Bill Text: IA SF274 | 2013-2014 | 85th General Assembly | Introduced
Bill Title: A bill for an act creating a technology prairie by promoting an environment to foster the growth of technology, start-up, and small businesses and to attract a skilled workforce by providing incentives and financial assistance to businesses and certain employees, and including effective date and applicability provisions. (See SF 417.)
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Introduced - Dead) 2013-12-31 - END OF 2013 ACTIONS [SF274 Detail]
Download: Iowa-2013-SF274-Introduced.html
Senate
File
274
-
Introduced
SENATE
FILE
274
BY
HATCH
,
MATHIS
,
SODDERS
,
BEALL
,
and
DOTZLER
A
BILL
FOR
An
Act
creating
a
technology
prairie
by
promoting
an
1
environment
to
foster
the
growth
of
technology,
start-up,
2
and
small
businesses
and
to
attract
a
skilled
workforce
by
3
providing
incentives
and
financial
assistance
to
businesses
4
and
certain
employees,
and
including
effective
date
and
5
applicability
provisions.
6
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
7
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1850SS
(5)
85
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S.F.
274
DIVISION
I
1
LEGISLATIVE
FINDINGS
——
PURPOSES
2
Section
1.
LEGISLATIVE
FINDINGS
——
PURPOSES.
3
1.
The
general
assembly
finds
all
of
the
following:
4
a.
That
small
businesses
and
start-up
businesses
may
not
5
qualify
for
conventional
financing
and
may
lack
the
resources
6
to
expand
a
business.
7
b.
That
the
limited
availability
of
a
skilled
workforce
8
hampers
economic
growth
of
small
and
start-up
businesses
in
the
9
state.
10
c.
That
to
enhance
competitiveness
and
foster
economic
11
development,
this
state
must
focus
on
the
technological,
12
cultural,
and
community
environment
in
order
to
attract
a
13
skilled
workforce
and
improve
the
economic
climate
for
small
14
businesses
throughout
the
state.
15
2.
The
general
assembly
declares
the
purposes
of
this
Act
to
16
be
all
of
the
following:
17
a.
To
promote
a
cultural
and
community
environment
which
18
encourages
the
retention
of
skilled
technology
workers
in
the
19
state
and
attracts
other
skilled
technology
workers
to
the
20
state.
21
b.
To
create
incentives
and
assistance
to
compete
with
other
22
markets
in
attracting
a
skilled
technology
workforce.
23
c.
To
create
incentives
and
assistance
to
increase
the
flow
24
of
capital
to
start-up
businesses
and
small
businesses
seeking
25
to
expand
in
the
state.
26
d.
To
promote
the
advancement
of
technology
in
the
state
to
27
assist
small
businesses
throughout
the
state.
28
e.
To
create
a
technology
prairie
which
promotes
a
cultural,
29
technological,
community,
and
economic
development
environment
30
that
fosters
the
growth
of
small
businesses
and
start-up
31
companies
and
attracts
a
skilled
technology
workforce.
32
DIVISION
II
33
EXCITE
IOWA
GRANT
PROGRAM
34
Sec.
2.
NEW
SECTION
.
303.96
Excite
Iowa
grant
program.
35
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1.
The
department
of
cultural
affairs
shall
establish
and
1
administer
an
excite
Iowa
grant
program.
The
excite
Iowa
grant
2
program
is
established
to
provide
grants
to
business
entities
3
seeking
to
invest
in
community
economic
activities.
A
grant
4
shall
not
be
awarded
to
a
business
entity
unless
the
business
5
can
match
at
least
twenty
percent
of
the
amount
of
the
grant
6
to
be
awarded.
The
matching
funds
may
be
from
the
business
7
entity,
private
foundations,
federal
or
local
government
funds,
8
financial
institutions,
or
individuals.
9
2.
The
grants
are
to
be
used
by
the
business
to
invest
in
10
community
economic
activities.
Community
economic
activities
11
are
those
activities
that
promote
and
assist
with
the
visual
12
arts,
music,
literature,
drama,
fine
arts,
recreation
including
13
trails,
and
other
related
community
activities
and
events
as
14
deemed
appropriate
by
the
department.
15
3.
In
awarding
a
grant
to
a
business
to
invest
in
community
16
economic
activities,
the
department
may
consider
the
following:
17
a.
The
business
entity’s
relationship
to
the
community.
18
b.
The
business
entity’s
status
as
a
not-for-profit
single
19
management
company
or
other
entity.
20
c.
The
location
of
the
community
and
the
need
for
community
21
economic
activity
in
the
community.
22
d.
The
overall
geographic
diversity
of
the
applicants
for
23
grants,
including
urban
and
rural
communities.
24
e.
The
type
of
activity
in
which
the
business
seeks
to
25
invest.
26
f.
Any
other
information
the
department
deems
relevant.
27
4.
The
department
may
accept,
reject,
or
defer
a
business
28
entity’s
application
for
a
grant
under
this
section.
29
5.
A
grant
awarded
under
the
program
to
a
business
entity
30
shall
not
exceed
two
hundred
fifty
thousand
dollars.
31
6.
The
department
may
enter
into
an
agreement
with
a
32
business
entity
selected
to
receive
financial
assistance
33
pursuant
to
this
section
for
purposes
of
ensuring
the
program
34
is
administered
pursuant
to
the
requirements
of
this
section.
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7.
a.
The
department
may
seek
the
repayment
of
a
grant
1
provided
pursuant
to
this
section
as
provided
in
paragraph
“b”
.
2
b.
If,
after
receiving
a
grant
from
the
department
pursuant
3
to
this
section,
the
business
entity
fails
to
use
the
awarded
4
moneys
for
the
purposes
described
in
subsections
1
and
2,
all
5
or
a
portion
of
the
grant
received
is
subject
to
immediate
6
repayment
to,
and
recapture
by,
the
department.
7
c.
All
repayments
and
recaptures
of
grants
awarded
under
the
8
program
shall
be
remitted
to
the
department.
9
8.
The
department
shall
adopt
rules
pursuant
to
chapter
17A
10
as
necessary
to
administer
the
program.
11
Sec.
3.
NEW
SECTION
.
303.97
Excite
Iowa
grant
fund.
12
1.
An
excite
Iowa
grant
fund
is
created
in
the
state
13
treasury
under
the
control
of
the
department
of
cultural
14
affairs
and
consisting
of
moneys
appropriated
by
the
general
15
assembly
and
any
other
moneys
available
to
and
obtained
or
16
accepted
by
the
department
for
deposit
in
the
fund.
17
2.
The
fund
shall
be
used
to
provide
grants
under
the
excite
18
Iowa
grant
program
established
in
section
303.96.
19
3.
Interest
payments
and
repayments
and
recaptures
20
of
moneys
provided
as
grants
pursuant
to
section
303.96,
21
subsection
7,
shall
be
deposited
in
the
fund.
22
4.
Moneys
in
the
fund
are
not
subject
to
section
8.33.
23
Notwithstanding
section
12C.7,
subsection
2,
interest
or
24
earnings
on
moneys
in
the
fund
shall
be
credited
to
the
fund.
25
DIVISION
III
26
ENTREPRENEURIAL
START-UP
BUSINESS
INCENTIVES
27
Sec.
4.
NEW
SECTION
.
15E.364
Definitions.
28
For
purposes
of
this
division,
unless
the
context
otherwise
29
requires:
30
1.
“Financial
institution”
means
an
institution
listed
31
in
section
422.61,
subsection
1,
or
such
other
financial
32
institution
as
defined
by
the
authority
for
purposes
of
this
33
section.
34
2.
“Program”
means
the
entrepreneur
incentives
and
guarantee
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program.
1
3.
“Qualified
business”
means
a
start-up
business
in
the
2
state
that
is
participating
in
a
guaranteed
loan
program
under
3
the
United
States
small
business
administration.
However,
4
“qualified
business”
does
not
include
businesses
engaged
5
primarily
in
retail
sales,
real
estate,
or
the
provision
of
6
health
care
or
other
professional
services.
7
Sec.
5.
NEW
SECTION
.
15E.365
Entrepreneur
incentives
and
8
guarantee
program.
9
1.
a.
The
authority
shall
establish
and
administer
an
10
entrepreneur
incentives
and
guarantee
program.
The
authority,
11
pursuant
to
agreements
with
financial
institutions,
shall
12
provide
loan
and
credit
guarantees,
or
other
forms
of
credit
13
guarantees,
for
qualified
businesses
to
assure
the
repayment
14
of
loan
and
credit
guarantees
or
other
extensions
of
credit
15
made
to
or
on
behalf
of
qualified
businesses.
The
authority
16
may
provide
up
to
twenty-five
percent
of
the
amount
of
the
17
loan
or
credit
as
a
guarantee
of
the
loan
or
credit
for
a
18
qualified
business.
The
total
amount
of
the
loan
or
credit
to
19
be
guaranteed
shall
not
exceed
one
hundred
thousand
dollars.
A
20
loan
or
credit
guarantee
provided
under
this
section
shall
be
21
used
in
conjunction
with
a
loan
or
credit
guarantee
provided
by
22
the
United
States
small
business
administration.
23
b.
The
authority
may
purchase
insurance
to
cover
defaulted
24
loans
or
credit
meeting
the
requirements
of
the
program
to
25
the
extent
of
the
amount
of
the
guarantee
provided
by
the
26
authority.
However,
the
authority
shall
not
in
any
manner
27
directly
or
indirectly
pledge
the
credit
of
the
state.
28
2.
In
administering
the
program,
the
authority
shall
29
consult
and
cooperate
with
financial
institutions.
30
Administrative
procedures
and
application
procedures,
as
31
practicable,
shall
be
responsive
to
the
qualified
businesses
32
and
shall
be
consistent
with
prudent
investment
and
lending
33
practices
and
criteria.
34
3.
The
authority
shall
obtain
certification
from
the
United
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States
small
business
administration
of
the
small
business
1
administration’s
agreement
with
the
eligible
business
under
2
one
of
the
small
business
administration’s
guaranteed
loan
3
programs.
4
Sec.
6.
NEW
SECTION
.
15E.366
Entrepreneur
incentives
and
5
guarantee
fund.
6
1.
An
entrepreneur
incentives
and
guarantee
fund
is
created
7
and
established
as
a
separate
and
distinct
fund
in
the
state
8
treasury
under
the
control
of
the
authority.
Moneys
in
the
9
fund
shall
be
used
only
for
the
purposes
provided
in
this
10
section.
11
2.
The
moneys
in
the
fund
are
appropriated
to
the
authority
12
to
be
used
for
all
of
the
following
purposes:
13
a.
Payment
of
claims
pursuant
to
loan
and
credit
guarantee
14
agreements
entered
into
under
section
15E.365.
15
b.
Payment
of
administrative
costs
of
the
authority
for
16
actual
and
necessary
administrative
expenses
incurred
by
the
17
authority
in
administering
the
program.
18
c.
Purchase
or
buyout
of
superior
or
prior
liens,
mortgages,
19
or
security
interests
against
a
loan
or
credit
that
is
the
20
subject
of
an
agreement
under
section
15E.365.
21
d.
Purchase
of
insurance
to
cover
the
default
of
loans
or
22
credit
made
pursuant
to
the
requirements
of
the
entrepreneur
23
incentives
and
guarantee
program
to
the
extent
of
the
amount
24
guaranteed
under
section
15E.365.
25
3.
Moneys
in
the
entrepreneur
incentives
and
guarantee
fund
26
shall
consist
of
all
of
the
following:
27
a.
Moneys
appropriated
by
the
general
assembly
for
the
28
purposes
in
subsection
1
and
any
other
moneys
available
to
and
29
obtained
or
accepted
by
the
authority
for
deposit
in
the
fund.
30
b.
Proceeds
from
collateral
assigned
to
the
authority,
fees
31
for
guarantees,
gifts,
and
moneys
from
any
grant
made
to
the
32
fund
by
a
federal
agency.
33
4.
Moneys
in
the
fund
are
not
subject
to
section
8.33.
34
Notwithstanding
section
12C.7,
subsection
2,
interest
or
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earnings
on
the
moneys
in
the
fund
shall
be
credited
to
the
1
fund.
2
5.
a.
The
authority
shall
only
use
moneys
in
the
3
entrepreneur
incentives
and
guarantee
fund
as
loan
or
credit
4
guarantees,
and
for
the
purposes
provided
in
subsection
2,
and
5
not
any
other
moneys
of
the
authority.
During
a
fiscal
year,
6
the
authority
may
pledge
an
amount
not
to
exceed
the
total
7
amount
appropriated
to
the
fund
for
the
same
fiscal
year
for
8
the
purposes
of
the
program.
9
b.
The
authority
shall
not
in
any
manner,
directly
or
10
indirectly,
pledge
the
credit
or
taxing
power
of
this
state
11
or
any
political
subdivision
of
this
state
or
make
debts
12
payable
out
of
any
moneys
except
for
those
in
the
entrepreneur
13
incentives
and
guarantee
fund.
14
DIVISION
IV
15
SMALL
BUSINESS
MICROLOAN
PROGRAM
16
Sec.
7.
NEW
SECTION
.
15E.25
Small
business
microloan
17
program.
18
1.
The
economic
development
authority
shall
establish
and
19
administer
a
small
business
microloan
program.
The
small
20
business
microloan
program
is
established
to
provide
loans
to
21
local
economic
organizations
to
provide
microloans
to
small
22
businesses.
23
2.
To
receive
a
loan
from
the
program,
the
local
economic
24
development
organization
shall
demonstrate
a
dollar-for-dollar
25
fund
match.
The
matching
funds
may
be
from
a
business,
private
26
foundations,
or
individuals.
27
3.
A
loan
awarded
under
the
program
to
any
local
economic
28
development
organization
shall
not
exceed
two
hundred
fifty
29
thousand
dollars.
30
4.
In
awarding
loans
to
local
economic
development
31
organizations
to
provide
microloans
to
small
businesses,
the
32
authority
may
consider
the
following:
33
a.
The
local
economic
development
organization’s
34
relationship
to
the
community.
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b.
The
local
economic
development
organization’s
ability
to
1
provide
accounting
and
audits
of
the
microloans.
2
c.
The
location
of
the
local
economic
development
3
organization.
4
d.
The
overall
geographic
diversity
of
the
applicants
for
5
loans,
including
urban
and
rural
communities.
6
e.
Any
other
information
the
authority
deems
relevant.
7
5.
The
authority
may
accept,
reject,
or
defer
a
local
8
economic
development
organization’s
application
for
funds
under
9
this
section.
10
6.
a.
The
authority
shall
enter
into
an
agreement
with
a
11
local
economic
development
organization
selected
to
receive
12
a
loan
pursuant
to
this
section
for
purposes
of
ensuring
the
13
program
is
administered
pursuant
to
the
requirements
of
this
14
section.
15
b.
Upon
repayment
of
the
microloan
by
the
business
to
16
the
local
economic
development
organization,
the
authority
17
may
require
payment
of
an
administrative
fee
of
up
to
one
18
percent
of
the
microloan
to
be
deposited
in
the
small
business
19
microloan
program
revolving
loan
fund
established
in
section
20
15E.26.
21
7.
a.
A
local
economic
development
organization
awarded
22
financial
assistance
pursuant
to
this
section
shall
establish
23
a
microloan
application
process
and
conduct
a
microloan
24
program
for
small
businesses.
A
local
economic
development
25
organization
receiving
financial
assistance
pursuant
to
this
26
section
may
accept
and
evaluate,
and
approve,
deny,
or
defer,
27
applications
for
financial
assistance
from
small
businesses
28
pursuant
to
the
requirements
of
this
section.
29
b.
A
local
economic
development
organization
receiving
30
assistance
shall
only
provide
a
microloan
using
the
loan
31
awarded
by
the
authority
pursuant
to
this
section
for
a
new
32
or
expanding
business
in
this
state
which
has
twenty
or
fewer
33
employees
at
the
time
of
the
business’s
application
to
the
34
local
economic
development
organization.
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c.
The
amount
of
a
microloan
awarded
by
a
local
economic
1
development
organization
using
the
loan
awarded
by
the
2
authority
pursuant
to
this
section
shall
not
exceed
fifteen
3
thousand
dollars
to
any
single
business.
4
d.
The
local
economic
development
organization
shall
conduct
5
an
annual
audit
of
the
small
businesses
to
which
it
provided
a
6
microloan
using
funds
received
pursuant
to
this
section.
7
8.
a.
The
authority
may
seek
the
recapture
of
a
loan
8
provided
pursuant
to
this
section
as
provided
in
paragraph
“b”
.
9
b.
If,
after
receiving
financial
assistance
from
the
10
authority
pursuant
to
this
section,
the
local
economic
11
development
organization
fails
to
use
the
moneys
for
the
12
purposes
described
in
subsections
1
and
7,
all
or
a
portion
13
of
the
financial
assistance
received
is
subject
to
immediate
14
repayment
to,
or
recapture
by,
the
authority.
15
c.
All
payments,
repayments,
and
interest
on
loans
awarded
16
to
an
economic
development
organization
under
the
program
shall
17
be
remitted
to
the
authority.
18
9.
The
authority
shall
adopt
rules
pursuant
to
chapter
17A
19
as
necessary
to
administer
the
program.
20
Sec.
8.
NEW
SECTION
.
15E.26
Small
business
microloan
21
program
revolving
loan
fund.
22
1.
A
small
business
microloan
program
revolving
loan
fund
23
is
created
in
the
state
treasury
under
the
control
of
the
24
economic
development
authority.
The
revolving
loan
fund
shall
25
be
administered
by
the
authority
and
shall
consist
of
moneys
26
appropriated
by
the
general
assembly,
moneys
collected
by
the
27
authority
as
fees,
and
any
other
moneys
obtained
or
accepted
28
by
the
authority
for
deposit
in
the
revolving
loan
fund.
The
29
proceeds
of
the
revolving
loan
fund
are
appropriated
to
the
30
authority
and
shall
be
used
to
provide
loans
under
the
small
31
business
microloan
program
established
in
section
15E.25.
32
2.
Payments
of
interest
on
loans
and
repayments
or
33
recaptures
of
moneys
provided
to
an
economic
development
34
organization
shall
be
deposited
in
the
revolving
loan
fund.
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3.
Moneys
in
the
fund
are
not
subject
to
section
8.33.
1
Notwithstanding
section
12C.7,
subsection
2,
interest
or
2
earnings
on
moneys
in
the
fund
shall
be
credited
to
the
fund.
3
DIVISION
V
4
TECHNOLOGY
WORKERS
TAX
CREDIT
PROGRAM
5
Sec.
9.
NEW
SECTION
.
261.114
Technology
Workers
Tax
Credit
6
Program.
7
1.
For
purposes
of
this
section,
unless
the
context
8
otherwise
requires:
9
a.
“Commission”
means
the
college
student
aid
commission.
10
b.
“Eligible
lender”
means
the
same
as
defined
in
section
11
261.35.
12
c.
“Program”
means
the
technology
workers
tax
credit
program
13
established
in
this
section.
14
d.
“Program
agreement”
means
an
agreement
entered
into
15
between
the
commission
and
a
technology
worker
pursuant
to
this
16
section.
17
e.
“Qualified
student
debt”
means
the
maximum
amount
of
18
an
eligible
technology
worker’s
student
loan
principal
as
19
determined
pursuant
to
this
section.
20
f.
“Technology
worker”
means
a
worker
employed
as
a
computer
21
and
information
scientist,
systems
analyst,
computer
programmer
22
or
developer,
or
computer
professional,
or
any
skilled
worker
23
who
performs
any
function
related
to
information
technology,
24
including
the
study,
design,
development,
implementation,
25
support,
or
management
of
computer-based
information
systems.
26
2.
The
commission
shall
establish
and
administer
a
27
technology
workers
tax
credit
program
pursuant
to
this
section.
28
The
purpose
of
the
program
is
to
reimburse
eligible
technology
29
workers,
or
employers
of
such
workers,
for
the
amount
of
30
qualified
student
debt
borrowed
and
repaid
in
order
to
attend
a
31
postsecondary
institution.
32
3.
The
commission
shall
coordinate
with
postsecondary
33
institutions,
technology
workers,
eligible
lenders,
and
the
34
department
of
revenue
in
the
administration
of
this
program.
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4.
The
commission
shall
enter
into
a
program
agreement
with
1
an
eligible
technology
worker
residing
and
working
in
Iowa
who
2
wishes
to
participate
in
the
program.
As
part
of
the
program
3
agreement,
the
technology
worker
shall
covenant
and
agree
to
4
the
following:
5
a.
That
the
person
is
or
will
become
an
Iowa
resident
and
6
will
remain
an
Iowa
resident
for
the
entirety
of
each
tax
year
7
for
which
the
person
wishes
to
claim
a
tax
credit
under
the
8
program.
A
person
not
meeting
the
residency
requirements
of
9
this
paragraph
is
not
eligible
to
claim
a
tax
credit.
10
b.
That
the
person
was
enrolled
in
a
program
of
study
at
a
11
postsecondary
institution
and
has
qualified
student
debt.
12
c.
To
keep
all
necessary
financial
and
educational
records
13
relating
to
the
degree
pursued
and
the
qualified
student
debt
14
incurred
for
a
period
of
not
less
than
three
years
after
the
15
last
tax
year
in
which
a
tax
credit
under
the
program
is
16
claimed.
17
d.
That
only
repayment
of
qualified
student
debt
is
eligible
18
to
be
claimed
as
a
tax
credit
under
the
program.
19
e.
That
any
acceleration
in
the
repayment
schedule
of
the
20
qualified
student
debt
will
result
in
a
forfeiture
of
the
tax
21
credit
in
that
tax
year
and
all
subsequent
tax
years.
22
f.
To
refinance
the
loans
comprising
qualified
student
debt
23
only
if
the
loans
remain
separate
from
all
other
debt
and
if
24
both
annual
repayments
and
the
total
remaining
indebtedness
25
under
the
loan’s
amortization
schedule
will
be
reduced
by
such
26
refinancing.
27
5.
A
technology
worker
shall
not
enter
into
more
than
one
28
program
agreement
or
claim
the
tax
credit
available
under
the
29
program
more
than
once.
30
6.
a.
After
entering
into
a
program
agreement
with
an
31
eligible
technology
worker,
and
before
a
tax
credit
certificate
32
is
issued,
the
commission
shall
request
the
postsecondary
33
institution
in
which
the
technology
worker
was
enrolled
to
34
verify
the
technology
worker’s
enrollment
at
the
institution
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and
to
certify
to
the
commission
the
technology
worker’s
amount
1
of
qualified
student
debt.
2
b.
The
program
agreement
shall
terminate
if
the
commission
3
is
unable
to
verify
the
technology
worker’s
enrollment
at
a
4
postsecondary
institution
or
unable
to
certify
the
amount
of
5
the
technology
worker’s
qualified
student
debt.
6
7.
a.
An
eligible
technology
worker’s
qualified
student
7
debt
shall
be
the
total
amount
of
principal
borrowed
from
an
8
eligible
lender
for
purposes
of
paying
the
amount
of
tuition
9
and
mandatory
fees
required
in
order
to
obtain
a
degree
from
a
10
postsecondary
institution.
11
b.
Only
loans
included
as
part
of
a
financial
aid
package
12
awarded
to
the
eligible
technology
worker
by
a
postsecondary
13
institution
shall
be
included
in
the
amount
of
qualified
14
student
debt
determined
pursuant
to
this
subsection.
15
8.
After
verifying
whether
the
technology
worker
qualifies
16
for
the
program
and
after
certifying
the
amount
of
qualified
17
student
debt,
the
commission
shall
issue
to
the
technology
18
worker
a
tax
credit
certificate
which
shall
contain
the
19
technology
worker’s
name,
address,
tax
identification
number,
20
the
amount
of
the
tax
credit,
and
any
other
information
21
required
by
the
department
of
revenue.
22
9.
a.
(1)
A
technology
workers
tax
credit
shall
be
allowed
23
against
the
taxes
imposed
in
chapter
422,
divisions
II,
III,
24
and
V,
and
in
chapter
432,
and
against
the
moneys
and
credits
25
tax
imposed
in
section
533.329,
for
the
repayment
of
qualified
26
student
debt.
27
(2)
An
individual
may
claim
the
tax
credit
under
this
28
section
of
a
partnership,
limited
liability
company,
S
29
corporation,
estate,
or
trust
electing
to
have
income
taxed
30
directly
to
the
individual.
The
amount
claimed
by
the
31
individual
shall
be
based
upon
the
pro
rata
share
of
the
32
individual’s
earnings
from
the
partnership,
limited
liability
33
company,
S
corporation,
estate,
or
trust.
34
b.
(1)
An
employer
may
claim
a
tax
credit
under
this
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section
for
payments
made
directly
to
an
eligible
lender
on
1
behalf
of
a
technology
worker
who
has
been
issued
a
tax
credit
2
certificate
pursuant
to
this
subsection.
3
(2)
The
employer
may
claim
the
tax
credit
in
an
amount
4
equal
to
the
payments
made
by
the
employer
of
qualified
student
5
debt
that
came
due
during
the
technology
worker’s
period
of
6
employment
with
the
employer.
7
(3)
The
employer
may
require
a
person
to
provide
a
copy
of
8
the
program
agreement
and
a
copy
of
the
tax
credit
certificate
9
issued
pursuant
to
this
section
in
order
to
verify
that
a
10
person
is
an
eligible
technology
worker
with
qualified
student
11
debt.
12
(4)
The
employer
claiming
a
tax
credit
under
the
program
13
shall
retain
all
relevant
records
for
at
least
three
tax
years
14
following
the
last
tax
year
in
which
the
tax
credit
is
claimed.
15
c.
A
technology
worker
and
the
technology
worker’s
employer
16
may
both
claim
tax
credits
for
payments
of
qualified
student
17
debt
made
in
the
same
year,
but
the
same
payment
of
qualified
18
student
debt
shall
not
be
claimed
by
more
than
one
taxpayer.
19
d.
A
technology
worker
and
the
technology
worker’s
employer
20
shall
receive
a
credit
for
the
amount
of
qualified
student
debt
21
repaid
by
the
employer
or
technology
worker
up
to
a
combined
22
amount
of
one
thousand
dollars
each
year
for
a
maximum
of
five
23
years.
24
e.
Any
tax
credit
in
excess
of
the
taxpayer’s
liability
25
for
the
tax
year
is
not
refundable
but
may
be
credited
to
the
26
tax
liability
for
the
following
five
years
or
until
depleted,
27
whichever
is
earlier.
A
tax
credit
shall
not
be
carried
back
28
to
a
tax
year
prior
to
the
tax
year
in
which
the
taxpayer
first
29
receives
the
tax
credit.
30
f.
A
technology
worker
or
employer
may
claim
the
tax
credit
31
only
if
the
technology
worker
is
in
compliance
with
the
program
32
agreement,
and
the
technology
worker
is
not
in
arrears
on
the
33
repayment
schedule
for
the
qualified
student
debt.
34
10.
a.
(1)
To
claim
the
technology
workers
tax
credit,
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a
technology
worker
shall
attach
the
tax
credit
certificate
1
issued
by
the
commission
to
the
taxpayer’s
tax
return.
2
(2)
To
claim
the
technology
workers
tax
credit
for
payments
3
made
on
behalf
of
a
technology
worker,
a
taxpayer
shall
attach
4
a
copy
of
the
tax
credit
certificate
issued
to
the
technology
5
worker
along
with
any
information
required
by
the
department
of
6
revenue
pertaining
to
the
payments
made
to
an
eligible
lender.
7
b.
The
tax
credit
certificate
attached
to
the
taxpayer’s
8
tax
return
shall
expire
on
or
after
the
last
day
of
the
taxable
9
year
for
which
the
taxpayer
is
claiming
the
tax
credit
and
show
10
a
tax
credit
amount
equal
to
or
greater
than
the
tax
credit
11
claimed
on
the
taxpayer’s
tax
return.
12
c.
The
tax
credit
certificate,
unless
rescinded
by
the
13
commission,
shall
be
accepted
by
the
department
of
revenue
as
14
payment
for
taxes
imposed
pursuant
to
chapter
422,
divisions
15
II,
III,
and
V,
and
in
chapter
432,
and
for
the
moneys
and
16
credits
tax
imposed
in
533.329,
subject
to
any
conditions
or
17
restrictions
placed
by
the
commission
upon
the
face
of
the
18
tax
credit
certificate
and
subject
to
the
limitations
of
this
19
section.
20
11.
Except
as
otherwise
provided
in
this
section,
a
tax
21
credit
certificate
is
not
transferable
to
any
person
or
entity.
22
12.
An
eligible
technology
worker
who
exercises
the
23
forbearance
or
deferment
provisions
of
a
student
loan
agreement
24
that
comprises
a
portion
of
the
technology
worker’s
qualified
25
student
debt
does
not
forfeit
the
right
to
claim
the
tax
credit
26
available
under
this
section.
The
department
of
revenue
shall
27
toll
the
carryforward
provisions
of
subsection
9,
paragraph
28
“e”
,
for
any
worker
exercising
forbearance
or
deferment
29
provisions.
30
13.
a.
The
commission,
in
consultation
with
the
department
31
of
revenue,
shall
adopt
rules
pursuant
to
chapter
17A
for
the
32
implementation
and
administration
of
the
program.
33
b.
The
department
of
revenue,
in
consultation
with
the
34
commission,
may
adopt
rules
pursuant
to
chapter
17A
for
the
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implementation
and
administration
of
subsections
9
through
12.
1
Sec.
10.
NEW
SECTION
.
422.11R
Technology
workers
tax
2
credit.
3
The
taxes
imposed
under
this
division,
less
the
credits
4
allowed
under
section
422.12,
shall
be
reduced
by
a
technology
5
workers
tax
credit
authorized
pursuant
to
section
261.114.
6
Sec.
11.
Section
422.33,
Code
2013,
is
amended
by
adding
the
7
following
new
subsection:
8
NEW
SUBSECTION
.
30.
The
taxes
imposed
under
this
division
9
shall
be
reduced
by
a
technology
workers
tax
credit
authorized
10
pursuant
to
section
261.114.
11
Sec.
12.
Section
422.60,
Code
2013,
is
amended
by
adding
the
12
following
new
subsection:
13
NEW
SUBSECTION
.
12.
The
taxes
imposed
under
this
division
14
shall
be
reduced
by
a
technology
workers
tax
credit
authorized
15
pursuant
to
section
261.114.
16
Sec.
13.
NEW
SECTION
.
432.12N
Technology
workers
tax
17
credit.
18
The
taxes
imposed
under
this
chapter
shall
be
reduced
by
a
19
technology
workers
tax
credit
authorized
pursuant
to
section
20
261.114.
21
Sec.
14.
Section
533.329,
subsection
2,
Code
2013,
is
22
amended
by
adding
the
following
new
paragraph:
23
NEW
PARAGRAPH
.
k.
The
moneys
and
credits
tax
imposed
under
24
this
section
shall
be
reduced
by
a
technology
workers
tax
25
credit
authorized
pursuant
to
section
261.114.
26
Sec.
15.
APPLICABILITY.
This
division
of
this
Act
applies
27
to
tax
years
beginning
on
or
after
January
1,
2014.
28
DIVISION
VI
29
BROADBAND
LOAN
PROGRAM
30
Sec.
16.
NEW
SECTION
.
15E.367
Broadband
loan
program.
31
1.
The
economic
development
authority
shall
establish
and
32
administer
a
broadband
loan
program
to
provide
low-interest
33
loans
to
broadband
and
telecommunications
businesses
to
expand
34
broadband
access
in
the
state.
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2.
In
awarding
loans
to
businesses
to
invest
in
expanding
1
broadband
access,
the
authority
may
consider
the
following:
2
a.
The
business’s
relationship
to
the
community.
3
b.
The
location
of
the
community
and
the
need
for
broadband
4
access
in
the
community.
5
c.
The
overall
geographic
diversity
of
the
applicants
for
6
loans,
including
urban
and
rural
communities.
7
d.
Any
other
information
the
authority
deems
relevant.
8
3.
The
authority
may
accept,
reject,
or
defer
a
business
9
entity’s
application
for
funds
under
this
section.
10
4.
In
awarding
financial
assistance,
the
authority
shall
11
ensure
that
businesses
that
seek
to
expand
broadband
access
to
12
communities
that
are
underserved
or
are
not
served
by
broadband
13
technology
shall
receive
financial
assistance
prior
to
14
awarding
financial
assistance
to
businesses
that
seek
to
expand
15
broadband
access
to
communities
that
have
adequate
service.
16
5.
A
loan
awarded
under
the
program
to
any
single
business
17
entity
shall
not
exceed
two
hundred
fifty
thousand
dollars.
18
6.
The
authority
shall
enter
into
an
agreement
with
a
19
business
entity
selected
to
receive
financial
assistance
20
pursuant
to
this
section
for
purposes
of
ensuring
the
program
21
is
administered
pursuant
to
the
requirements
of
this
section.
22
The
agreement
shall
set
the
loan
period
and
interest
rate
of
23
the
loan.
24
7.
a.
The
authority
may
seek
immediate
repayment
or
25
recapture
of
the
financial
assistance
awarded
pursuant
to
this
26
section
as
provided
in
paragraph
“b”
.
27
b.
If,
after
receiving
financial
assistance
from
the
28
authority
pursuant
to
this
section,
the
business
entity
29
fails
to
use
the
awarded
moneys
for
the
purposes
described
in
30
subsection
1,
all
or
a
portion
of
the
financial
assistance
31
received
is
subject
to
immediate
repayment
or
recapture.
32
c.
All
repayments,
recaptures,
and
interest
on
loans
awarded
33
under
the
program
shall
be
remitted
to
the
authority
to
be
34
deposited
in
the
broadband
loan
program
fund
established
in
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section
15E.368.
1
8.
The
economic
development
authority
shall
have
the
power
2
to
bond
as
necessary
to
carry
out
the
purposes
of
the
broadband
3
loan
program.
The
bonds
shall
be
issued
in
the
same
manner
4
as,
and
under
the
same
conditions
and
restrictions
of,
section
5
15.106D.
6
Sec.
17.
NEW
SECTION
.
15E.368
Broadband
loan
program
fund.
7
1.
A
broadband
loan
program
fund
is
created
in
the
state
8
treasury
under
the
control
of
the
economic
development
9
authority
and
consisting
of
moneys
appropriated
by
the
general
10
assembly
and
any
other
moneys
available
to
and
obtained
or
11
accepted
by
the
authority
for
placement
in
the
fund.
12
2.
Payments
or
repayments
of
moneys
provided,
and
interest,
13
shall
be
deposited
in
the
fund.
14
3.
The
fund
shall
be
used
to
provide
low-interest
loans
15
under
the
broadband
loan
program
established
in
section
16
15E.367.
17
4.
Moneys
in
the
fund
are
not
subject
to
section
8.33.
18
Notwithstanding
section
12C.7,
subsection
2,
interest
or
19
earnings
on
moneys
in
the
fund
shall
be
credited
to
the
fund.
20
DIVISION
VII
21
SALES
AND
USE
TAX
COLLECTION
ALLOWANCE
22
Sec.
18.
NEW
SECTION
.
423.32A
Collection
allowance.
23
1.
Each
retailer
subject
to
section
423.31
and
each
retailer
24
maintaining
a
place
of
business
in
this
state
subject
to
25
section
423.32
may,
at
the
time
of
making
a
return
required
26
by
those
sections,
take
a
collection
allowance
in
the
form
27
of
a
credit
equal
to
five
percent
of
the
tax
due
as
properly
28
computed
on
the
return.
29
2.
The
collection
allowance
in
this
section
shall
not
apply
30
to
any
of
the
following:
31
a.
A
person
who
files
a
return
under
section
423.31
pursuant
32
to
a
direct
pay
tax
permit
authorized
under
section
423.36,
33
subsection
8.
34
b.
Tax
due
as
a
result
of
the
retailer’s
own
purchase
or
use
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of
tangible
personal
property
or
enumerated
services.
1
c.
A
return
that
is
not
timely
filed
or
for
which
the
tax
2
is
not
timely
remitted.
3
3.
The
collection
allowance
in
this
section
shall
not
exceed
4
fifty
dollars
per
retailer
per
calendar
year.
For
purposes
of
5
this
section,
an
affiliated
group
as
defined
in
section
422.32
6
or
a
retailer
operating
multiple
places
of
business
shall
be
7
considered
one
retailer,
regardless
of
whether
or
not
such
8
retailer
files
a
consolidated
return.
9
Sec.
19.
Section
423.49,
Code
2013,
is
amended
by
adding
the
10
following
new
subsection:
11
NEW
SUBSECTION
.
11.
a.
In
addition
to
any
other
12
monetary
allowance
provided
under
the
agreement,
each
seller
13
registered
under
the
agreement
and
filing
a
return
pursuant
14
to
this
section
may,
at
the
time
of
making
the
return,
take
15
a
collection
allowance
in
the
form
of
a
credit
equal
to
five
16
percent
of
the
tax
due
as
properly
computed
on
the
return.
17
b.
The
collection
allowance
in
this
subsection
shall
not
18
apply
to
any
of
the
following:
19
(1)
Tax
due
as
a
result
of
the
purchase
or
use
of
tangible
20
personal
property
or
enumerated
services
by
the
seller
21
registered
under
the
agreement.
22
(2)
A
return
that
is
not
timely
filed
or
for
which
the
tax
23
is
not
timely
remitted.
24
c.
The
collection
allowance
in
this
subsection
shall
25
not
exceed
fifty
dollars
per
seller
registered
under
the
26
agreement
per
calendar
year.
For
purposes
of
this
subsection,
27
an
affiliated
group
as
defined
in
section
422.32
or
a
seller
28
operating
multiple
places
of
business
shall
be
considered
one
29
seller
registered
under
the
agreement,
regardless
of
whether
or
30
not
such
seller
files
a
consolidated
return.
31
Sec.
20.
EFFECTIVE
DATE.
This
division
of
this
Act
takes
32
effect
January
1,
2014.
33
Sec.
21.
APPLICABILITY.
This
division
of
this
Act
applies
34
to
returns
filed
for
calendar
years
beginning
on
or
after
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January
1,
2014.
1
EXPLANATION
2
This
bill
relates
to
the
establishment
of
programs
to
3
provide
financial
and
community
incentives
and
financial
4
assistance
to
businesses
in
the
state
and
certain
employees.
5
Division
I
provides
the
legislative
findings
and
establishes
6
the
purposes
of
the
bill.
7
Division
II
of
the
bill
requires
the
department
of
cultural
8
affairs
(DCA)
to
establish
an
excite
Iowa
grant
program
9
and
establishes
an
excite
Iowa
grant
program
fund
under
the
10
department’s
control
for
the
purpose
of
providing
grants
to
11
business
entities
seeking
to
invest
in
community
economic
12
activities,
as
defined
in
the
bill.
13
To
receive
an
excite
Iowa
grant,
a
business
entity
must
match
14
at
least
20
percent
of
the
amount
of
the
grant
with
funds
from
15
the
business,
private
foundations,
federal
or
local
government
16
funds,
financial
institutions,
or
individuals.
A
grant
awarded
17
under
the
program
may
not
exceed
$250,000.
18
The
bill
allows
DCA
to
consider
the
business’s
relationship
19
with
the
community,
the
business’s
management
status,
the
20
location
of
the
community
in
which
the
business
seeks
to
21
invest,
the
geographic
diversity
of
the
applicants,
the
type
22
of
activity
in
which
the
business
seeks
to
invest,
and
other
23
information
DCA
deems
relevant
in
awarding
the
grants.
24
The
bill
authorizes
DCA
to
enter
into
an
agreement
with
a
25
business
selected
to
receive
financial
assistance
to
ensure
26
compliance
with
the
program
requirements.
The
bill
allows
DCA
27
to
seek
repayments
or
recaptures
of
all
or
a
portion
of
grant
28
moneys
if
the
business
entity
receiving
the
grant
fails
to
use
29
the
awarded
moneys
to
invest
in
a
community
economic
activity.
30
The
bill
requires
DCA
to
adopt
rules
to
administer
the
31
program.
32
Division
III
of
the
bill
requires
the
economic
development
33
authority
(authority)
to
establish
and
administer
an
34
entrepreneur
incentives
and
guarantee
program
to
provide
loan
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and
credit
guarantees
for
qualified
businesses.
The
bill
1
provides
that
a
“qualified
business”
means
a
start-up
business
2
in
the
state
that
has
entered
into
a
guaranteed
loan
program
3
under
the
United
States
small
business
administration
(SBA),
4
but
does
not
include
businesses
engaged
primarily
in
retail
5
sales,
real
estate,
or
the
provision
of
health
care
or
other
6
professional
services.
7
The
bill
allows
the
authority
to
invest
up
to
25
percent
8
of
the
amount
of
the
loan
or
credit
as
a
loan
or
credit
9
guarantee
for
a
qualified
business.
The
amount
of
the
loan
10
or
credit
for
which
the
authority
provides
a
guarantee
shall
11
not
exceed
$100,000.
The
loan
or
credit
guarantee
provided
by
12
the
authority
is
to
be
used
in
conjunction
with
a
guarantee
13
provided
by
the
SBA.
14
The
bill
authorizes
the
authority
to
purchase
insurance
to
15
cover
defaulted
loans
meeting
the
requirements
of
the
program,
16
but
states
that
the
authority
shall
not
directly
or
indirectly
17
pledge
the
credit
of
the
state.
18
The
bill
also
establishes
an
entrepreneur
incentives
and
19
guarantee
fund
under
the
control
of
the
authority.
The
moneys
20
in
the
fund
are
to
be
used
to
pay
claims
of
the
loan
and
credit
21
guarantee
agreements,
pay
administrative
costs
of
the
authority
22
in
administering
the
program,
or
purchase
or
buy
out
superior
23
or
prior
liens,
mortgages,
or
security
interests
on
a
loan
or
24
credit
that
is
the
subject
of
an
agreement.
25
The
bill
provides
that
the
authority
may
only
pledge
moneys
26
in
the
entrepreneur
incentives
and
guarantee
fund
and
not
any
27
other
moneys
of
the
authority.
Additionally,
the
authority
28
may
not
pledge
an
amount
during
a
fiscal
year
that
exceeds
the
29
total
amount
appropriated
to
the
fund
for
that
fiscal
year
to
30
assure
the
repayment
of
loan
and
credit
guarantees
made
to
or
31
on
behalf
of
qualified
businesses.
32
Division
IV
of
the
bill
requires
the
economic
development
33
authority
to
establish
and
administer
a
small
business
34
microloan
program
and
revolving
loan
fund
to
provide
loans
to
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local
economic
development
organizations
to
provide
microloans
1
to
small
businesses.
2
The
bill
requires
a
local
economic
development
organization
3
to
demonstrate
a
dollar-for-dollar
match
to
receive
assistance
4
under
the
program.
The
bill
provides
that
the
maximum
amount
5
of
a
loan
to
any
single
economic
development
organization
may
6
not
exceed
$250,000.
7
The
bill
requires
the
authority
to
consider
factors
8
specified
in
the
bill
and
other
information
the
authority
deems
9
relevant
when
awarding
the
loans
to
local
economic
development
10
organizations.
11
The
bill
requires
the
authority
to
enter
into
an
agreement
12
with
the
local
economic
development
organization
selected
to
13
receive
financial
assistance
under
the
program
for
purposes
14
of
ensuring
compliance
with
the
program
requirements.
15
The
bill
also
allows
the
authority
to
require
the
local
16
economic
development
organization
to
pay
up
to
a
1
percent
17
administrative
fee
upon
a
small
business’s
repayment
of
a
18
microloan
to
the
organization
for
deposit
in
the
small
business
19
microloan
program
revolving
fund.
20
The
bill
requires
the
local
economic
development
21
organization
receiving
financial
assistance
under
the
program
22
to
establish
a
microloan
application
process
and
conduct
a
23
microloan
program
for
small
businesses.
The
local
economic
24
development
organization
may
only
use
the
financial
assistance
25
received
pursuant
to
the
program
to
provide
a
microloan
for
26
a
new
or
expanding
business
in
the
state
which
has
20
or
27
fewer
employees
at
the
time
of
the
business’s
application
28
for
a
microloan.
A
microloan
awarded
by
the
local
economic
29
development
organization
using
financial
assistance
from
the
30
program
may
not
exceed
$15,000
to
any
single
business.
The
31
bill
requires
the
local
economic
development
organization
to
32
conduct
an
audit
of
the
small
businesses
to
which
it
provided
a
33
microloan.
34
Financial
assistance
awarded
under
the
program
is
subject
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to
immediate
repayment
or
recapture
if
the
local
economic
1
development
organization
fails
to
use
the
financial
assistance
2
for
the
program’s
intended
purposes.
3
Division
V
of
the
bill
provides
for
the
establishment
of
a
4
technology
workers
tax
credit
program
to
be
administered
by
the
5
college
student
aid
commission
and
the
department
of
revenue.
6
The
purpose
of
the
program
is
to
provide
a
tax
credit
to
7
eligible
technology
workers
or
to
provide
a
tax
credit
to
8
an
eligible
technology
worker’s
employer
for
payments
made
9
toward
the
qualified
student
debt.
For
purposes
of
the
bill,
10
“qualified
student
debt”
is
the
total
amount
of
principal
11
borrowed
by
the
eligible
technology
worker
to
attend
a
12
postsecondary
institution.
Only
those
loans
included
as
part
13
of
an
eligible
technology
worker’s
financial
aid
package
from
14
a
postsecondary
institution
may
be
included
in
the
amount
of
15
qualified
student
debt.
16
To
be
eligible
for
the
program,
a
technology
worker
must
be
17
or
become
an
Iowa
resident
and
remain
an
Iowa
resident
for
the
18
entirety
of
any
tax
year
in
which
the
technology
worker
seeks
19
to
claim
the
tax
credit
available
under
the
program.
The
bill
20
defines
a
“technology
worker”
for
purposes
of
the
bill
as
a
21
worker
who
is
employed
as
a
computer
and
information
scientist,
22
systems
analyst,
computer
programmer
or
developer,
or
computer
23
professional,
or
any
skilled
worker
who
performs
any
function
24
related
to
information
technology,
including
the
study,
25
design,
development,
implementation,
support,
or
management
of
26
computer-based
information
systems.
The
eligible
technology
27
worker
must
enter
into
an
agreement
with
the
college
student
28
aid
commission.
29
The
commission
is
required
to
coordinate
with
postsecondary
30
institutions,
technology
workers,
eligible
lenders,
and
the
31
department
of
revenue
in
the
administration
of
the
program.
32
Upon
entering
into
a
program
agreement,
the
commission
must
33
request
information
from
the
postsecondary
institution
in
34
which
the
technology
worker
was
enrolled
in
order
to
verify
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that
the
technology
worker
was
enrolled
at
the
institution
1
and
to
certify
the
amount
of
qualified
student
debt.
Upon
2
receiving
this
information,
the
commission
must
issue
a
tax
3
credit
certificate
to
an
eligible
technology
worker.
If
the
4
commission
is
unable
to
verify
or
certify
the
information,
the
5
agreement
is
terminated.
6
The
technology
worker
may
claim
the
repayment
of
qualified
7
student
debt
as
a
credit
against
state
income
taxes
and
may
8
carry
the
credit
forward
for
up
to
five
years.
A
technology
9
worker
and
the
technology
worker’s
employer
may
receive
a
10
combined
maximum
tax
credit
amount
of
$1,000
a
year
for
up
to
11
five
years.
12
An
employer
may
claim
the
portion
of
the
credit
for
payments
13
made
directly
to
eligible
lenders
on
the
technology
worker’s
14
behalf
to
the
extent
that
such
payments
are
due
under
the
terms
15
of
the
loan
during
the
eligible
technology
worker’s
period
of
16
employment
with
that
employer.
The
credit
is
not
refundable
17
or
transferable
and
may
not
be
carried
back
to
prior
tax
years
18
but
may
be
carried
forward
for
the
earlier
of
five
years
or
19
until
depleted.
The
credit
is
only
available
if
the
technology
20
worker
is
in
compliance
with
the
agreement
entered
into
with
21
the
college
student
aid
commission,
and
is
not
in
arrears
on
22
the
repayment
schedule
for
the
qualified
student
debt.
23
The
bill
provides
for
rulemaking
by
both
the
college
24
student
aid
commission
and
the
department
of
revenue
for
the
25
administration
of
the
program.
26
Division
V
of
the
bill
applies
to
tax
years
beginning
on
or
27
after
January
1,
2014.
28
Division
VI
of
the
bill
requires
the
economic
development
29
authority
to
establish
and
administer
a
broadband
loan
30
program
to
provide
low-interest
loans
to
broadband
and
31
telecommunications
businesses
to
expand
broadband
access
in
the
32
state.
33
When
determining
whether
to
award
a
loan
to
a
business,
34
the
authority
may
consider
factors
specified
in
the
bill
and
35
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other
information
the
authority
deems
relevant.
When
awarding
1
financial
assistance,
the
authority
must
ensure
that
businesses
2
seeking
to
expand
broadband
access
in
communities
that
are
3
underserved
or
are
not
served
by
broadband
technology
shall
4
receive
financial
assistance
prior
to
awarding
assistance
to
5
businesses
seeking
to
expand
broadband
access
into
communities
6
that
have
adequate
service.
7
The
bill
provides
that
a
loan
awarded
under
the
program
to
8
any
single
business
entity
may
not
exceed
$250,000.
9
The
bill
requires
the
authority
to
enter
into
an
agreement
10
with
business
entities
selected
to
receive
assistance
under
the
11
program
to
ensure
compliance
with
the
program’s
requirements.
12
The
agreement
must
also
set
the
loan
period
and
the
interest
13
rate
of
the
loan.
14
The
bill
authorizes
the
authority
to
seek
immediate
15
repayment
or
recapture
of
a
loan
awarded
pursuant
to
the
16
program
if
the
business
entity
fails
to
use
the
loan
moneys
17
to
expand
broadband
access
in
the
state.
All
payments,
18
repayments,
or
recaptures,
and
interest
on
loans
awarded
under
19
the
program
must
be
remitted
to
the
authority
for
deposit
in
20
the
broadband
loan
program
fund.
The
bill
authorizes
the
21
authority
to
use
its
bonding
power
as
necessary
to
carry
out
22
the
purpose
of
the
broadband
loan
program.
23
The
bill
also
establishes
a
broadband
loan
program
fund
24
under
the
control
of
the
authority.
This
fund
is
to
be
used
to
25
provide
low-interest
loans
under
the
broadband
loan
program.
26
Division
VII
of
the
bill
provides
a
collection
allowance
27
to
retailers
who
collect
and
remit
sales
and
use
tax
and
file
28
sales
and
use
tax
returns.
29
Every
retailer
required
to
file
a
sales
or
use
tax
return
30
pursuant
to
Code
section
423.31
or
423.32
is
allowed
to
take
31
on
the
tax
return
a
collection
allowance
in
the
form
of
a
32
credit
equal
to
5
percent
of
the
tax
due,
not
to
exceed
$50
per
33
retailer
per
calendar
year.
For
purposes
of
the
collection
34
allowance,
an
affiliated
group
or
a
retailer
operating
multiple
35
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places
of
business
shall
be
considered
one
retailer,
regardless
1
of
whether
or
not
the
retailer
files
a
consolidated
return.
2
The
collection
allowance
does
not
apply
to
a
person
who
files
a
3
sales
tax
return
pursuant
to
a
direct
pay
tax
permit
authorized
4
under
Code
section
423.36,
any
tax
due
resulting
from
the
5
retailer’s
own
purchase
or
use
of
taxable
goods
or
services,
or
6
a
return
that
is
not
timely
filed
or
for
which
the
tax
is
not
7
timely
remitted.
The
collection
allowance
is
also
available
8
to
sellers
who
are
registered
under,
and
who
file
tax
returns
9
pursuant
to,
the
streamlined
sales
and
use
tax
agreement.
10
Division
VII
of
the
bill
takes
effect
on
January
1,
2014,
11
and
applies
to
returns
filed
for
calendar
years
beginning
on
12
or
after
that
date.
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