Bills › 89th General Assembly
Relating to certain tax credits and assistance awarded by the economic development authority, and including effective date provisions
Where it is now
- Done: IntroducedJanuary 21, 2021
- Done: SubcommitteeJanuary 27, 2021
- Stopped: House committeeDied when the General Assembly ended
- Next: Passes the House
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2022 session adjourned on May 24, 2022, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
AI summary The Iowa economic development authority will set a yearly limit of $10 million for certain business tax credits and determine how much money is available each June. These rules change how much credit an individual or a business can receive by switching from a calendar year to a fiscal year. Additionally, businesses in small rural towns can receive tax incentives and assistance based on the number of jobs they create or keep.1
Read the official explanation
This bill relates to certain tax credits and assistance awarded by the economic development authority.52. The bill caps the aggregate amount of these tax credits at $10 million. The bill changes the maximum amount of tax credits that may be issued in a year to a natural person and the person’s spouse or dependant, or for equity investments in any one qualifying business, from a calendar year basis to a fiscal year basis. The bill provides for tax incentives for eligible businesses in rural communities. “Rural community” is defined in the bill as a city located in this state with a population of 30,000 or less in a county with a population of 50,000 or less. If the rural community is located in more than one county, the rural community is considered to be located in the county that has the greatest taxable base within the city. The tax incentives are based upon the number of jobs created or retained that pay at least 110 percent of the qualifying wage threshold and the amount of the qualifying investment. The tax incentives are based upon a schedule as detailed in the bill.335B. The bill directs the authority to adopt rules to administer the high quality jobs program. The bill takes effect upon enactment.
House subcommittee
Named January 27, 2021. Meeting: Thursday, January 28 · 1:00 PM · RM 102, Sup. Ct. Consult.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
Iowa Code it changes
Creates§15.337A
Lobbying
6 for · 0 against · 16 undecided · Who →
Tried before
This idea has been filed in an earlier General Assembly. None got through a chamber.
- HF 2065 Relating to certain tax credits and assistance awarded by the economic development authori…88th General Assembly · Subcommittee recommends passage · similarCleared committee
Matched by wording or an identical title.