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Bills › 89th General Assembly

HF 85Died when the session ended · January 15, 2021

Allowing the formation of certain for-profit corporations as benefit corporations authorized to do business in this state under certain conditions

Topics:Business & economy

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Where it is now

  1. Done: IntroducedJanuary 15, 2021
  2. Stopped: SubcommitteeDied when the General Assembly ended
  3. Next: House committee
  4. Next: Passes the House
  5. Next: Senate committee
  6. Next: Passes the Senate
  7. Next: To the Governor
  8. 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

GENERAL. This bill amends the “Iowa Business Corporation Act” codified in Code chapter 490, by creating new subchapter XVIII governing benefit corporations. The bill allows a new for-profit business to either incorporate as a benefit corporation or as an existing for-profit corporation to become a benefit corporation.1801(1)).1801(2)). Both existing Code chapter 490 and the bill’s amendments in part creating new subchapter XVIII are based on model legislation prepared by the American bar association.

Read the full explanation

DECLARATION.1801(3)).401).5).1806(1)). CHOICE TO FORM AS OR BECOME A BENEFIT ENTITY.202).1003)).1104(7)). In any case, at least percent of the corporation’s outstanding voting and nonvoting shares of each class and series must approve the choice.1302(1)).1104(7)). MANAGEMENT.1805(1)).1805(2)).1805(3)).1807). See Code chapter 490, subchapter VII, part D. REPORT.1806(2)). The benefit corporation’s directors are responsible for the report’s preparation. The benefit corporation’s articles may require the involvement by a third party, responsible for certifying how the corporation addressed the public benefit or the best interests of those materially affected by the corporation’s conduct.1806(3)). APPLICATION. The special designation of a corporation as a benefit corporation does not by itself create an implication that different rules apply to nonbenefit corporations.1808).

Full bill text1

Iowa Code it changes

Creates§490.1801§490.1802§490.1803§490.1804§490.1805§490.1806§490.1807§490.1808

Amends§490.1302§490.401§496C.5

How the Code works2

Lobbying

1 for · 0 against · 8 undecided · Who →

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Tried before

HF 645Cleared committee88th GAHF 312Cleared committee88th GAHF 229Cleared committee88th GA

89th General Assembly

HF 85Cleared committee

Earlier and later bills are matched by wording or an identical title.

Tried before

This idea has been filed in an earlier General Assembly. None got through a chamber.

  • HF 229 Allowing the formation of certain for-profit corporations as benefit corporations authoriz…
    88th General Assembly · In committee · same title
    Cleared committee
  • HF 312 Allowing the formation of certain for-profit corporations as benefit corporations authoriz…
    88th General Assembly · In committee · same title
    Cleared committee
  • HF 645 Allowing the formation of certain for-profit corporations as benefit corporations authoriz…
    88th General Assembly · In committee · same title
    Cleared committee

Matched by wording or an identical title.