15E.197 - NEW JOBS CREDIT FROM WITHHOLDING.
15E.197 NEW JOBS CREDIT FROM WITHHOLDING.
An eligible business may enter into an agreement with the
department of revenue and a community college for a supplemental new
jobs credit from withholding from jobs created under the program.
The agreement shall be for program services for an additional job
training project, as defined in chapter 260E.
1. The agreement shall provide for the following:
a. 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 eligible business pursuant to
section 422.16 is authorized to fund the program services for the
additional project.
b. 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.
2. The auditor of state shall perform an annual audit regarding
how the training funds are being used.
3. 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 is in addition to, and not in lieu of, the program and credit
authorized in chapter 260E.
4. For purposes of this section, "eligible business" means a
business which has been approved to receive incentives and assistance
by the department of economic development pursuant to application as
provided in section 15E.195. Section History: Recent Form
2005 Acts, ch 150, §54, 69; 2007 Acts, ch 126, §8
Referred to in § 15.119, 15E.196, 403.19A, 422.16A
For aggregate limitations on amount of tax credits, see §15.119