SF 2041 – Establishing a Self-Employment Assistance Program
SF 2148/SF 2226 – Creating a Manufactured Housing Program Fund
SSB 3108 – Manufacturing Supply Chain
SSB 3118 – Tax Increment Financing (TIF)
SSB 3151/SF 2227 – Innovation Fund Investment Tax Credits
COMMITTEE ACTION:
SF 2041 establishes a Self-Employment Assistance Program for recipients of unemployment compensation benefits. Self-Employment Assistance is funded out of unemployment benefits. This is an option for unemployment insurance claimants who have been identified by Iowa Workforce Development as likely to run out of unemployment benefits and are seeking to be self-employed. [2/21: 9-6 (party-line)]
SF 2148/SF 2226 creates a Manufactured Housing Program Fund within the Iowa Finance Authority to provide affordable housing to Iowans. Moneys in the fund are used to provide funding to financing agents or financial institutions to finance the purchase by an individual of a manufactured home. There is no appropriation in the bill. [2/16: short form (Bertrand, Horn “excused”)]
SSB 3108 establishes a certified supplier program at the Iowa Economic Development Authority (IEDA) in which an eligible supplier (to an anchor manufacturer) could apply to the IEDA for a certificate that allows them to recognize a net business income adjustment when they have a net business income growth year over year of not more than 10 percent. The certified supplier will be able to subtract an amount equal to the difference between its current year net business income and the 110 percent of its prior year net business income. An amendment was adopted in committee expands the eligibility of suppliers (added S-Corps), changes the required number of employees (100 to 50), changes the required business income growth (10 percent to 5 percent) and provides for a sunset and review of the program in 2015. [2/21: short form]
SSB 3118 makes several changes to Iowa’s Urban Renewal Law, specifically Tax Increment Financing. An amendment was adopted in committee to strike everything after the enacting clause and insert language that states it is the intent of the General Assembly to review and enact legislation relating to Iowa’s Urban Renewal Law. [2/21:13-2 (Bertrand, Chelgren “no”)]
SSB 3151/SF 2227 changes the amount allowable as an Innovation Fund Investment Tax Credit. Under current law, the credit is equal to 20 percent of a taxpayer’s equity investment in an Innovation Fund. The bill changes the credit amount to 100 percent made in FY12, FY13 and FY14. The credit amount is reduced to 20 percent starting in FY15 and thereafter. [2/16: short form (Bertrand, Horn “excused;” Hatch “pass”)]