SF 618: Relating to investment tax credits and innovation fund tax credits, and including effective date and applicability provisions

What it does

This bill relates to investment tax credits and innovation fund tax credits. Under current law the economic development authority (authority) must allocate $2 million to investments in qualifying businesses and $8 million to equity investments in innovation funds (equity investments). The bill limits the authority’s tax credit allocations for investments in qualifying businesses and equity investments to a maximum aggregate of $10 million. The bill requires the authority to determine on or before June of each fiscal year the amount of tax credits to be allocated to each.

Senate subcommittee · named January 19, 2022

• Sen. Jason Schultz (R) · jason.schultz@legis.iowa.gov
• Sen. Dan Dawson (R) · dan.dawson@legis.iowa.gov
• Sen. William A. Dotzler Jr. (D) · bill.dotzler@legis.iowa.gov

Lobbying · 11 for, 0 against

For: Alliant Energy Corporation; Ames Chamber of Commerce; Cedar Rapids Metro Economic Alliance; Council Bluffs Chamber of Commerce; Greater Des Moines Partnership; Iowa Biotechnology Association; Iowa Chamber Alliance; Iowa Economic Development Authority; Marshalltown Area Chamber of Commerce; Professional Developers of Iowa (PDI); Technology Association of Iowa

In plain words

1. February 16, 2021Filed in the Senate and sent to the Ways and Means committee · as SSB 1196
2. February 16, 2021Senate subcommittee named: Schultz, Dotzler and Goodwin · as SSB 1196
3. April 27, 2021Senate subcommittee named: Dawson, Dotzler and Goodwin · as SSB 1196
4. April 28, 2021Approved by the Senate committee, and given a new number: SF 618 · as SSB 1196
5. April 29, 2021Filed in the Senate
6. April 29, 2021Approved by the Senate committee
7. June 22, 2021Sent to the Senate Ways and Means committee
8. January 19, 2022Senate subcommittee named: Schultz, Dawson and Dotzler