Iowa Administrative Code › Agency 701 - Revenue Department › Title VI - Corporation Income Tax › Chapter 502 - Determination of Net Income › Rule 701-502.30 - Covid-19 Grant Exclusion

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Definitions.
For purposes of this rule:
"Administering agency"
means the economic
				  development authority, the Iowa finance authority, or the department of
				  agriculture and land stewardship.
"Grant recipient"
means a person who
				  applies for and is issued a qualifying COVID-19 grant by an administering
				  agency.
"Issued"
means the approval of the grant
				  recipient's application and amount for a qualifying COVID-19 grant by an
				  administering agency, regardless of when the grant funds were paid by the
				  administering agency.
(2)
Qualifying COVID-19 grant programs.
a. The department is responsible for
				determining whether a grant program provides "qualifying COVID-19 grants" as
				defined in Iowa Code section
				422.7(62). In
				making this determination, and for purposes of the definition of "qualifying
				COVID-19 grant," a grant program is "created to primarily provide COVID-19
				related financial assistance to economically impacted individuals and
				businesses located in this state" if that grant program, at the time of its
				inception, was intended by the administering agency to provide a majority (more
				than 50 percent) of its financial assistance to or for the benefit of
				businesses that are doing business in Iowa or are deriving income from sources
				within Iowa, and that are economically affected by the COVID-19
				pandemic.
b. The administering
				agency shall notify the director of the existence of any grant program it
				believes may be a qualifying COVID-19 grant program. Upon such notification,
				the department will request from the administering agency the information
				necessary to determine whether that program is a qualifying COVID-19 grant as
				defined in Iowa Code section
				422.7(62)  and
				this rule. The administering agency shall provide the department with the
				requested information within the time frame prescribed by the department in its
				request. Failure to provide the requested information to the department shall
				prevent the department from determining that the grant program is a qualifying
				COVID-19 grant. Grant programs not specifically listed below in paragraph
				502.30(2)
"c"
are not qualifying COVID-19 grants and are not
				eligible for the exclusion provided in this rule, even if that program may
				otherwise meet the definition of "qualifying COVID-19 grant" in Iowa Code
				section 422.7(62).
c. The following is an exhaustive list of
				programs that have been identified by the department as qualifying COVID-19
				grants, including a general description of each program's grant recipients,
				that may qualify for the exclusion from Iowa net income under subrule
				502.30(3):
(1) Beef up Iowa program
				administered by the department of agriculture and land stewardship. Grant
				recipient is Iowa State University.
(2) Iowa beginning farmer debt relief fund
				administered by the Iowa finance authority. Grant recipients include Iowa
				beginning farmers.
(3) Iowa
				biofuels relief program administered by the economic development authority.
				Grant recipients include Iowa biodiesel and ethanol producers.
(4) Iowa county fairs relief fund
				administered by the economic development authority. Grant recipients include
				Iowa county and district fairs.
(5)
				Iowa COVID-19 business disruption relief program administered by the economic
				development authority. Grant recipients include Iowa bars, taverns, breweries,
				distilleries, wineries, and other similar drinking establishments.
(6) Iowa COVID-19 targeted small business
				sole operator fund administered by the economic development authority. Grant
				recipients include Iowa targeted small businesses.
(7) Iowa disposal assistance program
				administered by the department of agriculture and land stewardship. Grant
				recipients include Iowa pork and egg producers.
(8) Iowa hospital COVID-19 relief fund
				administered by the economic development authority. Grant recipients include
				Iowa hospitals.
(9) Iowa livestock
				producer relief fund administered by the economic development authority. Grant
				recipients include Iowa livestock producers.
(10) Iowa movie theatre relief grant program
				administered by the economic development authority. Grant recipients include
				Iowa movie theaters.
(11) Iowa
				nonprofit recovery fund administered by the economic development authority.
				Grant recipients include Iowa nonprofit organizations.
(12) Iowa renewable fuel retail recovery
				program administered by the department of agriculture and land stewardship.
				Grant recipients include Iowa fuel retailers.
(13) Iowa restaurant and bar relief grant
				program administered by the economic development authority. Grant recipients
				include Iowa bars, breweries, brewpubs, distilleries, wineries, and
				restaurants.
(14) Iowa small
				business relief grant program administered by the economic development
				authority. Grant recipients include Iowa small businesses.
(15) Iowa small business utility disruption
				prevention program administered by the economic development authority. Grant
				recipients include Iowa small businesses and small nonprofit
				organizations.
(16) Local produce
				and protein program administered by the department of agriculture and land
				stewardship. Grant recipients include Iowa schools, early childcare centers,
				specialty crop producers, and food hubs.
(17) Meat processing expansion and
				development program administered by the department of agriculture and land
				stewardship. Grant recipients include Iowa meat and poultry processing
				businesses and employees and Iowa livestock producers.
(18) Pack the pantry program administered by
				the department of agriculture and land stewardship. Grant recipients include
				Iowa food pantries.
(19) Pass the
				pork program administered by the department of agriculture and land
				stewardship. Grant recipients include Iowa food banks.
(20) Turkey to table program administered by
				the department of agriculture and land stewardship. Grant recipients include
				Iowa food banks.
(21) Iowa bowling
				center relief fund administered by the economic development authority. Grant
				recipients include Iowa for-profit bowling centers.
(22) Iowa charter bus relief program
				administered by the economic development authority. Grant recipients include
				for-profit charter bus companies with a vehicle fleet registered in
				Iowa.
(23) Iowa sports
				entertainment relief program administered by the economic development
				authority. Grant recipients include certain for-profit and nonprofit sports
				teams with a home venue located in Iowa.
(24) Iowa fitness center relief program
				administered by the economic development authority. Grant recipients include
				for-profit, nonprofit, and local government-owned fitness centers located in
				Iowa.