Relating to the economic development authority, including certain tax credit programs, the Iowa wine, beer, and spirits promotion board, and the beer and liquor control fund, and including applicability provisions

Under the bill, serine, threonine, lysine, and nonfuel ethanol are removed from the definition of “building block chemical” for purposes of the renewable chemical program (chemical program). All completed applications submitted by eligible businesses to the chemical program must be reviewed and scored on a competitive basis by the authority pursuant to rules adopted by the authority, and $1 million is the maximum amount of credit that may be issued to an eligible business in a calendar year. Under current law, if an eligible business has been in operation in the state for five years or less at the time of application, the maximum credit is $1 million. If the business has been in operation more than five years, the maximum is $500,000. The bill eliminates the wait list the authority must currently maintain for the chemical program.119(2)(h) for each fiscal year beginning on or after July 1, 2023, and ending on or before June 30, 2036. Information regarding the chemical program that must be submitted to the general assembly and to the governor by January each year is detailed in the bill and differs from the requirements under current law. The future repeal of the chemical program is extended from July 1, 2030, to July 1, 2039.33 from January 1, 2033, to January 1, 2041. For purposes of innovation fund investment credits, the bill adds “educational technology” to the definition of “innovative business”. The bill eliminates the wait list for the innovation fund tax credit and extends the time the authority’s board may certify an innovation fund from June 30, 2023, to June 30, 2028.354(4)(a)-(f).318(3)(e) apply to all applications submitted to the chemical program on or after July 1, 2023.318(3)(e) on or before June 30, 2023.52, on or after July 1, 2023.52(5)(b). DIVISION II —— IOWA WINE, BEER, AND SPIRITS PROMOTION BOARD. This division of the bill modifies the Iowa wine and beer promotion board (promotion board) by adding spirits, and adds a fourth member to the promotion board to represent Iowa distilleries. The current promotion board has three members. In addition to advising the authority on the promotion of Iowa-made beer and wine, the bill requires the promotion board to advise the authority on the promotion of spirits made in Iowa. The authority must consult with the promotion board on the best means to promote spirits made in Iowa, and permits the authority to contract with private persons for the promotion of spirits made in Iowa. The bill requires the department of commerce, after certain other transfers required by current law from the beer and liquor control fund are made, to transfer to the authority the lesser of $250,000 or percent of the gross sales of native distilled spirits by all class “A” native distilled spirits license holders made by the alcoholic beverages division. The transferred moneys may be used by the authority to promote wine, beer, and spirits made in Iowa, and for administrative expenses related to such promotion.