Iowa Administrative Code
Agency 261 - Economic Development Authority
Part IV - Business Development Division
Chapter 71 - Targeted Jobs Withholding Tax Credit Program
Rule 261-71.6 - Reporting Requirements
Universal Citation: IA Admin Code 261-71.6
Current through Register Vol. 47, No. 6, September 18, 2024
(1) Required reports.
a. At the
time the pilot project city submits its budget to the department of management,
the pilot project city shall submit to the department of management and the
authority a description of the activities involving the use of withholding
agreements. The description shall include, but not be limited to, the
following:
(1) The total number of targeted
jobs associated with withholding agreements and the wages of those targeted
jobs.
(2) A breakdown of the number
of targeted jobs that are associated with Iowa business expansions or
retentions within the city limits of the pilot project city and the number of
targeted jobs resulting from out-of-state businesses moving to or expanding in
Iowa.
(3) The number of withholding
agreements and the amount of withholding credits associated with those
agreements.
(4) The types of
businesses that entered into withholding agreements with the city and the types
of businesses that declined the city's proposal to enter into a withholding
agreement with the city.
b. Pursuant to rules adopted by the
authority, the pilot project city shall provide to the authority information
documenting the compliance of each employer with each requirement of the
withholding agreement, including but not limited to the number of jobs created
or retained, the wages associated with the targeted jobs, and the amount of
investment made by the employer. The pilot project city shall provide this
information annually by September 1. The authority shall, in response to
receiving such information from the pilot project city, assess the level of
compliance by each employer and provide to the pilot project city
recommendations for either maintaining employer compliance with the withholding
agreement or terminating the agreement for noncompliance under subrule 71.4(8).
The authority shall also provide each such assessment and recommendation report
to the department of revenue.
c.
The employer, in conjunction with the pilot project city, shall provide
information documenting the total amount of payments and receipts from the
withholding project fund under the withholding agreement, including all
agreements between the pilot project city and the employer to suspend, abate,
exempt, rebate, refund, or reimburse property taxes, to provide a grant for
property taxes, to provide a grant not related to property taxes, or to make a
direct payment of taxes. The employer and the pilot project city shall submit
this information to the authority annually by September 1 covering the prior
fiscal year (July 1 to June 30). The authority shall verify the information
provided and determine whether the pilot project city and the employer are in
compliance with Iowa Code section
40319A.
and this chapter. The authority will verify job creation or retention using the
method described in 261-Chapter 188.
d. The authority may request additional
reports from pilot project cities as necessary to determine the status of the
targeted jobs withholding tax credit program.
e. The authority shall make, at minimum, an
annual on-site monitoring visit to each pilot project city to verify the
documented information. The pilot project city shall provide the following:
(1) Payroll records that correspond to the
quarterly report provided by the pilot project city for the department of
revenue;
(2) Information
substantiating the total amount of qualifying investment made in the
project;
(3) Information
substantiating the total amount of local financial support made in the
project;
(4) Payments and receipts
as described in paragraph 71.6(1)"c. "
(2) Annual report. As required by Iowa Code section 15104(9)."k, " the authority shall include in its annual report information about the targeted jobs withholding tax credit program. This report is due on January 31 of each year.
Disclaimer: These regulations may not be the most recent version. Iowa may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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