Iowa Code § 15E.1
Definition
As used in this chapter, unless the context otherwise requires, “authority” means the economic development authority created in section 15.105.
Iowa Code Chapter 15E — Development Activities
Iowa · statute · Iowa Code ch. 15E · 51 active provisions
Iowa Code § 15E.11
Corporation for receiving and disbursing funds
The Iowa development commission is hereby authorized to form a corporation under the provisions of chapter 504, Code 1989, for the purpose of receiving and disbursing funds from public or private sources to be used to further the overall development and well-being of the state.
Iowa Code § 15E.14
Incorporators
The incorporators of the corporation formed under sections 15E.11, 15E.15 and 15E.16, shall be: 1. The chairperson of the Iowa development commission. 2. The director of the Iowa development commission. 3. A member of the Iowa development commission selected by the chairperson.
Iowa Code § 15E.15
Board of directors
The board of directors of the corporation formed under sections 15E.11, 15E.14 and 15E.16 shall be the members of the Iowa development commission or their successors in office.
Iowa Code § 15E.16
Accepting grants in aid
The corporation formed under sections 15E.11, 15E.14 and 15E.15 is hereby authorized to accept grants of money or property from the federal government or any other source and may upon its own order use its money, property or other resources for any of the purposes herein.
Iowa Code § 15E.17
Regulatory information service
1. The economic development authority shall provide a regulatory information service. The purpose of the service shall be to provide a center of information where a person interested in establishing a commercial facility or engaging in a commercial activity may be informed of any registration, license, or other approva…
Iowa Code § 15E.18
Site development consultations certificates of readiness
1. a. The authority shall consult with local governments and local economic development officials in regard to site development techniques. For purposes of this section, “site development techniques” include environmental evaluations, property and wetland delineation, and historical evaluations. b. The authority may ch…
Iowa Code § 15E.19
Regulatory assistance
1. The economic development authority shall coordinate all regulatory assistance for the state of Iowa. Each state agency administering regulatory programs for business shall maintain a coordinator within the office of the director or the administrative division of the state agency. Each coordinator shall do all of the…
Iowa Code § 15E.21
Iowa business resource centers
The authority shall establish an Iowa business resource center program for purposes of locating Iowa business resource centers in the state. The authority shall partner with another entity wanting to assist with economic growth and establish an Iowa business resource center. Operational duties of a center shall focus o…
Iowa Code § 15E.25
Purpose
The purpose of this subchapter is to stimulate job growth, create wealth, and accelerate the creation of new ventures by using investment tax credits to incentivize the transfer of capital from investors to entrepreneurs, particularly during early-stage growth.
Iowa Code § 15E.26
Definitions
For purposes of this subchapter, unless the context otherwise requires: 1. “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. 2. “Authority” means the economic d…
Iowa Code § 15E.27
Investment tax credits
1. a. For tax years beginning on or after January 1, 2025, a tax credit shall be allowed against the taxes imposed in chapter 422, subchapters II, III, and V, and in chapter 432, and against the moneys and credits tax imposed in section 533.329, for a portion of a taxpayer’s equity investment, as provided in subsection…
Iowa Code § 15E.28
Qualifying businesses
1. To determine whether a business is a qualifying business, a business shall submit an application to the authority that is accompanied by a nonrefundable application fee. A business must be certified by the authority as a qualifying business in order for an investor’s equity investment to qualify for a tax credit. 2.…
Iowa Code § 15E.29
Confidentiality reports
1. Except as provided in subsection 2, all information or records in the possession of the authority with respect to this subchapter shall be presumed by the authority to be a trade secret protected under chapter 550 or common law, and shall be kept confidential by the authority unless otherwise ordered by a court. 2.…
Iowa Code § 15E.52
Innovation fund investment tax credits
1. For purposes of this section, unless the context otherwise requires: a. “Board” means the same as defined in section 15.102. b. “Innovation fund” means one or more early-stage capital funds certified by the board. c. “Innovative business” means a business applying novel or original methods to the manufacture of a pr…
Iowa Code § 15E.61
Findings — purpose
1. The general assembly finds the following:Fundamental changes have occurred in national and international financial markets and in the financial markets of this state. A critical shortage of seed and venture capital resources exists in the state, and such shortage is impairing the growth of commerce in the state. A n…
Iowa Code § 15E.62
Definitions
As used in this subchapter, unless the context otherwise requires: 1. “Board” means the Iowa capital investment board created in section 15E.63. 2. “Certificate” means a contract between the board and a designated investor pursuant to which a tax credit is available and issued to the designated investor. 3. “Creditor”…
Iowa Code § 15E.63
Iowa capital investment board
1. The Iowa capital investment board is created as a state governmental board and the exercise by the board of powers conferred by this subchapter shall be deemed and held to be the performance of essential public purposes. The purpose of the board shall be to mobilize venture equity capital for investment in such a ma…
Iowa Code § 15E.64
Iowa capital investment corporation
1. An Iowa capital investment corporation may be organized as a private, not-for-profit corporation under chapter 504. The Iowa capital investment corporation is not a public corporation or instrumentality of the state and shall not enjoy any of the privileges and shall not be required to comply with the requirements o…
Iowa Code § 15E.65
Iowa fund of funds
1. The Iowa capital investment corporation shall organize the Iowa fund of funds. The Iowa fund of funds shall be authorized to make investments in private seed and venture capital partnerships or entities in a manner which will encourage the availability of a wide variety of venture capital in the state, strengthen th…
Iowa Code § 15E.66
Certificates and tax credits
1. The board may issue certificates and related tax credits to designated investors which, if redeemed for the maximum possible amount, shall not exceed a total aggregate of sixty million dollars of tax credits. The certificates shall be issued contemporaneously with a commitment to invest in the Iowa fund of funds by…
Iowa Code § 15E.67
Powers and effectiveness
This subchapter shall not be construed as a restriction or limitation upon any power which the board might otherwise have under any other law of this state and the provisions of this subchapter are cumulative to such powers. This subchapter shall be construed to provide a complete, additional, and alternative method fo…
Iowa Code § 15E.68
Permissible investments
Investments by designated investors in the Iowa fund of funds shall be deemed permissible investments for state-chartered banks, for credit unions, and for domestic insurance companies under applicable state laws.
Iowa Code § 15E.69
Enforcement
The attorney general may enforce the provisions of this subchapter and conduct any investigations necessary for such enforcement.
Iowa Code § 15E.70
Financial statements — auditor of state
By July 1 of each year, the Iowa fund of funds, the Iowa capital investment corporation, and designated investors shall submit a financial statement for the previous calendar year to the auditor of state.
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