Iowa Admin. Code r. 261-8.3
A workforce development fund account is established in the office of the treasurer of state under control of the department. Upon payment in full of a certificate of participation or other obligation issued to fund a job training program under Iowa Code chapter 260E, including a certificate of participation repaid in whole or in part by the supplemental new jobs credit from withholding under Iowa Code section 15A7., the community college providing the job training program shall notify the department of the amount paid by the employer or business to the community college to retire the certificate during the last 12 months of withholding collections. The department shall notify the department of revenue of that amount. The department of revenue shall then credit to the workforce development fund account, established in Iowa Code section 15342A., 25 percent of that amount each quarter for a period of ten years. If the amount of withholding from the business or employer is insufficient, the department shall prorate the quarterly amount credited to the workforce development fund account. The maximum amount from all employers which shall be transferred to the workforce development fund account in any year is $10,000,000. The legislature will make an annual appropriation from the workforce development fund account to the workforce development fund.
Iowa Admin. Code r. 261-8.3