Section 260J.1 - Supplemental new jobs credit from withholdingIn 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 laborshed wage. For purposes of this subsection, "laborshed wage" means the wage level represented by those wages within two standard deviations from the mean wage within the laborshed area in which the eligible business is located, as calculated by the department of workforce development by rule, using the most current covered wage and employment data available to the department for the laborshed area. 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.Renumbered from Iowa Code s 15A.7by 2023 Iowa, ch 19, s 2205, eff. 7/1/2023.Amended by 2023 Iowa, ch 19, s 2201, eff. 7/1/2023.96 Acts, ch 1180, §8; 97 Acts, ch 23, §6; 2002 Acts, ch 1050, §3; 2009 Acts, ch 123, §25; 2011 Acts, ch 118, §87, 89; 2012 Acts, ch 1126, §15Referred to in §260J.2, 422.16A
Section transferred from §15A.7 in Code 2024 pursuant to directive in 2023 Acts, ch 19, §2205
Subsection 3 amended