans, forgivable loans, and royalty payments.”
53. Page 20, line 8, after “PROVISIONS.” by inserting “
54. ”
55. Page 20, after line 12 by inserting: “
56. On the effective date of this division of this Act, all moneys appropriated by the general assembly to the authority for purposes of section 15.335B shall remain available to the authority for purposes of section 15.111, as enacted by this Act. Notwithstanding section 8.33, moneys transferred in accordance with this section that remain unencumbered or unobligated at the close of the fiscal year shall not revert but shall remain available for expenditure for the purposes designated until the close of the succeeding fiscal year.”
57. Page 21, by striking line 16 and inserting “section 15.330, subsection 12, section 15E.198, Code 2014, Code 2025, and”
58. By striking page 21, line 28, through page 22, line 6, and inserting “credit award. The department of revenue, upon notification by the authority of an event of default, shall seek repayment of the value of any such tax credit already claimed in the same manner as provided in section 15.330, subsection
59. After a final determination by the authority, the authority shall notify the department of revenue of any required repayment or recapture of a tax credit. The repayment or recapture of a tax credit pursuant to this subsection shall be considered a tax payment due and payable to the department of revenue by any taxpayer who has claimed the tax credit, and the failure to make such a repayment may be treated by the department of revenue in the same manner as a failure to pay the tax shown due or required to be shown due with the filing of a return or deposit form.”
60. Page 23, by striking lines 21 through 29 and inserting “tax credits claimed. The repayment or recapture of tax credits pursuant to this subsection shall be accomplished in the same manner as provided in section 15.330, subsection

Shortened here; the full amendment is in the official document.

Official amendment (PDF) · In the Bill Book