Iowa Code § 15G.101
Definitions
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2026
As of January 1, 2012
As used in this chapter, unless the context otherwise requires:
1. “Authority” means the economic development authority created in section 15.105.
1. “Board” means the same as defined in section 15.102.
2. “Base employment level” means the number of full-time equivalent positions at a business, as established by the authority and a business using the business’s payroll records, as of the date a business applies for financial assistance under the program.
3. “Benefit” means nonwage compensation provided to an employee. Benefits typically include medical and dental insurance plans, pension, retirement, and profit-sharing plans, child care services, life insurance coverage, vision insurance coverage, disability insurance coverage, and any other nonwage compensation as determined by the authority.
4. “County wage” means the county wage calculation performed by the authority pursuant to section 15G.112, subsection 3.
5. “Created job” means a new, permanent, full-time equivalent position added to a business’s payroll in excess of the business’s base employment level.
2. “Entity” means an Iowa nonprofit organization established to promote economic development and tourism in an area.
3. “Event” means a tourism-oriented athletic contest, convention, music festival, or art festival.
4. “Financial assistance” means assistance provided only from the funds, rights, and assets legally available to the authority and includes but is not limited to assistance in the form of grants.
7. “Fiscal impact ratio” means a ratio calculated by estimating the amount of taxes to be received from a business by the state and dividing the estimate by the estimated cost to the state of providing certain financial incentives to the business, reflecting a ten-year period of taxation and incentives and expressed in terms of current dollars. For purposes of the economic development financial assistance program, “fiscal impact ratio” does not include taxes received by political subdivisions.
8. “Full-time equivalent position” means a non-part-time position for the number of hours or days per week considered to be full-time work for the kind of service or work performed for an employer. Typically, a full-time equivalent position requires two thousand eighty hours of work in a calendar year, including all paid holidays, vacations, sick time, and other paid leave.
5. “Fund” means the Iowa major events and tourism fund established in section 15G.104.
10. “Maintenance period” means the period of time between the project completion date and maintenance period completion date.
11. “Maintenance period completion date” means the date on which the maintenance period ends.
12. “Project completion date” means the date by which a recipient of financial assistance has agreed to meet all the terms and obligations contained in an agreement with the authority as described in section 15G.112, subsection 1, paragraph “d”.
13. “Project completion period” means the period of time between the date financial assistance is awarded and the project completion date.
14. “Qualifying wage threshold” means the county wage or the regional wage, as calculated by the authority pursuant to section 15G.112, subsection 3, whichever is lower.
15. “Regional wage” means the regional wage calculation performed by the authority pursuant to section 15G.112, subsection 3.
16. “Retained job” means a full-time equivalent position, in existence at the time an employer applies for financial assistance which remains continuously filled or authorized to be filled as soon as possible and which is at risk of elimination if the project for which the employer is seeking assistance does not proceed.
Referred to in
See Code editor’s note on simple harmonization
Code editor directives applied
NEW subsection 1 and former subsections 1 and 2 renumbered as 2 and 3
Former subsection 3 stricken
Subsection 6 stricken and former subsections 7 – 9 renumbered as 6 – 8
Subsection 10 amended and renumbered as 9
Subsections 11 – 17 renumbered as 10 – 16
6. “Program” means the Iowa major events and tourism program established in section 15G.102.
NEW section
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.