House File 2123      



                                    HOUSE FILE       
                                    BY  LUKAN

                                         A BILL FOR

     1 An Act repealing the film, television, and video project
     2    promotion program, and including effective date and
     3    retroactive and other applicability provisions.
     4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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PAG LIN



  1  1    Section 1.  Section 2.48, subsection 3, paragraph c,
  1  2 subparagraph (5), Code 2011, is amended by striking the
  1  3 subparagraph.
  1  4    Sec. 2.  Section 15.119, subsection 2, paragraph b, Code
  1  5 Supplement 2011, is amended by striking the paragraph.
  1  6    Sec. 3.  Section 422.7, subsection 52, Code Supplement 2011,
  1  7 is amended by striking the subsection.
  1  8    Sec. 4.  Section 422.33, subsections 23 and 24, Code
  1  9 Supplement 2011, are amended by striking the subsections.
  1 10    Sec. 5.  Section 422.35, subsection 23, Code Supplement
  1 11 2011, is amended by striking the subsection.
  1 12    Sec. 6.  Section 422.60, subsections 10 and 11, Code
  1 13 Supplement 2011, are amended by striking the subsections.
  1 14    Sec. 7.  Section 533.329, subsection 2, paragraphs f and g,
  1 15 Code Supplement 2011, are amended by striking the paragraphs.
  1 16    Sec. 8.  REPEAL.  Sections 15.391, 15.392, 15.393, 422.11T,
  1 17 422.11U, 432.12J, and 432.12K, Code and Code Supplement 2011,
  1 18 are repealed.
  1 19    Sec. 9.  EFFECTIVE UPON ENACTMENT.  This Act, being deemed of
  1 20 immediate importance, takes effect upon enactment.
  1 21    Sec. 10.  RETROACTIVE APPLICABILITY.  This Act applies
  1 22 retroactively to January 1, 2012, for tax years beginning on
  1 23 or after that date.
  1 24    Sec. 11.  APPLICABILITY.  This Act does not apply to
  1 25 contracts or agreements entered into on or before the effective
  1 26 date of this Act.
  1 27                           EXPLANATION
  1 28    This bill repeals the film, television, and video project
  1 29 promotion program within the economic development authority.
  1 30 The bill also repeals the various tax credits and tax
  1 31 exclusions provided under the program.  The repeal takes effect
  1 32 immediately upon enactment and applies retroactively to January
  1 33 1, 2012, for tax years beginning on or after that date.  The
  1 34 bill does not impact existing contracts or agreements entered
  1 35 into on or before the effective date of the bill.  The bill
  2  1 makes changes corresponding to the repeal of the program and
  2  2 the related tax credits and exclusions.
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