Iowa Admin. Code r. 701-307.9

Current through Register Vol. 47, No. 11, December 11, 2024

Rule 701-307.9 - Supplemental new jobs credit from withholding and alternative credit for housing assistance programs

(1)Supplemental new jobs credit from withholding. For eligible businesses approved by the economic development authority under Iowa Code section 15A.7, a credit equal to an additional 1.5 percent of the wages paid to employees in new jobs for these eligible businesses can be taken on the Iowa withholding tax return. This supplemental new jobs credit is in addition to the credit described in rule 701-307.8 (260E). The administrative rules for the supplemental new jobs credit from withholding may be found in 261-paragraph 59.6(3)"a."

(2)Alternative credit for housing assistance programs. As an alternative to the credit described in subrule 307.9(1) for eligible businesses in an enterprise zone, a business may provide a housing assistance program in the form of down payment assistance or rental assistance for employees in new jobs. A credit equal to 1.5 percent of the wages paid to employees participating in a housing assistance program may be claimed on the Iowa withholding tax return for wages paid prior to July 1, 2009. Effective July 1, 2009, the alternative credit for housing assistance programs was repealed. The administrative rules for the enterprise zone program administered by the Iowa department of economic development may be found in 261-Chapter 59.

This rule is intended to implement Iowa Code section 15A.7 and 2014 Iowa Code sections 15E.196 and 15E.197.

Iowa Admin. Code r. 701-307.9

ARC 8605B, IAB 3/10/10, effective 4/14/10; ARC 1744C, IAB 11/26/14, effective 12/31/14; Editorial change: IAC Supplement 11/2/22