SSB 1197

_____ excess of an eligible business’s tax liability for a tax year to be credited to the business’s tax liability for the next seven years, or until depleted. The division modifies both tax credits to make the credits refundable and this applies to investment tax credits and insurance premium tax credits awarded on or after July 1, 2021.0.0 technology investment fund (fund).0 technology investments” is defined as projects that are intended to lead to the adoption of, and integration of, smart technologies into existing manufacturing operations located in the state by mitigating the risk to the manufacturer of significant technology investments. The fund may be administered as a revolving fund and may consist of any moneys appropriated for purposes of the program and any other moneys that are lawfully available to the authority.0 technology investments. Financial assistance may include but is not limited to grants, loans, and forgivable loans.0 review committee. The committee must review each application received by the authority and make recommendations to the members of the authority appointed by the governor and in whom the powers of the authority are vested (board), whether the board should approve or deny an application, and the type and amount of financial assistance to be awarded to an applicant. The authority must adopt rules as necessary to implement and administer the program. _____ hardware, software, and workers in an integrated way. To claim depreciation, a business must make an eligible investment. “Eligible investment” is defined as an investment in smart manufacturing equipment that is digitized and interconnected, and that modernizes a business’s operations by supporting interconnectivity, decision support, customization, and flexibility of production runs, or that decentralizes low-level decision making. The application process and the process for the authority to notify the applicant of its eligibility for depreciation are detailed in the division. An eligible business is required to enter into an agreement with the authority that specifies the terms and conditions that must be satisfied for the business to claim depreciation on its eligible investment. An eligible business is required to file a written report with the authority that states the actual date of completion of the business’s eligible investment, the actual dollar amount of the business’s eligible investment, and the actual placed-in-service date for the business’s eligible investment. After reviewing the report and verifying the actual dollar amount of the business’s eligible investment, the authority must notify the business of the amount of eligible investment the business may claim as depreciation. The authority must also notify the department of revenue of the amount of eligible investment the business may claim as depreciation and submit a list to the department of the assets deemed to be part of the business’s eligible investment.35. _____ business may claim, or if the business has already filed a tax return in which the business computed net income under section 168(k), require the business to file an amended return with net income computed without the application of section 168(k). The authority and the department of revenue must adopt rules as necessary for the implementation and administration of the program. DIVISION III —— ENERGY INFRASTRUCTURE REVOLVING LOAN PROGRAM.46, alternate energy revolving loan program, to prohibit the Iowa energy center from initiating any new loans after June 30, 2021. The division also requires that all loan payments received after June 30, 2021, be deposited, and any moneys remaining in the alternate energy revolving loan fund after June 30, 2021, be transferred, to the newly created energy infrastructure revolving loan fund. The division creates an energy infrastructure revolving fund (fund) in the office of the treasurer of state to be administered by the Iowa energy center (center). Moneys in the fund are to be used to provide financial assistance for the development and construction of energy infrastructure, including projects that support electric or gas generation transmission, storage, or distribution; electric grid modernization; energy-sector workforce development; emergency preparedness for rural and underserved areas; the expansion of biomass, biogas, and renewable natural gas; innovative technologies; and the development of infrastructure for alternative fuel vehicles. “Energy infrastructure” is defined as land, buildings, physical plant and equipment, and services directly related to the development of projects used for, or useful for, electricity or gas generation, transmission, storage, or distribution. “Financial assistance” is also defined in the bill. _____ the development of energy infrastructure within the state. An individual, business, rural electric cooperative, or municipal utility located and operating in this state is eligible for financial assistance under the program. With the approval of the center’s governing board, the economic development authority (authority) must determine the amount and the terms of all financial assistance awarded to an individual, business, rural electric cooperative, or municipal utility under the program. All agreements and administrative authority are vested in the center’s governing board. The authority may use not more than percent of the moneys in the fund at the beginning of each fiscal year for purposes of administrative costs, marketing, technical assistance, and other program support.