15A.7 - SUPPLEMENTAL NEW JOBS CREDIT FROM WITHHOLDING.
15A.7 SUPPLEMENTAL NEW JOBS CREDIT FROM
WITHHOLDING.
In order to promote the creation of additional high-quality new
jobs within the state, an agreement under section 260E.3 may include
a provision for a supplemental new jobs credit from withholding from
jobs created under the agreement. A provision in an agreement for
which a supplemental credit from withholding is included shall
provide for the following:
1. That the project shall be administered in the same manner as a
project under chapter 260E and that a supplemental new jobs credit
from withholding in an amount equal to one and one-half percent of
the gross wages paid by the employer pursuant to section 422.16 is
authorized to fund the program services for the additional project.
2. That the supplemental new jobs credit from withholding shall
be collected, accounted for, and may be pledged by the community
college in the same manner as described in section 260E.5.
3. That the employer shall agree to pay wages for the jobs for
which the credit is taken of at least the county wage or the regional
wage, as calculated by the department pursuant to section 15G.112,
subsection 3, whichever is lower. Eligibility for the supplemental
credit shall be based on a one-time determination of starting wages
by the community college.
4. To provide funds for the payment of the costs of the
additional project, a community college may borrow money, issue and
sell certificates, and secure the payment of the certificates in the
same manner as described in section 260E.6, including, but not
limited to, providing the assessment of an annual levy as described
in section 260E.6, subsection 4. The program and credit authorized
by this section are in addition to, and not in lieu of, the program
and credit authorized in chapter 260E. Section History: Recent Form
96 Acts, ch 1180, §8; 97 Acts, ch 23, §6; 2002 Acts, ch 1050, §3;
2009 Acts, ch 123, §25
Referred to in § 15A.8, 422.16A