This text of Iowa § 260E.5 (New jobs credit from withholding) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
If an agreement provides that all or part of program costs are to be met by receipt of new
jobs credit from withholding, it shall be done as follows:
1.New jobs credit from withholding shall be based upon the wages paid to the employees
in the new jobs.
2.An amount equal to one and one-half percent of the gross wages paid by the employer
to each employee participating in a project shall be credited from the payment made by an
employer pursuant to section 422.16. If the amount of the withholding by the employer is
less than one and one-half percent of the gross wages paid to the employees covered by the
agreement, then the employer shall receive a credit against other withholding taxes due by
theemployer. Theemployershallremittheamountofthecreditquarterlyinthesamemanner
aswithholdingpayme
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If an agreement provides that all or part of program costs are to be met by receipt of new
jobs credit from withholding, it shall be done as follows:
1. New jobs credit from withholding shall be based upon the wages paid to the employees
in the new jobs.
2. An amount equal to one and one-half percent of the gross wages paid by the employer
to each employee participating in a project shall be credited from the payment made by an
employer pursuant to section 422.16. If the amount of the withholding by the employer is
less than one and one-half percent of the gross wages paid to the employees covered by the
agreement, then the employer shall receive a credit against other withholding taxes due by
theemployer. Theemployershallremittheamountofthecreditquarterlyinthesamemanner
aswithholdingpaymentsarereportedtothedepartmentofrevenue,tothecommunitycollege
to be allocated to and when collected paid into a special fund of the community college to
pay the principal of and interest on certificates issued by the community college to finance or
refinance, in whole or in part, the project. When the principal and interest on the certificates
have been paid, the employer credits shall cease and any money received after the certificates
have been paid shall be remitted to the treasurer of state to be deposited in the general fund
of the state.
3. The new jobs credit from withholding and the special fund into which it is paid, may be
irrevocably pledged by a community college for the payment of the principal of and interest
on the certificate issued by a community college to finance or refinance, in whole or in part,
the project.
4. The employer shall certify to the department of revenue that the credit in withholding
is in accordance with an agreement and shall provide other information the department may
require.
5. A community college shall certify to the department of revenue the amount of new jobs
credit from withholding an employer has remitted to the special fund and shall provide other
information the department may require.
6. An employee participating in a project will receive full credit for the amount withheld
as provided in section 422.16.