reglab/statecodes huggingface dataset:
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 54 - Iowa Targeted Small Business Procurement Program › Rule 261-54.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
As used in this chapter, unless the context otherwise
				  requires:
"Agency"
or
"department"
means the departments and independent agencies established in Iowa Code chapter
				  7E.
"Board"
means the targeted small business
				  financial assistance board established by 2007 Iowa Acts, House File
				  890.
"Certification"
means the process by which
				  small businesses are identified as targeted small businesses by the department
				  of inspections and appeals and determined eligible to participate in the
				  targeted small business program.
"Contract"
means any agreement or
				  supplemental agreement between the state and its contractors, subcontractors,
				  suppliers, venors and professional service providers.
"DIA "
means the department of inspections
				  and appeals.
"Education institution "
means a community
				  college, area education agency, or a school district.
"Goals "
means percentage or monetary goals
				  set by a purchasing/contracting authority to encourage targeted small business
				  participation.
"Good faith effort"
includes, but is not
				  limited to, efforts taken by a primary contractor to identify qualified TSB's
				  for subcontract opportunities, notify qualified TSB's of potential subcontract
				  opportunities, and assist TSB's in qualifying to bid as subcontractors.
"IDED "
means the Iowa department of
				  economic development.
"Minority "
means an individual who is
				  Black, Latino, Asian or Pacific Islander, or American Indian or Alaskan
				  native.
"Primary contractor "
means the individual,
				  firm, partnership or corporation, or the lawful agent of any individual, firm,
				  partnership or corporation, or surety under a contract bond, constituting one
				  of the principals to the contract and undertaking to perform the contract work
				  specified. A "primary contractor" includes all heirs, executors,
				  administrators, successors and assigns of any of the above.
"Small business "
and
"targeted small
				  business "
shall have the meanings as defined in Iowa Code section
				  15102..
"Subcontractor"
means an individual or
				  business contracting to perform part or all of a primary contractor's
				  contract.
"TSB"
means targeted small business. A "TSB"
				  is a business that is 51 percent or more owned by women, minorities, or persons
				  with disabilities.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 54 - Iowa Targeted Small Business Procurement Program › Rule 261-54.3 - Preliminary Procedures

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Purchasing review.
Quarterly, each agency, department,
				community college and area education agency shall review their anticipated
				purchasing requirements. School districts shall review their anticipated
				purchasing requirements on an annual basis.
(2)
Notice to IDED.
a.
State departments and
				agencies.
The director of each department or agency shall notify the
				director of IDED not later than August 15 of each fiscal year of the
				department's or agency's anticipated purchases outside the department of
				administrative services and recommended TSB goals.
b.
Community colleges and area
				education agencies (AEAs).
Community colleges and AEAs shall, on a
				quarterly basis, review their anticipated purchasing requirements. Each
				community college president and AEA administrator shall notify the department
				of education by August 15 of each fiscal year of their anticipated purchases
				and recommended procurements with unit quantities and total costs for
				procurement contracts designated to satisfy the TSB procurement goal. The
				department of education shall forward the reports of the community colleges and
				AEAs to IDED no later than August 31.
c.
School districts.
School
				districts shall, on an annual basis, review their anticipated purchasing
				requirements. Each superintendent shall notify the department of education by
				August 15 of each fiscal year of their anticipated purchases and recommended
				procurements with unit quantities and total costs for procurement contracts
				designated to satisfy the TSB procurement goal. The department of education
				shall forward the reports of the school districts to the IDED no later than
				August 31.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 54 - Iowa Targeted Small Business Procurement Program › Rule 261-54.4 - Identification of Targeted Small Businesses

Current through Register Vol. 47, No. 3, July 24, 2024
Before a small business can participate in the Iowa targeted
				  small business procurement program, it must be certified as a targeted small
				  business by the DIA. The DIA will review applications from targeted small
				  businesses to determine that they are eligible to participate in the program.
				  Certification as a targeted small business by the DIA means that the business
				  meets the minimum eligibility requirements; certification is not a
				  representation that the business can perform targeted
				  procurement.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 54 - Iowa Targeted Small Business Procurement Program › Rule 261-54.5 - Ided Administration

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Subcontracts.
If a primary contractor will be subcontracting
				part or all of a contract, the primary contractor shall make a good faith
				effort to provide TSB's with opportunities to bid. IDED may review a primary
				contractor's good faith efforts and request modifications to planned efforts to
				ensure compliance with the purpose of the TSB program.
(2)
Good faith efforts.
Departments, agencies and education institutions may require primary
				contractors to submit documentation of good faith efforts to provide TSB's with
				subcontract opportunities along with the bid bond, noncollusion affidavit and
				similar documents which are submitted separate from the actual bid.
				Departments, agencies and education institutions may determine that the primary
				contractor has failed to meet minimum bidding qualifications due to inadequate
				documentation of good faith efforts to provide TSB opportunities to bid and may
				decline to open the bid. In cases where the good faith efforts documentation is
				submitted as part of the bid documents and after review of the low bidder's
				good faith efforts, departments, agencies and education institutions may reject
				the bid as nonresponsive due to inadequate documentation of good faith
				efforts.
(3)
IDED
				review.
IDED may conduct a review of a department, agency or education
				institution where there is evidence of little or no progress toward reaching
				the TSB goal. The purpose of the review will be to identify the barriers
				encountered, evaluate the efforts taken to reach the goal, and provide needed
				assistance.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 54 - Iowa Targeted Small Business Procurement Program › Rule 261-54.10 - Notice of Solicitation for Bids

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Directory consulted.
The
				director of each agency or department, the administrator of each area education
				agency, the president of each community college, and the superintendent of each
				school district releasing a solicitation for bids or request for proposal under
				the targeted small business procurement goal program shall consult a directory
				of certified targeted small businesses produced by the department of
				inspections and appeals that lists all certified targeted small businesses by
				category of goods or services provided prior to or upon release of the
				solicitation and shall send a copy of the request for proposal or solicitation
				to any appropriate targeted small business listed in the directory.
(2)
Contents of solicitation or
				request for proposal
The notice to TSB's of the release of a request
				for proposal or solicitation for bid shall, at a minimum, include the:
a. Description of the item to be
				bid;
b. Date the bid is to be open
				and the closing date for submission; and
c. Contact person in the soliciting agency,
				department, or education institution.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 54 - Iowa Targeted Small Business Procurement Program › Rule 261-54.12 - Determination of Ability to Perform

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Ability evaluation.
Prior to announcing the TSB award, the purchasing authority shall evaluate, in
				the same manner that other contractors and venors are evaluated, whether the
				targeted small business scheduled to receive the award is able to perform the
				contract as a venor or prime contractor This determination shall include
				consideration of production and financial capacity and technical competence. In
				construction contracts, the prime contractor shall evaluate all subcontractors,
				including TSB's with whom the prime contractor has a contract.
(2)
Notice of inability to
				perform.
If the purchasing authority determines that the targeted
				small business may be unable to perform, the director of IDED shall be
				notified.
(3)
IDED
				assistance.
If, in the opinion of the purchasing authority, a TSB
				cannot perform, the purchasing authority shall immediately notify IDED. The
				IDED shall assist the targeted small business in attempting to remedy the
				causes of the inability to perform. In assisting the TSB, the IDED may use any
				management or financial assistance programs available through state or
				governmental agencies or private sources. Once IDED is notified of a TSB's
				inability to perform, IDED will respond to the purchasing authority within 14
				days to indicate the planned course of action to assist the TSB. The IDED may
				contact a state agency, department, or education institution to verify that
				certified TSB's with whom they contract are performing under their
				contracts.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 54 - Iowa Targeted Small Business Procurement Program › Rule 261-54.13 - Other Procurement Procedures

Current through Register Vol. 47, No. 3, July 24, 2024
(1) All laws and rules pertaining to
				solicitations, bid evaluations, contract awards, and other procurement matters
				apply to procurement for targeted small businesses to the extent there is no
				conflict.
(2) If the provisions of
				the "Iowa Targeted Small Business Procurement Act" or these implementing rules
				conflict with other laws or rules, then the provisions of the Act and these
				rules shall govern.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 54 - Iowa Targeted Small Business Procurement Program › Rule 261-54.14 - Reporting Requirements

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Quarterly reports.
The director of each agency or department
				shall submit to the IDED quarterly reports which shall be in the format and by
				the due date specified by the IDED. Each community college president and AEA
				administrator shall submit their quarterly reports to the department of
				education which shall forward the reports to IDED. The quarterly reports shall
				include as a minimum:
a. The number of
				contracts awarded to TSB's under the TSB procurement program and the names of
				those contractors;
b. A description
				of the general categories of contracts awarded to TSB's;
c. The dollar value of contracts awarded to
				TSB's;
d. The dollar value of all
				contracts awarded to TSB's during this period compared to all contracts awarded
				for the period;
e. Progress made
				toward attainment of their TSB goals; and
f. In the end-of-year final report (4th
				quarter) an indication of whether the department or agency, community college,
				or AEA met its TSB goals. If the TSB goals were not met, the report shall
				indicate the reasons for not attaining the TSB goals including a description of
				any barriers encountered in meeting the TSB goals.
School districts shall submit to the department of education
				  an annual report containing the information listed above, which shall be
				  forwarded to IDED.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 54 - Iowa Targeted Small Business Procurement Program › Rule 261-54.15 - Maintenance of Records

Current through Register Vol. 47, No. 3, July 24, 2024
(1) In order to
				monitor the progress of its targeted small business program each department,
				agency, or education institution shall develop a record-keeping system which
				will identify and assess TSB contract awards and the department's, agency's, or
				education institution's progress in achieving the TSB goal.
(2) Specifically, a department, agency, or
				education institution shall maintain records showing:
a. Procedures which have been adopted to
				comply with the requirements of this rule.
b. Awards to TSB. These awards shall be
				measured against the department's, agency's, or education institution's
				goals.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 55 - Targeted Small Business Financial Assistance Program › Rule 261-55.1 - Targeted Small Business Financial Assistance Program (TSBFAP)

Current through Register Vol. 47, No. 3, July 24, 2024
The purpose of the targeted small business financial
				  assistance program is to assist women, minorities, persons with disabilities
				  and low-income individuals to establish or expand small business ventures in
				  Iowa.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 55 - Targeted Small Business Financial Assistance Program › Rule 261-55.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
As used in this chapter, the following definitions shall
				  apply:
"Authority"
means the economic development
				  authority created in Iowa Code section
				  15.105.
"Disability"
means the same as defined in
				  Iowa Code section
				  15.102(10)
"b."
"Microloan service provider"
means a service
				  provider that has contracted with the authority to provide financial and
				  technical assistance to targeted small businesses.
"Program"
means the targeted small business
				  financial assistance program established pursuant to this chapter.
"Review committee"
means a committee
				  established by the authority or microloan service provider to review program
				  applications pursuant to subrule 55.3(8).
"Targeted small business"
or
"TSB"
means a small business which is 51 percent or more
				  owned, operated, and actively managed by one or more women, minority persons,
				  service-disabled veterans, or persons with a disability provided the business
				  meets all of the following requirements:
1. Is located in this state;
2. Is operated for profit;
3. Has an annual gross income of less than $4 million
				  computed as an average of the three preceding fiscal years.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 55 - Targeted Small Business Financial Assistance Program › Rule 261-55.3 - Application and Approval

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Application procedures.
Application materials may be obtained
				from the authority or microloan service provider.
(2)
Maximum funding levels.
In no case shall an award exceed $50,000. The interest rate charged shall not
				exceed 5 percent per annum or be less than 0 percent per annum. A targeted
				small business shall not receive a loan under the program that provides more
				than 90 percent of the funding for a project. All applicants must invest at
				least 10 percent of the total project budget in cash.
(3)
Term.
The term of a loan
				shall not exceed five years.
(4)
Eligible uses of funds.
Program funds shall be used for
				legitimate business expenses, including, but not limited to, the following
				purposes: purchase of equipment and furnishings, inventory, purchase of and
				improvements to land and buildings and specific operating expenses.
(5)
Ineligible uses of
				funds.
Program funds shall not be used to refinance existing debt. For
				the purposes of this subrule, existing debt does not include interim financing
				for allowable program purposes intended as a bridge loan obtained after the
				date a program loan is approved. Program funds shall not be used to facilitate
				financing of a project which would consist solely of relocation of an existing
				business within Iowa.
(6)
Threshold criteria.
Applicants for funds under the program
				must meet the following minimum criteria before their applications will be
				considered complete and eligible for evaluation:
a. The business must be eligible for
				certification as a targeted small business pursuant to 261-Chapter 52 at the
				time of application. The authority or microloan service provider will educate
				applicants about the benefits of such certification and encourage applicants to
				seek certification.
b. An applicant
				must be a resident of Iowa for at least six months to be eligible to apply for
				assistance. Applicants may be asked to provide necessary documentation to prove
				legal residency.
c. All applicants
				shall comply with the requirements of 261-Chapter 172.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 55 - Targeted Small Business Financial Assistance Program › Rule 261-55.4 - Monitoring

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The authority
				or microloan service provider reserves the right to monitor the recipient's
				records to ensure compliance with the terms of the award. The authority or
				microloan service provider may request information on the condition of the
				business at any time during the life of the loan to determine the status of the
				project. Authority or microloan service provider staff will contact the
				recipient as frequently as conditions may warrant during the life of the
				loan.
(2) The authority or
				microloan service provider may require a program recipient to consult with
				designated small business service providers for assistance with various aspects
				of the management and operation of the business.
(3) If the authority or microloan service
				provider determines that a borrower is in default, the authority may seek
				recovery of the loan plus interest or other penalties, negotiate alternative
				payment schedules, suspend or discontinue collection efforts and take other
				action as the authority deems necessary.
(4) A person receiving funds under the
				program may be subject to criminal penalties under Iowa Code section
				15A.3
				if it is determined that the person knowingly made a false statement in writing
				to procure economic development assistance from the state.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 55 - Targeted Small Business Financial Assistance Program › Rule 261-55.5 - Disbursement of Funds

Current through Register Vol. 47, No. 3, July 24, 2024
An approved applicant shall acknowledge and agree to the
				  terms proposed by the authority or microloan service provider prior to
				  disbursement of funds. Requests for disbursement and loan documents shall be in
				  the form and content specified by the authority.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 55 - Targeted Small Business Financial Assistance Program › Rule 261-55.7 - Monitoring and Reporting for Loan, Grant, and Loan Guarantee Programs

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Monitoring.
IDED reserves the right to monitor the recipient's
				records to ensure compliance with the terms of the award. The department
				retains the authority to request information on the condition of the business
				at any time during the life of the loan to determine the status of the project.
				IDED staff will contact the loan or grant recipient within 90 days of the award
				and as frequently as conditions may warrant during the life of the loan or
				grant.
(2)
Management
				assistance.
The department may require a program recipient to consult
				with designated small business service providers for assistance with various
				aspects of the management and operation of the business.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 56 - Employee Stock Ownership Plan (ESOP) Formation Assistance › Rule 261-56.1 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
The authority is authorized to provide financial and
				  technical assistance to businesses interested in establishing an employee stock
				  ownership plan (ESOP). The purpose of this chapter is to create a program that
				  will assist a business by (1) helping to determine whether an ESOP is a
				  feasible form of ownership and (2) providing assistance to reduce the cost of
				  forming an ESOP when it is feasible.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 56 - Employee Stock Ownership Plan (ESOP) Formation Assistance › Rule 261-56.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
For purposes of this chapter, unless the context otherwise
				  requires:
"Agreement"
means a contract for financial
				  assistance under the program describing the terms on which the financial
				  assistance is to be provided.
"Applicant"
means a business applying for
				  assistance under the program.
"Authority"
means the economic development
				  authority created in Iowa Code section
				  15.105.
"Business"
means a corporation eligible to
				  become a qualified Iowa ESOP.
"Director"
means the director of the
				  authority.
"Financial assistance"
means a payment made
				  by the authority to an applicant approved for funding under the program.
"Program"
means the ESOP formation
				  assistance program established pursuant to this chapter.
"Qualified Iowa ESOP"
means the same as
				  defined in the department of revenue's rules for the determination of net
				  income at 701-subrule 40.38(10).
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 56 - Employee Stock Ownership Plan (ESOP) Formation Assistance › Rule 261-56.3 - Program Description

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Amount,
				form, and timing of assistance.
The program provides financial
				assistance to businesses interested in establishing an ESOP. An applicant to
				the program may be approved for financial assistance in an amount equal to 50
				percent of the cost incurred for obtaining a feasibility study conducted by an
				independent financial professional. The total amount of financial assistance
				provided to an applicant will not exceed $25,000. The financial assistance may
				be provided in two tranches. The first tranche will be provided as a
				reimbursement of 25 percent of the cost of a feasibility study and will be
				remitted upon completion of the feasibility study. The second tranche will be
				provided as a reimbursement of 25 percent of the cost of the feasibility study
				and will be remitted only upon completion of an ESOP formation. A business that
				does not successfully complete the formation of an ESOP will not receive the
				second tranche. A business will be required to provide to the authority
				documentation establishing the costs incurred and the successful completion of
				all necessary transactions.
(2)
Application.
a. Each fiscal
				year in which funding is available, the authority will accept applications for
				assistance under the program and make funding decisions on a rolling
				basis.
b. Information on submitting
				an application under the program may be obtained by contacting the
				authority.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 56 - Employee Stock Ownership Plan (ESOP) Formation Assistance › Rule 261-56.4 - Program Eligibility, Application Scoring, and Funding Decisions

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Program
				eligibility.
To be eligible under the program, an applicant shall meet
				all of the following requirements:
a. The
				applicant shall be a business interested in establishing an ESOP. To establish
				that this criterion is met, the applicant shall state the reasons for its
				interest in establishing an ESOP.
b. The applicant shall be, or be willing to
				become, an IRS subchapter C or subchapter S corporation. To establish that this
				criterion is met, the applicant shall include a copy of its articles and
				documentation establishing the applicable IRS election. An applicant not yet a
				corporation may be required to execute a letter of intent.
c. The applicant shall have a valuation that
				is sufficient to make an ESOP feasible. To establish that this criterion is
				met, the applicant shall provide information estimating the value of the
				business and information about the source of that estimate. This information
				may be a good-faith estimate. The authority will not set a specific minimum
				valuation; however, applicants are advised that a business with valuation less
				than $5 million may not be considered a feasible candidate for an
				ESOP.
d. The applicant shall have a
				number of employees, eligible employee types, and a total payroll that are
				sufficient to make an ESOP feasible. To establish that this criterion is met,
				the applicant shall provide relevant payroll information. The authority will
				not set a specific minimum number of employees; however, applicants are advised
				that a business with fewer than 25 employees may not be a feasible candidate
				for an ESOP.
e. The applicant shall
				have a cash flow level sufficient to make an ESOP feasible. To establish that
				this criterion is met, the applicant shall provide relevant financial
				statements. The authority will not set a minimum cash flow level; however,
				applicants are advised that a business with cash flow less than $500,000 may
				not be a feasible candidate for an ESOP.
f. The applicant is not a retail
				business.
g. The applicant is not a
				publicly traded company.
h. The
				applicant has not completed a feasibility study for purposes of exploring an
				ESOP formation in the three years prior to application for the program. An
				applicant who has engaged a service provider as of the time of application
				shall provide a copy of the engagement letter to the authority.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 56 - Employee Stock Ownership Plan (ESOP) Formation Assistance › Rule 261-56.5 - Contract Required

Current through Register Vol. 47, No. 3, July 24, 2024
Each applicant that is approved for financial assistance
				  under the program shall enter into an agreement with the authority. The
				  agreement shall establish the terms on which the financial assistance is to be
				  provided.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 57 - Employer Child Care Tax Credit › Rule 261-57.1 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
"Authority"
means the economic development
				  authority created in Iowa Code section
				  15.105.
"Department"
means the Iowa department of
				  revenue.
"Federal credit"
means the federal
				  employer-provided child care tax credit provided in Section 45F of the Internal
				  Revenue Code.
"Qualified child care expenditure"
means the
				  same as defined in Section 45F of the Internal Revenue Code.
"Qualified child care facility"
means the
				  same as defined in Section 45F of the Internal Revenue Code.
"Qualified child care resource and referral
				  expenditure"
means the same as defined in Section 45F of the Internal
				  Revenue Code.
"Tax credit"
means the amount a taxpayer may
				  claim against the taxes imposed in Iowa Code chapter 422, subchapters II, III,
				  and V, and in Iowa Code chapter 432, and against the moneys and credits tax
				  imposed in Iowa Code section
				  533.329.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 57 - Employer Child Care Tax Credit › Rule 261-57.2 - Authorization of Tax Credits

Current through Register Vol. 47, No. 3, July 24, 2024
(1) An employer
				child care tax credit is authorized pursuant to Iowa Code section
				237A.31 as amended by 2023 Iowa
				Acts, Senate File 181.
(2) The
				proportion of a taxpayer's federal credit attributable to expenditures made in
				Iowa equals the ratio that the sum of the amount described in paragraph
				57.2(2)
"a"
bears to the sum total of the amount described in
				paragraph 57.2(2)
"b."
The ratio shall be expressed as a
				percentage rounded to the nearest hundredth percent.
a. The qualified child care expenditures paid
				or incurred with respect to a qualified child care facility in Iowa, plus
				qualified child care resource and referral expenditures paid or incurred with
				respect to Iowa employees.
b. The
				qualified child care expenditures and qualified child care resource and
				referral expenditures.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 57 - Employer Child Care Tax Credit › Rule 261-57.3 - Application and Issuance Process

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The authority
				will develop a standardized application pertaining to the authorization and
				distribution of tax credits. The application will request information relating
				to the taxpayer's eligibility for the federal credit, the proportion of the
				federal credit attributable to expenditures made by the taxpayer in Iowa as
				calculated pursuant to subrule 57.2(2), and any other information required by
				the authority. The certified public accountant (CPA) examination conducted
				pursuant to rule 261-57.4 (237A) shall be
				submitted with the application.
(2)
				A taxpayer shall submit an application for the credit within 90 calendar days
				of the end of the tax year during which qualified child care expenditures and
				qualified child care resource and referral expenditures are paid or
				incurred.
(3) The authority shall
				issue tax credit certificates in the order the applications are determined
				complete and qualified until the maximum aggregate amount of tax credits that
				may be authorized pursuant to Iowa Code section
				237A.31(3)
"a"
is reached. Applications for tax credits received in
				excess of the maximum aggregate amount of tax credits available each fiscal
				year will be denied by the authority. An application that can be partially
				approved without exceeding the maximum aggregate amount of tax credits may be
				approved as to the portion less than the maximum amount and denied as to the
				portion greater than the maximum amount.
(4) The authority will issue a tax credit
				certificate to an approved taxpayer in an amount that represents the maximum
				amount of tax credit the taxpayer may claim. To receive the tax credit, the
				taxpayer shall file a claim with the department in accordance with any
				applicable administrative rules adopted by the department. An approved
				taxpayer's tax credit may be subject to reduction in such circumstances
				described by any applicable rules adopted by the department.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 57 - Employer Child Care Tax Credit › Rule 261-57.4 - Cpa Examination

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A taxpayer
				shall engage a certified public accountant authorized to practice in this state
				to conduct an examination of the taxpayer's qualified child care expenditures
				and qualified child care resource and referral expenditures in accordance with
				the American Institute of Certified Public Accountants' statements on standards
				for attestation engagements. The attestation applicable to this examination is
				SSAE No. 10 (as amended by SSAE Nos. 11, 12, 14), AT section 101 and AT section
				601.
(2) The procedures used by the
				CPA to conduct the examination should allow the CPA to conclude that, in the
				CPA's professional judgment, the qualified child care expenditures paid or
				incurred with respect to a qualified child care facility in Iowa and qualified
				child care resources and referral expenditures paid or incurred with respect to
				Iowa employees are eligible for a tax credit pursuant to Iowa Code section
				237A.31 and all rules adopted by the authority and by the department pursuant
				to Iowa Code section 237A.31 in all material
				respects. The documents reviewed by the CPA shall be provided to the authority
				upon request. The authority may deny a tax credit application if such documents
				are requested and are not provided to the authority within 60 days.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 59 - Enterprise Zone (EZ) Program › Rule 261-59.1 - Purpose and Administrative Procedures

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Purpose.
The purpose of
				the establishment of an enterprise zone in a county or city is to promote new
				economic development in economically distressed areas. Businesses that are
				eligible and locating or located in an enterprise zone and approved by the
				department are authorized under this program to receive certain tax incentives
				and assistance. The intent of the program is to encourage communities to target
				resources in ways that attract productive private investment in economically
				distressed areas within a county or city. Projects that have already been
				initiated before receiving formal application approval by the department shall
				not be eligible for tax incentives and assistance under this program.
(2)
Administrative
				procedures.
The EZ program is subject to the requirements of the
				department's rules located in 261-Part VII, additional application requirements
				and procedures, and 261-Part VIII, legal and compliance. Part VII and Part VIII
				include standard definitions; standard program requirements; wage, benefit and
				investment requirements; application review and approval procedures;
				contracting; contract compliance and job counting; and annual reporting
				requirements.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 59 - Enterprise Zone (EZ) Program › Rule 261-59.3 - Enterprise Zone Certification

Current through Register Vol. 47, No. 3, July 24, 2024
An eligible county or an eligible city may request the board
				  to certify an area meeting the requirements of the Act and these rules as an
				  enterprise zone. Certified enterprise zones will remain in effect for a period
				  often years from the date of certification by the board. A county may request
				  zone certification under subrule 59.3(1) at any time prior to December 1, 2003.
				  A county or city may request zone certification under subrules 59.3(2),
				  59.3(3), 59.3(4) and 59.3(6) at any time prior to July 1, 2010.
(1)
County
-
eligihility based on distress criteria in section
				15E194., Iowa Code
				(2001).
a.
Requirements.
To be eligible for enterprise zone certification, a
				county must meet at least two of the following criteria:
(1) The county has an average weekly wage
				that ranks among the bottom 25 counties in the state based on the 1995 annual
				average weekly wage for employees in private business.
(2) The county has a family poverty rate that
				ranks among the top 25 counties in the state based on the 1990
				census.
(3) The county has
				experienced a percentage population loss that ranks among the top 25 counties
				in the state between 1990 and 1995.
(4) The county has a percentage of persons 65
				years of age or older that ranks among the top 25 counties in the state based
				on the 1990 census.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 59 - Enterprise Zone (EZ) Program › Rule 261-59.4 - Enterprise Zone Commission

Current through Register Vol. 47, No. 3, July 24, 2024
Following notice of enterprise zone certification by the
				  board, the applicant city or county shall establish an enterprise zone
				  commission. The commission shall review applications from eligible businesses
				  and eligible housing businesses located in the zone and forward approved
				  applications to the department for final review and approval. A county eligible
				  to designate enterprise zones which contains a city which is eligible to
				  designate enterprise zones, upon mutual agreement between the board of
				  supervisors and the city council and in consultation with the department, may
				  elect to establish one enterprise zone commission to serve both the county and
				  the city.
(1)Commission composition.
a.
County enterprise zone
				commission.
A county shall have only one enterprise zone commission to
				review applications for incentives and assistance for businesses (including
				eligible housing businesses) located or requesting to locate within a certified
				enterprise zone. The enterprise zone commission shall consist of nine members.
				Five of these members shall be comprised of:
(1) One representative of the county board of
				supervisors,
(2) One member with
				economic development expertise selected by the department,
(3) One representative of the county zoning
				board,
(4) One member of the local
				community college board of directors, and
(5) One representative of the local workforce
				development center selected by the Iowa workforce development department unless
				otherwise designated by a regional advisory board.
The five members identified above shall select the remaining
				  four members. If the enterprise zone is located in a county that does not have
				  a county zoning board, the representatives identified in
				  59.4(1)
"a"(1),
(2), (4), and (5) shall select an individual
				  with zoning expertise to serve as a member of the commission.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 59 - Enterprise Zone (EZ) Program › Rule 261-59.5 - Eligibility and Negotiations

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Program categories.
To participate in the enterprise zone
				program, a business must qualify under one of two categories: an eligible
				business or an eligible housing business. Refer to rule
				261-596. (15E)
				for a description of the eligibility requirements and benefits available to a
				qualified "eligible business." Refer to rule
				261-598.
				(15E) for a description of the eligibility requirements and benefits available
				to a qualified "eligible housing business."
(2)
Negotiations.
The
				department reserves the right to negotiate the terms and conditions of an award
				and the amount of all program benefits except the following benefits: the new
				jobs supplemental credit; the value-added property tax exemption; and the
				refund of sales, service and use taxes paid to contractors and subcontractors.
				The criteria, as applicable to the category under which the business is
				applying, to be used in the negotiations to determine the amount of tax
				incentives and assistance include but are not limited to:
a. The number and quality of jobs to be
				created. Factors to be considered include but are not limited to full-time,
				career path jobs; number of jobs meeting or exceeding the qualifying wage
				threshold requirements described in 261-Chapter 174; turnover rate; fringe
				benefits provided; safety; skill level.
b. The wage levels of the jobs to be
				created.
c. The amount of capital
				investment to be made.
d. The level
				of need of the business. Factors to be considered include but are not limited
				to the degree to which the business needs the tax incentives and assistance in
				order for the project to proceed. Methods of documenting need may include
				criteria such as financial concerns; risk of the business's locating in or
				relocating to another state; or return on investment concerns.
e. The economic impact and cost to the state
				and local area of providing tax incentives and assistance in relation to the
				public gains and benefits to be provided by the business. Factors to be
				considered include but are not limited to the amount of tax credits likely to
				be used by the business and the impact on the local and state tax base and
				economic base.
f. Other state or
				federal financial assistance received or applied for by the business for the
				project.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 59 - Enterprise Zone (EZ) Program › Rule 261-59.6 - Eligible Business

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Requirements.
A business which is or will be located, in whole
				or in part, in an enterprise zone is eligible to be considered to receive
				incentives and assistance under the Act if the business meets all of the
				following:
a.
No closure or
				reduction.
The business has not closed or reduced its operation in one
				area of the state and relocated substantially the same operation into the
				enterprise zone. This requirement does not prohibit a business from expanding
				its operation in an enterprise zone if existing operations of a similar nature
				in the state are not closed or substantially reduced.
b.
No retail.
The business
				is not a retail business or a business whose entrance is limited by a cover
				charge or membership requirement.
c.
Employee benefits.
The
				business offers or will offer a sufficient benefits package to its employees as
				defined in 261-Chapter 173.
d.
Wage levels.
The business pays or will pay the qualifying wage
				threshold for the enterprise zone program as established in 261-Chapter 174 and
				defined in 261-Chapter 173. However, in any circumstance, the wage paid by the
				business for the project jobs shall not be less than $7.50 per hour The local
				enterprise zone commission may establish higher company eligibility wage
				thresholds if it so desires.
e.
Job creation or retention.
The business expansion or location
				must result in at least ten full-time project jobs. The time period allowed to
				create the jobs and the required period to retain the jobs are described in
				261-Chapter 187.
f.
Capital
				investment.
The business makes a capital investment of at least
				$500,000.
g.
Location
				within zone.
If the business is only partially located in an
				enterprise zone, the business must be located on contiguous land.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 59 - Enterprise Zone (EZ) Program › Rule 261-59.8 - Eligible Housing Business

Current through Register Vol. 47, No. 3, July 24, 2024
An eligible housing business includes a housing developer,
				  housing contractor, or nonprofit organization.
(1)
Requirements.
A housing
				business shall satisfy all of the following as conditions to receiving the
				benefits described in this rule.
a. The
				housing business must build or rehabilitate either:
(1) A minimum of four single-family homes
				located in that part of a city or county in which there is a designated
				enterprise zone, or
(2) One
				multiple dwelling unit building containing three or more individual dwelling
				units located in that part of a city or county in which there is a designated
				enterprise zone.
For purposes of this subrule, rehabilitation means any
				  project in which the costs of improvements to the property are equal to or
				  greater than 25 percent of the acquisition cost of the property.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 59 - Enterprise Zone (EZ) Program › Rule 261-59.10 - Commission Review of Businesses' Applications

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Additional commission eligibility
				requirements.
Under the Act, a commission is authorized to adopt
				additional eligibility requirements related to compensation and benefits that
				businesses within a zone must meet in order to qualify for benefits. Additional
				local requirements that may be considered could include, but are not limited
				to, the types of industries or businesses the commission wishes to receive
				enterprise zone benefits; requirements that preference in hiring be given to
				individuals who live within the enterprise zone; higher wage eligibility
				threshold requirements than would otherwise be required; higher job creation
				eligibility threshold requirements than would otherwise be required; the level
				of benefits required; local competition issues; or any other criteria the
				commission deems appropriate. If a commission elects to adopt more stringent
				requirements than those contained in the Act and these rules for a business to
				be eligible for incentives and assistance, these requirements shall be
				submitted to the department.
(2)
Application.
The department will develop a standardized
				application that it will make available for use by a business applying for
				benefits and assistance as an eligible business, an eligible housing business
				or an eligible development business. The commission may add any additional
				information to the application that it deems appropriate for a business to
				qualify as an eligible business, an eligible housing business or an eligible
				development business. If the commission determines that a business qualifies
				for inclusion in an enterprise zone and that it is eligible for benefits under
				the Act, the commission shall submit an application for incentives or
				assistance to the department.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 59 - Enterprise Zone (EZ) Program › Rule 261-59.11 - Other Commission Responsibilities

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
				Commissions have the authority to adopt a requirement that preference in hiring
				be given to individuals who live within the enterprise zone. If it does so, the
				commission shall work with the local workforce development center to determine
				the labor availability in the area.
(2) Commissions shall examine and evaluate
				building codes and zoning in enterprise zones and make recommendations to the
				appropriate governing body in an effort to promote more affordable housing
				development.