reglab/statecodes huggingface dataset:
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 114 - Iowa Innovation Council › Rule 261-114.6 - Responsibilities and Deliverables

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The
				purpose of the council is to advise the department on the development and
				implementation of public policies that enhance innovation and entrepreneurship
				in the targeted industries. Such advice may include evaluating Iowa's
				competitive position in the global economy; reviewing the technology typically
				utilized in the state's manufacturing sector; assessing the state's overall
				scientific research capacity; keeping abreast of the latest scientific research
				and technological breakthroughs and offering guidance as to their impact on
				public policy; recommending strategies that foster innovation, increase new
				business formation, and otherwise promote economic growth in the targeted
				industries; and offering guidance about future developments in the targeted
				industries.
(2) The coimcil shall
				do the following:
a. Prepare a report of the
				expenditures of moneys appropriated and allocated to the department for certain
				programs authorized pursuant to 2009 Iowa Code Supplement sections
				15411.
				as amended by 2010 Iowa Acts, House File 2076, and 15.412 relating to the
				development and commercialization of businesses in the targeted
				industries.
b. Prepare a summary of
				the activities of the technology commercialization committee and the Iowa
				innovation council.
c. Create a
				comprehensive strategic plan for implementing specific strategies that foster
				innovation, increase new business formation, and promote economic
				growth.
d. Review existing programs
				that relate to the targeted industries and suggest changes to improve
				efficiency and effectiveness.
e.
				Conduct industry research and prepare reports for the general assembly, the
				governor, the department, and other policy-making bodies within state
				government.
f. Act as a forum where
				issues affecting the research community, the targeted industries, and policy
				makers can be discussed and addressed.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 114 - Iowa Innovation Council › Rule 261-114.7 - Executive Committee

Current through Register Vol. 47, No. 3, July 24, 2024
In order to effectively carry out the responsibilities of the
				  council, an executive committee within the council shall be formed.
(1)
Membership.
The
				executive committee shall include the chief technology officer, vice
				chairperson of the council, the director of the department, and four
				board-appointed members of the council who also serve on the technology
				commercialization committee in order to:
a.
				Solicit individuals to become council members;
b. Review vacancies and
				resignations;
c. Review all
				nominees and application materials and recommend nominees to the council to
				recommend to the board for appointment;
d. Nominate one of the voting members to
				serve as vice chairperson;
e.
				Approve the formation of work groups, appoint work group members and leaders,
				review activities of the work groups, and report to the council to ensure the
				coordination of activity of work groups;
f. Record the official proceedings for the
				council;
g. Act on behalf of the
				council between council meetings, as directed by the council;
h. Issue reports on behalf of the council, as
				directed by the council;
i. Meet
				with the chief technology officer to discuss the overall management of the
				business of the council; and
j.
				Review potential conflicts of interest on the part of any member of the
				council.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 114 - Iowa Innovation Council › Rule 261-114.8 - Application and Review Process for Board-appointed Council Members

Current through Register Vol. 47, No. 3, July 24, 2024
The council shall review application materials for
				  board-appointed nominees identified by the executive committee and shall
				  recommend to the board for appointment those nominees who the council believes
				  will add value to and further the purposes of the council.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 114 - Iowa Innovation Council › Rule 261-114.9 - Voting

Current through Register Vol. 47, No. 3, July 24, 2024
A majority of the members of the council constitutes a
				  quorum. A majority vote of the quorum is required to approve actions of the
				  council, including recommendations.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 114 - Iowa Innovation Council › Rule 261-114.10 - Meetings and Commitment of Time

Current through Register Vol. 47, No. 3, July 24, 2024
The chief technology officer shall be responsible for
				  convening meetings of the council and is expected to convene at least four
				  regular meetings of the council, within any period of 12 consecutive calendar
				  months, beginning on July 1 or January 1, including at least one annual
				  meeting. The annual meeting of the council shall be convened in January at a
				  convenient location in Des Moines. The chief technology officer shall not
				  convene a meeting of the coimcil unless the director of the department, or the
				  director's designee, is present at the meeting.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 114 - Iowa Innovation Council › Rule 261-114.11 - Nonattendance

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Any member
				serving on the council shall be deemed to have submitted a resignation to the
				council if either of the following events occurs.
a. The member does not attend two or more
				consecutive regular meetings of the council.
b. The member attends less than one-half of
				the regular council meetings within any period of 12 calendar months beginning
				on July 1 or January 1.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 114 - Iowa Innovation Council › Rule 261-114.12 - Council Work Groups

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The council
				shall establish work groups, both standing and temporary, to assist in the
				execution of responsibilities of the council and to expand the intellectual
				capacity of the council. Work groups shall be directed by a work group leader
				Work groups shall encourage diversity of talent, the size and geographic
				location of businesses in the targeted industries, and invite a wider assembly
				of corporate and imiversity executives, scientists, financial executives,
				venture investors, and experienced entrepreneurs from across the
				state.
(2) To be eligible to serve
				as a work group leader, a nominee must be one of the eligible voting members of
				the council. The executive committee shall review and approve the formation of
				proposed work groups and approve proposed work group members and leaders. The
				chief technology officer and vice chairperson shall serve as ex official
				members of all work groups established by the coimcil.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 114 - Iowa Innovation Council › Rule 261-114.13 - Reporting

Current through Register Vol. 47, No. 3, July 24, 2024
The executive committee shall review, comment, and formally
				  submit any and all reports on behalf of the council. The chief technology
				  officer is designated by the board as the signing officer for certain
				  documents. The chief technology officer is authorized to sign correspondence,
				  applications, reports, or other nonfinancial documents produced by the council.
				  The chief technology officer shall serve as a key spokesperson for the council
				  and be responsible for coordinating the commimication of information requested
				  by the department in sufficient detail to permit the department to prepare the
				  report required pursuant to 2010 Iowa Acts, House File 2076, section 2, and any
				  other reports deemed necessary by the department, the board, the general
				  assembly or the governor's office.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 115 - Tax Credits for Investments in Qualifying Businesses › Rule 261-115.1 - Tax Credits for Investments in Qualifying Businesses

Current through Register Vol. 47, No. 3, July 24, 2024
Tax credits for investments in qualifying businesses may be
				  claimed as provided in this rule and any applicable rules of the department of
				  revenue.
(1)
Tax credits
				allowed only after a certain date.
A taxpayer may claim a tax credit
				under this rule for equity investments in certain qualifying businesses. Only
				equity investments made on or after January 1, 2011, qualify for a tax credit
				under this rule. Equity investments made before that date must be claimed under
				123-Chapter 2.
(2)
Investments in qualifying businesses.
a. A taxpayer may claim a tax credit under
				this subrule for a portion of the taxpayer's equity investment in a qualifying
				business if that investment was made on or after January 1, 2011.
b. The tax credit may be claimed against the
				taxpayer's tax liability for any of the following taxes:
(1) The personal net income tax imposed under
				Iowa Code chapter 422, division II.
(2) The business tax on corporations imposed
				under Iowa Code chapter 422, division III.
(3) The franchise tax on financial
				institutions imposed under Iowa Code chapter 422, division V.
(4) The tax on the gross premiums of
				insurance companies imposed under Iowa Code chapter 432.
(5) The tax on moneys and credits imposed
				under Iowa Code section
				533.329.
c. Investments made in qualifying
				businesses on or after January 1, 2011, and before July 2, 2015, are governed
				by 2015 Iowa Code sections
				15E.41 to
				15E.46,
				422.11F,
				422.33,
				422.60,
				432.12C,
				and 533.329.
d. Investments made in
				qualifying businesses on or after July 2, 2015, are governed by 2016 Iowa Code
				sections
				15E.41 to
				15E.46,
				422.11F,
				422.33,
				422.60,
				432.12C,
				and 533.329.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 115 - Tax Credits for Investments in Qualifying Businesses › Rule 261-115.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
For purposes of this chapter, unless the context otherwise
				  requires:
"Affiliate"
means a spouse, child, or
				  sibling of an investor or a corporation, partnership, or trust in which an
				  investor has a controlling equity interest or in which an investor exercises
				  management control.
"Authority"
means the economic development
				  authority created in Iowa Code section
				  15.105.
"Board"
means the members of the economic
				  development authority appointed by the governor and in whom the powers of the
				  authority are vested pursuant to Iowa Code section
				  15.105.
"Controlling equity interest"
means
				  ownership of more than 50 percent of the outstanding equity interests of a
				  corporation, partnership, limited liability company or trust.
"Convertible debt"
means debt that may be
				  converted to equity at the option of the debt holder but has not yet been
				  converted.
"Entrepreneurial assistance program"
includes the entrepreneur investment awards program administered under Iowa
				  Code section
				  15E.362,
				  the receipt of services from a service provider engaged pursuant to Iowa Code
				  section
				  15.411(1)
				   or the program administered under Iowa Code
				  section
				  15.411(2).
"Equity"
means common or preferred corporate
				  stock or warrants to acquire such stock, membership interests in limited
				  liability companies, or partnership interests in partnerships. Equity shall be
				  limited to securities or interests acquired only for cash and shall not include
				  securities or interests acquired at any time for services, contributions of
				  property other than cash, convertible debt, or any other non-cash
				  consideration.
"Investor"
means a person that makes a cash
				  investment in a qualifying business on or after July 2, 2015. "Investor" does
				  not include a person that holds at least a 70 percent ownership interest as an
				  owner, member, or shareholder in a qualifying business.
"Management control"
means holding more than
				  50 percent of the voting power on any board of directors or trustees, any
				  management committee, or any other group managing a corporation, partnership,
				  limited liability company or trust.
"Person"
means an individual, corporation,
				  limited liability company, business trust, estate, trust, partnership or
				  association, or any other legal entity.
"Qualifying business"
means a business that
				  meets the criteria listed in subrule 115.5(2).
"Services requiring a professional license"
includes but is not limited to the professions listed in Iowa Code section
				  496C.2.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 115 - Tax Credits for Investments in Qualifying Businesses › Rule 261-115.3 - Cash Investments Required

Current through Register Vol. 47, No. 3, July 24, 2024
In order to qualify for a tax credit under this chapter, the
				  taxpayer's investment must be made in the form of cash to purchase equity in a
				  qualifying business. Convertible debt shall only be considered an investment in
				  the form of cash to purchase equity as of the date of
				  conversion.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 115 - Tax Credits for Investments in Qualifying Businesses › Rule 261-115.4 - Applying for an Investment Tax Credit

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A taxpayer that desires to receive an
				investment tax credit for an equity investment in a qualifying business shall
				submit an application to the board for approval and provide such other
				information and documentation as may be requested by the board. Application
				forms for the investment tax credit may be obtained by contacting a qualifying
				business that has received a notice of certification pursuant to rule
				261-115.5 (15E).
(2) Applications shall be date- and
				time-stamped by the authority in the order in which such applications are
				received. Applications for the investment tax credit shall be accepted by the
				authority until March 31 of the year following the calendar year in which the
				taxpayer's equity investment was made. Investors who do not submit an
				application by the March 31 deadline are ineligible to receive a tax credit.
Example 1: A taxpayer makes an equity investment in a
				  qualifying business on December 31, 2011. The taxpayer has until March 31,
				  2012, to apply to the authority for an investment tax credit.
Example 2: A taxpayer makes an equity investment in a
				  qualifying business on July 1, 2012. The taxpayer has until March 31, 2013, to
				  apply to the authority for an investment tax credit.
The authority may accept applications after the deadline
				  under extenuating circumstances. The authority shall not consider the lack of
				  an available application filing window pursuant to paragraph
				  115.6(6)
"b"
as an extenuating circumstance.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 115 - Tax Credits for Investments in Qualifying Businesses › Rule 261-115.5 - Certification of Qualifying Businesses

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Application for
				certification.
Within 120 days from the first date on which the equity
				investments qualifying for investment tax credits have been made, a qualifying
				business shall apply to the authority for certification as a qualifying
				business as prescribed by the authority. Investments made more than 120 days
				prior to receipt by the authority of a substantially complete application for
				certification shall not be eligible for a tax credit. The application for
				certification will include the following information:
a. A description of the general nature of the
				business's operations, the location of the principal business operations, the
				date on which the business was formed, and the date on which the business
				commenced operations;
b. A balance
				sheet that reflects the qualifying business's assets, liabilities and owner's
				equity as of the close of the most recent month or quarter;
c. A description of the manner in which the
				business satisfies one of the business experience requirements set forth in
				paragraph 115.5(2)
"c"
;
d. The names, addresses, shares or equity
				interests issued, consideration paid for the shares or equity interests, and
				amounts of any tax credits of all shareholders or equity holders who may
				initially qualify for the tax credits and the date on which the investment was
				made. The application shall contain a commitment by the qualifying business to
				amend its list of investors as may be necessary from time to time to reflect
				new equity interests or transfers in equity among current equity holders or as
				any other information on the list may change. Applications for tax credits for
				investments that are not reflected on the most recent listing of investors
				provided to the authority shall not be eligible for tax credits until an
				amended list is provided by the qualifying business;
e. A signed statement from an officer,
				director, manager, member, or general partner of the qualifying business
				certifying the accuracy of the information provided; and
f. Any other information as the authority may
				reasonably require to determine the business's eligibility for certification as
				a qualifying business and its investors' eligibility to receive tax
				credits.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 115 - Tax Credits for Investments in Qualifying Businesses › Rule 261-115.7 - Claiming the Tax Credits

Current through Register Vol. 47, No. 3, July 24, 2024
To claim a tax credit under this chapter, a taxpayer must
				  include with that taxpayer's tax return a certificate issued pursuant to this
				  chapter when the return is filed with the department of revenue. For more
				  information on claiming tax credits, see department of revenue rules
				  701-42.22 (15E,422),
				  701-52.21 (15E,422), and
				  701-58.11
				  (15E,422).
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 115 - Tax Credits for Investments in Qualifying Businesses › Rule 261-115.8 - Notification to the Department of Revenue

Current through Register Vol. 47, No. 3, July 24, 2024
Upon the issuance and distribution of investment tax credits
				  for a tax year, the authority shall promptly notify the department of revenue.
				  Such notification shall also include, but not be limited to, the aggregate
				  number and amount of tax credits issued for the tax year.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 115 - Tax Credits for Investments in Qualifying Businesses › Rule 261-115.9 - Rescinding Tax Credits

Current through Register Vol. 47, No. 3, July 24, 2024
In the event that a qualifying business fails to meet or
				  maintain any requirement set forth in this chapter, the authority, upon action
				  by the board, shall rescind any tax credit certificates issued to taxpayers for
				  investments made after the date as of which the business's certification was
				  revoked or expired and shall notify the department of revenue that it has done
				  so. A tax credit certificate that has been rescinded by the authority shall be
				  null and void, and the department of revenue will not accept the tax credit
				  certificate.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 115 - Tax Credits for Investments in Qualifying Businesses › Rule 261-115.10 - Additional Information-confidentiality-annual Report

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Additional information.
The authority may at any time request additional information and documentation
				from a qualifying business regarding the operations, job creation and economic
				impact of such qualifying business, and the authority may use such information
				in preparing and publishing any reports to be provided to the governor and the
				general assembly.
(2)
Confidentiality.
a. Except
				as provided in paragraph
"b,"
all information or records in the
				possession of the authority with respect to this chapter shall be presumed by
				the authority to be a trade secret protected under Iowa Code chapter 550 or
				common law and shall be kept confidential by the authority unless otherwise
				ordered by a court.
b. All of the
				following shall be considered public information under Iowa Code chapter 22:
(1) The identity of a qualifying
				business.
(2) The identity of an
				investor and the qualifying business in which the investor made an equity
				investment.
(3) The number of tax
				credit certificates issued by the authority.
(4) The total dollar amount of tax credits
				issued by the authority.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 116 - Tax Credits for Investments in Certified Innovation Funds › Rule 261-116.1 - Tax Credit for Investments in Certified Innovation Funds

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Tax credit allowed.
For
				tax years beginning on or after January 1, 2011, a taxpayer may claim a tax
				credit for a portion of the taxpayer's equity investment in a certified
				innovation fund. The tax credit may be claimed against the taxpayer's tax
				liability for any of the following taxes:
a.
				The personal net income tax imposed under Iowa Code chapter 422, division
				II.
b. The business tax on
				corporations imposed under Iowa Code chapter 422, division III.
c. The franchise tax on financial
				institutions imposed under Iowa Code chapter 422, division V.
d. The tax on the gross premiums of insurance
				companies imposed under Iowa Code chapter 432.
e. The tax on moneys and credits imposed
				under Iowa Code section
				533329..
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 116 - Tax Credits for Investments in Certified Innovation Funds › Rule 261-116.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
For purposes of this chapter, unless the context otherwise
				  requires:
"Authority"
means the economic development
				  authority created in Iowa Code section
				  15105..
"Board"
means the same as defined in Iowa
				  Code section
				  15102..
"Equity"
means common or preferred corporate
				  stock or warrants to acquire such stock, membership interests in limited
				  liability companies, partnership interests in partnerships, or near equity.
				  Equity shall be limited to securities or interests acquired only for cash and
				  shall not include securities or interests acquired at any time for services,
				  contributions of property other than cash, or any other non-cash
				  consideration.
"Innovation fund"
means a private,
				  early-stage capital fund that has been certified by the board.
"Innovative business "
means a business
				  applying novel or original methods to the manufacture of a product or the
				  delivery of a service. "Innovative business" includes but is not limited to a
				  business engaged in advanced manufacturing, biosciences, or information
				  technology.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 116 - Tax Credits for Investments in Certified Innovation Funds › Rule 261-116.5 - Application for the Investment Tax Credit Certificate

Current through Register Vol. 47, No. 3, July 24, 2024
Upon certification and registration by the authority of an
				  innovation fund, a taxpayer may make equity investments in the fund and may
				  apply for an investment tax credit certificate for each equity investment made
				  in a certified innovation fund by submitting an application to the authority
				  for approval by the board and providing such other information and
				  documentation as may be requested by the authority. Application forms for the
				  investment tax credit certificate may be obtained by contacting the Economic
				  Development Authority, 200 East Grand Avenue, Des Moines, Iowa 50309.
				  Applications shall be submitted to the authority at the address identified
				  above. Each application shall be date- and time-stamped by the authority in the
				  order in which such applications are received. Applications for the investment
				  tax credit shall be accepted by the authority until March 31 of the year
				  following the calendar year in which the taxpayer's equity investment is
				  made.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 116 - Tax Credits for Investments in Certified Innovation Funds › Rule 261-116.6 - Approval, Issuance and Distribution of Investment Tax Credits

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Approval.
Upon certification and registration by the authority
				of an innovation fund and approval of the taxpayer's application, the board
				will approve the issuance of a tax credit certificate to the
				applicant.
(2)
Preparation
				of the certificate.
The tax credit certificate shall be in a form
				approved by the authority and shall contain the taxpayer's name, address, and
				tax identification number; the amount of credit; the name of the innovation
				fund; the year in which the investment was made and any other information that
				may be required by the department of revenue. In addition, the tax credit
				certificate shall contain the following statement:
Neither the authority nor the board has recommended or
				  approved this investment or passed on the merits or risks of such investment.
				  Investors should rely solely on their own investigation and analysis and seek
				  investment, financial, legal and tax advice before making their own decision
				  regarding investment in this fund.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 116 - Tax Credits for Investments in Certified Innovation Funds › Rule 261-116.7 - Transferability of the Tax Credit

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Transfer.
Tax credit certificates issued pursuant to this rule
				may be transferred, in whole or in part, to any person or entity. Within 90
				days of transfer, the transferee shall submit the transferred tax credit
				certificate to the department of revenue along with a statement containing the
				transferee's name, tax identification number, and address, the denomination
				that each replacement tax credit certificate is to carry, and any other
				information required by the department of revenue.
(2)
Only one transfer
				allowed.
A tax credit certificate shall only be transferred
				once.
(3)
Replacement
				certificate.
Within 30 days of receiving the transferred tax credit
				certificate and the transferee's statement, the Iowa department of revenue
				shall issue one or more replacement tax credit certificates to the transferee.
				Each replacement tax credit certificate must contain the information required
				for the original tax credit certificate. A replacement tax credit certificate
				may designate a different tax than the tax designated on the original tax
				credit certificate.
(4)
Claiming a transferred tax credit. A
tax credit shall not be
				claimed by a transferee until a replacement tax credit certificate identifying
				the transferee as the proper holder has been issued. The transferee may use the
				amount of the tax credit transferred against the taxes imposed in Iowa Code
				chapter 422, divisions II, III, and V, and in Iowa Code chapter 432, and
				against the moneys and credits tax imposed in Iowa Code section
				533329., for any tax
				year the original transferor could have claimed the tax credit. Any
				consideration received for the transfer of the tax credit shall not be included
				as income under Iowa Code chapter 422, divisions II, III, and V. Any
				consideration paid for the transfer of the tax credit shall not be deducted
				from income under Iowa Code chapter 422, divisions II, III, and V. For more
				information on claiming transferred tax credits, see department of revenue rule
				701-4222.
				(15E,422).
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 116 - Tax Credits for Investments in Certified Innovation Funds › Rule 261-116.8 - Vested Right in the Tax Credit

Current through Register Vol. 47, No. 3, July 24, 2024
A certificate and related tax credit issued pursuant to Iowa
				  Code section
				  15E52.
				  as amended by 2013 Iowa Acts, House File 615, shall be deemed a vested right of
				  the original holder or any transferee thereof, and the state shall not cause
				  either to be redeemed in such a way that amends or rescinds the certificate or
				  that curtails, limits, or withdraws the related tax credit, except as otherwise
				  provided in rules
				  261-1166.
				  (15E) and
				  261-1167.
				  (15E) or upon consent of the proper holder. A certificate issued pursuant to
				  this rule cannot pledge the credit of the state, and any such certificate so
				  pledged to secure the debt of the original holder or a transferee shall not
				  constitute a contract binding the state. A taxpayer does not obtain a vested
				  right in such a tax credit until a certificate has been issued by the
				  authority.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 116 - Tax Credits for Investments in Certified Innovation Funds › Rule 261-116.9 - Claiming the Tax Credits

Current through Register Vol. 47, No. 3, July 24, 2024
To claim a tax credit under this chapter, a taxpayer must
				  attach to that taxpayer's tax return a certificate issued pursuant to this
				  chapter when the return is filed with the department of revenue. A tax credit
				  may be claimed in the first year that a certificate is issued. Any tax credit
				  in excess of the taxpayer's liability for the tax year may be credited to the
				  tax liability for the following five years or until depleted, whichever is
				  earlier. A tax credit shall not be carried back to a tax year prior to the tax
				  year in which the taxpayer claims the tax credit. For more information on
				  claiming tax credits, see department of revenue rule
				  701-4222.
				  (15E,422).
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 116 - Tax Credits for Investments in Certified Innovation Funds › Rule 261-116.10 - Notification to the Department of Revenue

Current through Register Vol. 47, No. 3, July 24, 2024
Upon the issuance and distribution of investment tax credits
				  for a tax year , the authority shall promptly notify the department of revenue
				  by providing copies of the tax credit certificates issued for such tax year to
				  the department of revenue. Such notification shall also include, but not be
				  limited to, the aggregate number and amount of tax credits issued for the tax
				  year .
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 116 - Tax Credits for Investments in Certified Innovation Funds › Rule 261-116.11 - Additional Information

Current through Register Vol. 47, No. 3, July 24, 2024
The authority may at any time request additional information
				  and documentation from an innovation fund regarding the operations, job
				  creation and economic impact of the fund, and the authority may use such
				  information in preparing and publishing any reports to be provided to the
				  governor and the general assembly .
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 117 - Ssbci Demonstration Fund › Rule 261-117.1 - Authority

Current through Register Vol. 47, No. 3, July 24, 2024
The authority for establishing rules governing the SSBCI
				  demonstration fund under this chapter is provided in 2011 Iowa Acts, House File
				  590.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 117 - Ssbci Demonstration Fund › Rule 261-117.2 - Purposes, Goals, and Promotion

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Purposes.
The SSBCI demonstration fund is established to
				provide financial and technical assistance to innovative entrepreneurs and
				businesses. The purposes of providing such assistance are to help innovative
				entrepreneurs overcome the challenges associated with launching new ventures,
				attract private capital investment, and expand the volume of high-technology
				prototype and concept development activities which have a clear potential to
				lead to commercially viable products or services within a reasonable period of
				time.
(2)
Goals.
The fund will be used to help businesses with a high growth potential to reach
				a position from which they will be able to attract later-stage private sector
				funding and to leverage as much private investment as possible in accordance
				with the goals and requirements of the federal SSBCI program.
(3)
Promotion.
The authority
				will market and promote the fund in a way that reflects the purposes of subrule
				117.2(1).
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 117 - Ssbci Demonstration Fund › Rule 261-117.3 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
For purposes of this chapter, unless the context otherwise
				  requires:
"Authority"
means the economic development
				  authority.
"Award"
means the provision of financial or
				  technical assistance to a project.
"Board"
means the members of the board in
				  whom the powers of the authority are vested pursuant to Iowa Code chapter
				  15.
"Committee "
means the technology
				  commercialization committee created by the board.
"Financial assistance "
means assistance
				  provided only from the funds, rights, and assets legally available to the
				  authority and includes but is not limited to assistance in the form of grants,
				  loans, forgivable loans, and royalty agreements.
"Fund"
means the SSBCI demonstration fund
				  established in this chapter
"Innovative business "
means a business
				  applying novel or original methods to the manufacture of a product or the
				  delivery of a service. "Innovative business" includes a business engaged in one
				  of the following industries classified by the NAICS:
1. Biosciences.
2. Information technologies.
3. Advanced manufacturing.
"IP "
means intellectual property.
"NAICS"
means the North American Industry
				  Classification System.
"SSBCI"
means the State Small Business
				  Credit Initiative established by the United States Department of the
				  Treasury.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 117 - Ssbci Demonstration Fund › Rule 261-117.4 - Project Funding

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Awards
				shall be made on a per-project basis upon board approval. Each award shall be
				designed in such a way as to most effectively implement the purposes and goals
				of the fund as described in rule
				261-1172.
				(84GA,HF590).
(2) The board may
				determine the appropriate amount of financial assistance for a single project
				based on the merits of the project, the amount of private investment to be
				leveraged by the project, the amount of moneys available for purposes of the
				fund, and the requirements of the SSBCI program.
(3) Funds awarded by the board may be used
				for intellectual property development and evaluation, in-depth analysis of
				market potential, analysis of competitive landscape, advancing proof of concept
				work for a scientific discovery, designing and developing prototypes,
				conducting research and development to attract venture capital and other
				financing, marketing and product promotion, hiring of key personnel, purchasing
				equipment, and paying construction costs.
(4) Funds may not be used for university
				overhead expenses or for any work that was conducted prior to the term of the
				contract by the applicant or by any third-party consultant.
(5) The forms of financial assistance may
				consist of, but are not limited to, loans, forgivable loans, grants and such
				other forms of assistance the board deems appropriate and consistent with the
				needs of a given project.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 117 - Ssbci Demonstration Fund › Rule 261-117.5 - Leverage of Financial Assistance Required

Current through Register Vol. 47, No. 3, July 24, 2024
In order to be eligible for financial assistance, an
				  applicant must demonstrate the ability to secure one dollar of private moneys
				  for every one dollar of financial assistance received from the authority. The
				  board shall consider the amount of private moneys leveraged that is in excess
				  of the minimum matching amount required by this rule and shall make awards of
				  financial assistance to those projects that most efficiently leverage the
				  amount of moneys available in the fund.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 117 - Ssbci Demonstration Fund › Rule 261-117.7 - Ineligible Applicants

Current through Register Vol. 47, No. 3, July 24, 2024
The following businesses are not eligible for financial
				  assistance from the fund:
(1) A
				business which is engaged in retail sales or provides health
				services.
(2) A business which
				closes or substantially reduces its workforce by more than 20 percent at an
				existing operation in order to relocate substantially the same operation to
				another area of the state. Such a business is ineligible for financial
				assistance for 36 consecutive months at any of its Iowa sites from the date the
				new establishment opens.
(3) A
				business that does not meet the requirements of the federal SSBCI
				program.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 117 - Ssbci Demonstration Fund › Rule 261-117.8 - Application and Review Process

Current through Register Vol. 47, No. 3, July 24, 2024
(1) An
				eligible business must submit an application for financial and technical
				assistance from the fund to the Iowa Economic Development Authority, 200 East
				Grand Avenue, Des Moines, Iowa 50309, on a form provided by the authority.
				Required forms and instructions are available at this address or in electronic
				form on the authority's Web site.
(2) To apply for financial assistance from
				the fund, a business shall submit an application to the authority on a form
				provided by the authority. The application will be reviewed by authority staff,
				the committee and the board. The committee will make a recommendation to the
				board about an application. The board has final decision-making authority on
				requests for financial assistance from the fund. The board may approve, defer
				or deny an application.
(3) The
				authority may contract with third-party service providers for assistance with
				the evaluation and review of applications.
(4) An application for assistance shall
				include all information required by the authority including, but not limited
				to, the following:
a. Proposed product or
				service. A description of the proposed product or service, the experience of
				those involved in the proposed project, and the company resources.
b. Market research. A market research
				analysis that addresses questions such as:
(1) What are the competing or alternative
				technologies?
(2) What is the
				advantage of this new approach?
(3)
				What are the distribution plans?
(4) What is the estimated return on
				investment?
c.
				Commercialization. A description of the key next steps to making an impact with
				the innovation and a description of funding requirements necessary to overcome
				obstacles to success.
d. Work plan.
				A description of the strategy and key elements to be funded to address goals of
				the work plan, including project milestones.
e. Resources and budget. A budget that
				includes a detailed description of the sources, including the required match,
				and uses of the funds.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 117 - Ssbci Demonstration Fund › Rule 261-117.9 - Application Selection Criteria

Current through Register Vol. 47, No. 3, July 24, 2024
In reviewing applications for financial assistance, the
				  committee and the board shall consider the following criteria:
(1) Intellectual property, and how the
				ownership of the IP is structured. More points will be awarded for greater IP
				control by the business, with the greatest number of points being awarded for
				exclusive IP ownership by the business.
(2) Experience. The business's experience in
				productization and commercialization, and ongoing product
				maintenance.
(3) Estimate to
				completion.
a. What are the work
				requirements; how quickly will the work be completed?
b. How credible is this estimate relative to
				the business's experience?
c. Does
				the business have the resources to fulfill these requirements?
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 117 - Ssbci Demonstration Fund › Rule 261-117.10 - Contract and Reporting

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Notice of award.
Successful applicants will be notified in
				writing of an award of assistance, including any conditions and terms of the
				approval.
(2)
Contract
				required.
The authority shall prepare a contract, which includes, but
				is not limited to, a description of the project to be completed by the
				business, conditions to disbursement, required reports, the repayment
				requirements imposed on the business, the procedures and remedies available if
				there is an event of default under the contract, and any other specific
				repayment provisions ("clawback" provisions) to be established on a
				project-by-project basis.
(3)
SSBCI requirements.
The contract required pursuant to subrule
				117.10(2) shall include any and all provisions necessary for compliance with
				federal SSBCI program requirements. An applicant shall submit any and all
				information required by the authority in sufficient detail to permit the
				authority to prepare the reports required under the federal SSBCI
				program.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 118 - Strategic Infrastructure Program › Rule 261-118.1 - Authority

Current through Register Vol. 47, No. 3, July 24, 2024
The authority for adopting rules establishing a strategic
				  infrastructure program is provided in Iowa Code section
				  15313.
				  and in Iowa Code section
				  15106A..
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 118 - Strategic Infrastructure Program › Rule 261-118.2 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
The purpose of the strategic infrastructure program is to
				  assist projects that develop commonly utilized assets that provide an advantage
				  to one or more private sector entities or that create necessary physical
				  infrastructure in the state, and such projects are not adequately provided by
				  the public or private sectors.
Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 118 - Strategic Infrastructure Program › Rule 261-118.3 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
"Authority"
means the economic development
				  authority created in Iowa Code section
				  15105..
"Board"
means the members of the economic
				  development authority appointed by the governor and in whom the powers of the
				  authority are vested pursuant to Iowa Code section
				  15105..
"Council"
means the Iowa innovation council
				  established pursuant to Iowa Code section
				  15117A.,
				  or any panel or committee composed of members of the council.
"Director "
means the director of the
				  economic development authority.
"Eligible project"
means a project meeting
				  the requirements of rule
				  261-1185.
				  (15).
"Financial assistance"
means the same as
				  defined in Iowa Code section
				  15102..
"Program "
means the strategic
				  infrastructure program established in this chapter.
"Strategic infrastructure "
means projects
				  that develop commonly utilized assets that provide an advantage to one or more
				  private sector entities or that create necessary physical infrastructure in the
				  state, and such projects are not adequately provided by the public or private
				  sectors. Such projects may include vertical improvement developments,
				  facilities and equipment upgrades, or the redevelopment or repurposing of
				  underutilized property or other assets, provided that each project is intended
				  to attract additional public or private sector investment and result in
				  broad-based prosperity in this state.
"Vertical improvement"
means the same as
				  defined in Iowa Code section
				  15J2..