SF 70 – Buy American
SSB 1023 – Targeted Small Business Program
SSB 1025 – Iowa Economic Development Authority Miscellaneous Policy Changes
SSB 1073 – Real Estate Transfer
SSB 1184 – Technology Worker Tax Credit
COMMITTEE ACTION:
SF 70 requires each contract for a state or local government public improvement to contain a provision requiring that the iron, steel and manufactured goods used in the project be manufactured in the United States. The requirement can be waived (1) if implementation will be contrary to public interest, (2) if necessary products are not available in sufficient quantity or quality, (3) or if it will increase the cost by more than 5 percent. Provisions are included for publication of and public comment on the waiver and for not applying the exclusion to certain foreign countries. The penalty for intentionally misrepresenting products as “Made in America” is exclusion from bidding on future contracts. [3/5: 9-5, party-line (Chelgren excused)]
SSB 1024 terminates the current Targeted Small Business Financial Assistance Program that is administered by the Iowa Economic Development Authority (IEDA). The bill transfers funds from the terminated program to the IEDA to contract for services to a microloan service provider to assist targeted small businesses. The microloan service provider will provide financial and technical assistance to targeted small businesses. A targeted small business is a small business that is 51 percent or more owned, operated and actively managed by a minority person, a person with a disability or a woman. The business must be located in Iowa, operated for profit and have an average annual gross income of less than $4 million over the three preceding fiscal years. [3/5: short form (Chelgren excused)]
SSB 1025 relates to the administration of duties and programs by the Iowa Economic Development Authority (IEDA). An amendment was adopted in committee relating to the IEDA’s contract limitation and striking the changes to the tax credits amortization. The bill, as amended, allows for longer than two years duration for a contract for an operation of a federal EB-5 immigrant investor regional center. The bill adds “antitrust” to the list of items that would make a business ineligible for IEDA programs. The bill eliminates the Microenterprise Development Organization Grant program and the Broadband Access Joint Governance Board. The bill takes out IEDA’s role in the approval of certain local property tax exemptions. [2/28: short form (Chelgren, Houser excused)]
SSB 1073 relates to the transfer of real estate and the filing of a mortgage release certificate. The Mortgage Release Certificate Program was enacted in 1999 to provide a remedy for mortgages that are paid off, but not released of record or incorrectly released. The Title Guaranty Division at the Iowa Finance Authority administers this program. The overall intent of this bill is to simplify the Mortgage Release Certificate Program process and clarify program procedures. The bill assists Iowa homeowners in clearing the titles to their homes so they can be sold or refinance. [2/28: short form (Chelgren, Houser excused)]
SSB 1184 provides a tax credit for the repayment of student loan debt for technology workers. To be eligible for the program, a technology worker must be or become an Iowa resident. The technology worker may claim the credit forward for up to five years. A technology worker or the worker’s employer may receive a combined maximum tax credit amount of $1,000 a year for up to five years. [2/28: 11-2 (Behn, Chapman “no”; Chelgren, Houser excused)]