§ 260J.1 — Supplemental new jobs credit from withholding

Iowa § 260J.1

• Jurisdiction: Iowa
• Title VII: EDUCATION, HISTORY, AND CULTURE
• Ch. 260J: NEW JOBS TRAINING PROJECT FUNDING — CREDITS AND LOANS

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In 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, andmaybepledgedbythecommunitycollegeinthesamemannerasdescribedinsection
260E.5.
3. Thattheemployershallagreetopaywagesforthejobsforwhichthecreditistakenofat
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
thelaborshedareainwhichtheeligiblebusinessislocated,ascalculatedbythedepartmentof
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.