Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 71 - Targeted Jobs Withholding Tax Credit Program › Rule 261-71.1 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
"Act"
means Iowa Code section
				  40319A..
"Authority"
means the economic development
				  authority.
"Award date"
means the same as defined in
				  261-Chapter 173.
"Base employment level"
means the same as
				  defined in 261-Chapter 173.
"Board"
means the members of the authority
				  appointed by the governor and in whom the powers of the authority are vested
				  pursuant to Iowa Code section
				  15105..
"Business "
means an enterprise that is
				  located in this state and that is operated for profit and under a single
				  management. "Business" includes professional services and industrial
				  enterprises, including but not limited to medical treatment facilities,
				  manufacturing facilities, corporate headquarters, and research facilities.
				  "Business" does not include a retail operation, a government entity, or a
				  business which closes or substantially reduces its operation in one area of
				  this state and relocates substantially the same operation to another area of
				  this state.
"Countywide average wage "
means the average
				  that the authority calculates using the most current four quarters of wage and
				  employment information as provided in the quarterly covered wage and employment
				  data report as provided by the department of workforce development.
				  Agricultural/mining and governmental employment categories are deleted in
				  compiling the wage information.
"Created job "
means the same as defined in
				  261-Chapter 173.
"Due diligence committee"
or
"DDC"
means the due diligence committee organized by the
				  board pursuant to 261-Chapter 1.
"Employee"
means the individual employed in
				  a targeted job that is subject to a withholding agreement.
"Employer"
means a business creating or
				  retaining targeted jobs in a pilot project city pursuant to a withholding
				  agreement.
"Employer's taxable capital investment"
means a capital investment in real property, including but not limited to the
				  purchase of land and existing buildings and building construction included in
				  the project, that is subject to taxation by the local taxing authority.
"Full-time equivalent job "
or
"full-time "
means the same as defined in 261-Chapter
				  173.
"Local financial support"
or
"local
				  match"
means cash or in-kind contributions to be used for the project
				  from a private donor, a business, or the pilot project city. "Cash" includes
				  but is not limited to loans, forgivable loans or grants. "In-kind
				  contributions" means contributions directly related to the project and includes
				  but is not limited to the construction of private or public infrastructure or
				  other amenities and improvements.
"Pilot project city"
means a city that has
				  applied and been approved as a pilot project city pursuant to rule
				  261-712.
				  (403).
"Project initiation"
means the same as
				  defined in 261-Chapter 173.
"Qualifying investment"
means a capital
				  investment in real property including the purchase price of land and existing
				  buildings, site preparation, building construction, and long-term lease costs.
				  "Qualifying investment" also means a capital investment in depreciable assets.
				  For purposes of this paragraph, "long-term lease costs" means those costs
				  incurred or expected to be incurred under a lease during the duration of a
				  withholding agreement, provided that the cumulative cost for that period does
				  not exceed the cost of the land and the third-party developer's costs to build
				  or renovate the building for the approved business.
"Retained job "
means a full-time equivalent
				  position in existence at the time an employer applies to the authority for
				  approval of a withholding agreement and which remains continuously filled and
				  which is at risk of elimination if the project for which the employer is
				  seeking assistance under the withholding agreement does not proceed. For the
				  purposes of this definition, a position "at risk of elimination" includes a
				  position that would be relocated out of state.
"Targeted job "
means a job in a business
				  which is or will be located in a pilot project city that pays a wage at least
				  equal to the countywide average wage. "Targeted job" includes new or retained
				  jobs from Iowa business expansions or retentions within the city limits of the
				  pilot project city and those jobs resulting from established out-of-state
				  businesses, as defined by the authority, that are moving to or expanding in
				  Iowa.
"Urban renewal area"
means the same as
				  defined in Iowa Code section
				  40317..
"Withholding agreement"
means an agreement
				  authorized in rule
				  261-714.
				  (403) between a pilot project city, the authority, and an employer concerning
				  the targeted jobs withholding tax credit and that includes an application for a
				  project that is the subject of a withholding agreement.