Text: HSB732            Text: HSB734


House Study Bill 733

HOUSE FILE BY (PROPOSED COMMITTEE ON ECONOMIC GROWTH BILL BY CHAIRPERSON HOFFMAN) Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to alternative and renewable energy for purposes 2 of economic development. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 5570HC 81 5 tm/gg/14 PAG LIN 1 1 Section 1. Section 15.103, subsection 1, paragraph b, 1 2 subparagraph (7), Code Supplement 2005, is amended to read as 1 3 follows: 1 4 (7) Economics or alternative and renewable energy. 1 5 Sec. 2. Section 15E.61, unnumbered paragraph 1, Code 2005, 1 6 is amended to read as follows: 1 7 The general assembly finds the following: Fundamental 1 8 changes have occurred in national and international financial 1 9 markets and in the financial markets of this state. A 1 10 critical shortage of seed and venture capital resources exists 1 11 in the state, and such shortage is impairing the growth of 1 12 commerce in the state. A need exists to increase the 1 13 availability of venture equity capital for emerging, 1 14 expanding, and restructuring enterprises in Iowa, including, 1 15 without limitation, enterprises in the life sciences, advanced 1 16 manufacturing, information technology, alternative and 1 17 renewable energy, and value=added agriculture areas. Such 1 18 investments will create jobs for Iowans and will help to 1 19 diversify the state's economic base. 1 20 Sec. 3. Section 15E.223, subsection 4, Code 2005, is 1 21 amended to read as follows: 1 22 4. "Targeted industry business" means an existing or 1 23 proposed business entity, including an emerging small business 1 24 or qualified business which is operated for profit and which 1 25 has a primary business purpose of doing business in at least 1 26 one of the targeted industries designated by the department 1 27 which include life sciences, software and information 1 28 technology, advanced manufacturing, value=added agriculture, 1 29 alternative and renewable energy, and any other industry 1 30 designated as a targeted industry by the department. 1 31 Sec. 4. Section 15E.231, subsection 1, Code Supplement 1 32 2005, is amended by adding the following new paragraph: 1 33 NEW PARAGRAPH. h. Development of the alternative and 1 34 renewable energy sector. 1 35 Sec. 5. Section 15E.351, subsection 1, Code Supplement 2 1 2005, is amended to read as follows: 2 2 1. The department shall establish and administer a 2 3 business accelerator program to provide financial assistance 2 4 for the establishment and operation of a business accelerator 2 5 for technology=based, value=added agricultural, information 2 6 solutions, alternative and renewable energy, or advanced 2 7 manufacturing start=up businesses or for a satellite of an 2 8 existing business accelerator. The program shall be designed 2 9 to foster the accelerated growth of new and existing 2 10 businesses through the provision of technical assistance. The 2 11 department shall use moneys appropriated to the department 2 12 from the grow Iowa values fund pursuant to section 15G.111, 2 13 subsection 1, subject to the approval of the economic 2 14 development board, to provide financial assistance under this 2 15 section. 2 16 Sec. 6. Section 260C.18A, subsection 2, unnumbered 2 17 paragraph 1, Code Supplement 2005, is amended to read as 2 18 follows: 2 19 Moneys deposited in the funds and disbursed to community 2 20 colleges for a fiscal year shall be expended for the following 2 21 purposes, provided seventy percent of the moneys shall be used 2 22 on projects in the areas of advanced manufacturing, 2 23 information technology and insurance, alternative and 2 24 renewable energy, and life sciences which include the areas of 2 25 biotechnology, health care technology, and nursing care 2 26 technology: 2 27 EXPLANATION 2 28 This bill relates to alternative and renewable energy for 2 29 purposes of economic development. 2 30 Currently, members of the Iowa economic development board 2 31 represent certain areas of expertise, one of which is 2 32 economics. The bill provides that expertise in alternative 2 33 and renewable energy may be represented in lieu of the 2 34 economics area of expertise. 2 35 The bill adds alternative and renewable energy to lists of 3 1 targeted industries as they appear in the Code. Such lists 3 2 are included under the Iowa fund of funds, in the loan and 3 3 credit guarantee program, as a possibility for regional 3 4 development plans, under the business accelerator program, and 3 5 as part of the workforce training and economic development 3 6 funds. 3 7 LSB 5570HC 81 3 8 tm:nh/gg/14
Text: HSB732            Text: HSB734