Text: HF355            Text: HF357
Complete Bill History


House File 356

HOUSE FILE BY HUSER and STRUYK Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to economic development by creating a bioscience 2 funding board and bioscience fund, providing tax incentives 3 under the high quality job creation Act, and including 4 effective and retroactive applicability date provisions. 5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 6 TLSB 1503HT 82 7 tm/cf/24 PAG LIN 1 1 Section 1. NEW SECTION. 15E.361 BIOSCIENCE FUNDING BOARD 1 2 == BIOSCIENCE FUND. 1 3 1. A bioscience funding board is established for purposes 1 4 of funding bioscience=related projects. The board shall award 1 5 financial assistance from moneys available in the bioscience 1 6 fund created in subsection 4. Financial assistance shall not 1 7 be used for employee salaries or for endowed chair positions. 1 8 2. The board shall consist of the following members: 1 9 a. Three members of the state board of regents appointed 1 10 by the governor and confirmed by the senate pursuant to 1 11 section 2.32. 1 12 b. Three members of a single bioscience development 1 13 organization identified by the department pursuant to section 1 14 15G.111, subsection 2, appointed by the governor and confirmed 1 15 by the senate pursuant to section 2.32. 1 16 c. One member appointed by the Iowa economic development 1 17 board and confirmed by the senate pursuant to section 2.32. 1 18 3. The terms of the members shall be staggered as 1 19 determined by the governor. A vacancy shall be filled by the 1 20 appointing authority. Members shall serve three=year terms 1 21 and may be reappointed. 1 22 4. A bioscience fund is created in the state treasury 1 23 under the control of the bioscience funding board and 1 24 consisting of any moneys appropriated by the general assembly 1 25 and any other moneys available to and obtained or accepted by 1 26 the board for placement in the fund. Payments of interest, 1 27 repayments of moneys loaned pursuant to this section, and 1 28 recaptures of loans shall be deposited in the fund. The fund 1 29 shall be used to provide grants, loans, forgivable loans, loan 1 30 guarantees, and other forms of assistance pursuant to 1 31 subsection 1. Moneys in the fund are not subject to section 1 32 8.33. Notwithstanding section 12C.7, interest or earnings on 1 33 moneys in the fund shall be credited to the fund. 1 34 Sec. 2. Section 15.335A, Code 2007, is amended by adding 1 35 the following new subsection: 2 1 NEW SUBSECTION. 7. a. In calculating the annual wage, 2 2 including benefits, pursuant to subsection 1, the department 2 3 shall not require a certain wage level, without benefits, to 2 4 be met. 2 5 b. In calculating the value of benefits pursuant to 2 6 subsection 1, if an employer offers medical insurance under 2 7 both single and family coverage plans, the employer shall be 2 8 given credit for providing medical insurance under family 2 9 coverage plans to fifty percent of the number of new high 2 10 quality jobs employees. 2 11 Sec. 3. EFFECTIVE AND RETROACTIVE APPLICABILITY DATES. 2 12 The section of this Act amending section 15.335A, being deemed 2 13 of immediate importance, takes effect upon enactment and 2 14 applies retroactively to June 9, 2005. 2 15 EXPLANATION 2 16 This bill relates to economic development by creating a 2 17 bioscience funding board and bioscience fund, providing tax 2 18 incentives under the high quality job creation Act, and 2 19 providing an income tax exempt activity for foreign 2 20 corporations. 2 21 The bill establishes a bioscience funding board for 2 22 purposes of funding bioscience=related projects. The bill 2 23 provides that the board shall award financial assistance from 2 24 moneys in the bioscience fund. The bill prohibits the use of 2 25 financial assistance for employee salaries or for endowed 2 26 chair positions. The bill creates a bioscience fund in the 2 27 state treasury under the control of the board and consisting 2 28 of any moneys appropriated by the general assembly and any 2 29 other moneys available to and obtained or accepted by the 2 30 board for placement in the fund. 2 31 In determining eligibility for tax incentives under the 2 32 high quality job creation Act, a calculation of the annual 2 33 wage, including benefits, of new high quality jobs created 2 34 must be performed. The bill provides that, in making the 2 35 calculation, the department shall not require a certain wage 3 1 level, without benefits, to be met. The bill provides that, 3 2 in making a calculation of the value of benefits, if an 3 3 employer offers medical insurance under both single and family 3 4 coverage plans, the employer shall be given credit for 3 5 providing medical insurance under family coverage plans to 50 3 6 percent of the number of new high quality jobs employees. 3 7 This provision of the bill takes effect upon enactment and 3 8 applies retroactively to June 9, 2005. 3 9 LSB 1503HT 82 3 10 tm:rj/cf/24
Text: HF355            Text: HF357 Complete Bill History