Author: deanfiihr Published: March 22nd, 2011
While the Republican led House continues to debate everything but creating jobs, Democrats are looking out for Iowa’s small business owners. The Senate passed SF506 that helps Iowa small businesses get additional help for providing adequate health care coverage for their employees. Read the Des Moines Register article below:
Iowa small businesses could get cash back for health care coverage, bill says
4:35 PM, Mar 21, 2011 | by Jennifer Jacobs | Des Moines Register
Iowa-based small businesses could get a tax credit from the state to help defray the cost of providing health care insurance, under a bill the Iowa Senate approved today.
“Even the smallest businesses, the ones that don’t have big profits or a large tax liability, can get a state refund check by providing health care to their employees,” said Sen. Tom Rielly, D-Oskaloosa.
The Senate approved Senate File 506 with a 48-0 vote.
The proposal would build on the federal tax credit available through the federal health care reform law, the Patient Protection and Affordable Care Act.
The federal tax credit is available now for businesses with 25 or fewer employees. Until 2013, the tax credit is 35 percent; it jumps to 50 percent in 2014.
The state’s proposal would benefit about 60,000 Iowa businesses with 10 or fewer employees, Rielly said.
The refundable state tax credit would be equal to 25 percent of the credit an employer earns under the federal tax credit, the bill says.
A company that spends $50,000 a year to provide health care benefits will get a $17,500 federal tax credit. The state credit would save the business another $4,375 for a total of $21,875, Rielly said.
The Iowa credit would be available for the 2011 tax year, applying retroactively to Jan. 1, 2011, the bill says.
The loss in state revenue would be $6.8 million in budget year 2012, and $8 million the following year, according to the nonpartisan Legislative Services Agency.
Democratic senators said this bill is part of their multi-part plan to create jobs in Iowa.
Small businesses pay 18 percent more on average than large businesses for the same coverage, Rielly said. Premiums have gone up three times faster than wages in the last 10 years, he said.
Tags: Des Moines Register, House Democrats, Iowa Small Businesses, Senate Democats, small businesses
Category Featured, Jobs & Economy, Recent News |
Author: rachellethomas Published: October 14th, 2010
Iowa’s Small Business Loan Program, which started August 1st, has already shown it’s paying dividends to Iowa’s small businesses.
The program is an effort to create good paying jobs and help Iowa’s small business owners through a $5 million loan program. The Iowa Small Business Loan Program will provide loans up to $50,000 to small businesses with under 35 employees, with an interest rate of 3.9%.
As of October 1st, the following results can be shown:
- 46 loans are in the process with the Small Business Development Centers.
- 11 applications have been received by the Iowa Foundation for Microenterprise and Community Vitality (IFMCV), of which, eight have been recommended to the Department of Economic Development (DED) for approval and three have been recommended for denial.
- The eight approved businesses have been awarded $375,000 in capital, which has leveraged $325,000 in additional co-financed capital.
- Of the eight businesses, two have been start-ups and six are existing businesses.
- 32 full-time and 16 part-time jobs have been created or retained.
The program is still taking applications. To apply businesses must also have a business plan and receive assistance from an Iowa Small Business Development Center, the John Pappajohn Centers for Entrepreneurship, or the Iowans for Social and Economic Development.
Interested businesses should contact their local Small Business Development Center (www.iowasbdc.org) to confirm eligibility and application process.
Tags: Economic Development, Iowa Economy, Iowa Small Business Loan Program, Iowa Small Businesses, Save Our Small Business Fund, small businesses
Category Featured, Jobs & Economy, Recent News |
Author: deanfiihr Published: June 24th, 2010
A number of new laws will go into effect on July 1, the start of the state’s fiscal year. Several changes were made during the 2010 legislative session that will affect Iowans, including new seat belt requirements for kids in the back seat, a ban on text messaging while driving, and new protections for victims of domestic abuse.
Some of the changes taking effect on July 1 include:
Support for Small Businesses – Focuses state job creation efforts on small Iowa businesses instead of large Wall Street companies by increasing the Research Activities Credit available for small businesses. (Senate File 2380)
Domestic Abuse – Forfeiture of Guns – If a person is convicted of domestic abuse or is the subject of a permanent protective order, the person will lose the ability to own guns. (Senate File 2357)
Texting Ban – Drivers under the age of 18 years cannot use an electronic device while driving, unless it is installed in the vehicle or operated through permanently installed equipment. Drivers over 18 cannot use a hand-held communication device to read, write, or send a text message, but can use the device to make a phone call. The penalty for all ages is a $30 fine, with harsher penalties if in an accident with serious injury or death. Warning citations begin on July 1, 2010, and fines begin on July 1, 2011. (House File 2456)
Seat Belts – Requires all persons under the age of 18 years to use either a safety seat or seat belt unless all seat belts are already being used. If a person age 14 years or older is not using a seat belt, they will get the ticket, not the driver of the vehicle. (Senate File 2381)
Military Spouse Benefits – Allows unemployment benefits for an individual who left employment because of the relocation of the individual’s spouse due to a military assignment in another area. (House File 2110)
Grain Weight Limit for Farmers – Allows commercial motor vehicles, other than special trucks, on non-interstate highways, to haul up to 90,000 lbs. on six axles and 96,000 lbs. on seven axles. Currently allowed for livestock or construction vehicles, this allows farmers to haul heavier grain on trucks with more axles. (House File 2512)
Health Insurance & Cancer Trials – Insurers say they pay for routine care for cancer patients in clinical trials, but many patients are reluctant to participate fearing they will lose their health insurance. This bill makes it easier for patients to participate in these trials by assuring them that routine care will continue to be covered. (House File 2075)
Mental Health Hospitalization Notification (Ed Thomas Bill) – Assures that law enforcement are notified when individuals hospitalized for a serious mental impairment are released from care if there is an arrest warrant or pending charges against the individual. (House File 2352)
Smart Growth and Comprehensive Planning – Establishes a set of ten comprehensive planning principles that state and local governments should use in preparing for future growth. These principles are guides and are not mandates. (Senate File 2389)
Tags: domestic abuse, Health Insurance, Mental Health, New Laws, Public Safety, small businesses, smart growth, texting ban
Category 2010 Session Information |
