Bill Text: IA HF2211 | 2013-2014 | 85th General Assembly | Introduced
Bill Title: A bill for an act establishing a medical student promise tax credit and a medical student promise fund under the control of the college student aid commission, and including effective date and retroactive applicability provisions.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2014-02-12 - Subcommittee, L. Miller, Cohoon, and Gassman. H.J. 229. [HF2211 Detail]
Download: Iowa-2013-HF2211-Introduced.html
House
File
2211
-
Introduced
HOUSE
FILE
2211
BY
KAUFMANN
A
BILL
FOR
An
Act
establishing
a
medical
student
promise
tax
credit
and
1
a
medical
student
promise
fund
under
the
control
of
the
2
college
student
aid
commission,
and
including
effective
date
3
and
retroactive
applicability
provisions.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
5
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Section
1.
NEW
SECTION
.
261.61
Medical
student
promise
tax
1
credit.
2
1.
Definitions.
For
purposes
of
this
section,
unless
the
3
context
otherwise
requires:
4
a.
“Commission”
means
the
college
student
aid
commission.
5
b.
“Eligible
degree”
means
a
master
of
physician
assistant
6
studies
or
a
doctor
of
medicine,
pharmacy,
dental
surgery,
or
7
osteopathy
degree.
8
c.
“Eligible
university”
means
the
state
university
of
Iowa
9
college
of
medicine
or
Des
Moines
university
–
osteopathic
10
medical
center.
11
d.
“Fund”
means
the
medical
student
promise
fund.
12
e.
“Medical
student”
means
an
individual
who
has
entered
13
into
a
promise
agreement
and
is
enrolled
full-time
in
an
14
eligible
university
in
a
curriculum
leading
to
an
eligible
15
degree.
16
f.
“Promise
agreement”
means
the
agreement
entered
into
in
17
subsection
3.
18
2.
Tax
credit.
19
a.
A
tax
credit
shall
be
allowed
against
the
taxes
imposed
20
in
chapter
422,
divisions
II,
III,
and
V,
and
in
chapter
432,
21
and
against
the
moneys
and
credits
tax
imposed
in
section
22
533.329,
for
a
portion
of
the
amount
of
the
voluntary
cash
or
23
noncash
contributions
made
by
the
taxpayer
during
the
tax
year
24
to
the
medical
student
promise
fund.
25
b.
An
individual
may
claim
a
tax
credit
under
this
section
26
of
a
partnership,
limited
liability
company,
S
corporation,
27
estate,
or
trust
electing
to
have
income
taxed
directly
to
28
the
individual.
The
amount
claimed
by
the
individual
shall
29
be
based
upon
the
pro
rata
share
of
the
individual’s
earnings
30
from
the
partnership,
limited
liability
company,
S
corporation,
31
estate,
or
trust.
32
c.
The
amount
of
a
tax
credit
allowed
under
this
section
33
shall
equal
twenty-five
percent
of
the
amount
of
the
taxpayer’s
34
voluntary
cash
contributions
made
by
the
taxpayer
during
the
35
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tax
year
to
the
medical
student
promise
fund.
1
d.
(1)
To
receive
a
tax
credit,
a
taxpayer
must
submit
2
an
application
to
the
commission.
The
commission
shall
issue
3
certificates
under
this
section
on
a
first-come,
first-served
4
basis,
which
certificates
may
be
redeemed
for
tax
credits.
In
5
allocating
tax
credits
pursuant
to
this
section,
the
commission
6
shall
allocate
one
million
dollars
in
aggregate
for
purposes
7
of
this
section,
unless
the
commission
determines
that
the
tax
8
credits
awarded
will
be
less
than
that
amount.
9
(2)
If
in
a
fiscal
year
the
aggregate
amount
of
tax
credits
10
applied
for
exceeds
the
amount
allocated
for
that
fiscal
year
11
under
this
paragraph
“d”
,
the
commission
shall
establish
a
12
wait
list
for
certificates.
Applications
that
were
approved
13
but
for
which
certificates
were
not
issued
shall
be
placed
14
on
the
wait
list
in
the
order
the
applications
were
received
15
by
the
commission
and
shall
be
given
priority
for
receiving
16
certificates
in
succeeding
fiscal
years.
17
e.
The
commission
shall,
in
cooperation
with
the
18
department
of
revenue,
establish
criteria
and
procedures
19
for
the
allocation
and
issuance
of
tax
credits
by
means
of
20
certificates
issued
by
the
commission.
The
criteria
shall
21
include
the
contingencies
that
must
be
met
for
a
certificate
22
to
be
redeemable
in
order
to
receive
a
tax
credit.
The
23
procedures
established
by
the
commission,
in
cooperation
with
24
the
department
of
revenue,
shall
relate
to
the
procedures
for
25
the
issuance
and
transfer
of
the
certificates
and
for
the
26
redemption
of
a
certificate
and
related
tax
credit.
27
f.
A
certificate
and
related
tax
credit
issued
pursuant
to
28
this
section
shall
be
deemed
a
vested
right
of
the
original
29
holder
or
any
transferee
thereof,
and
the
state
shall
not
cause
30
either
to
be
redeemed
in
such
a
way
that
amends
or
rescinds
the
31
certificate
or
that
curtails,
limits,
or
withdraws
the
related
32
tax
credit,
except
as
otherwise
provided
in
this
section
or
33
upon
consent
of
the
proper
holder.
A
certificate
issued
34
pursuant
to
this
section
cannot
pledge
the
credit
of
the
state
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and
any
such
certificate
so
pledged
to
secure
the
debt
of
the
1
original
holder
or
a
transferee
shall
not
constitute
a
contract
2
binding
the
state.
3
g.
Any
tax
credit
in
excess
of
the
taxpayer’s
liability
4
for
the
tax
year
may
be
credited
to
the
tax
liability
for
the
5
following
five
years
or
until
depleted,
whichever
is
earlier.
6
A
tax
credit
shall
not
be
carried
back
to
a
tax
year
prior
to
7
the
tax
year
in
which
the
taxpayer
claims
the
tax
credit.
8
h.
Tax
credit
certificates
issued
pursuant
to
this
section
9
may
be
transferred,
in
whole
or
in
part,
to
any
person.
A
tax
10
credit
certificate
shall
only
be
transferred
once.
Within
11
ninety
days
of
transfer,
the
transferee
shall
submit
the
12
transferred
tax
credit
certificate
to
the
department
of
revenue
13
along
with
a
statement
containing
the
transferee’s
name,
tax
14
identification
number,
and
address,
the
denomination
that
each
15
replacement
tax
credit
certificate
is
to
carry,
and
any
other
16
information
required
by
the
department
of
revenue.
17
i.
Within
thirty
days
of
receiving
the
transferred
tax
18
credit
certificate
and
the
transferee’s
statement,
the
19
department
of
revenue
shall
issue
one
or
more
replacement
20
tax
credit
certificates
to
the
transferee.
Each
replacement
21
tax
credit
certificate
must
contain
the
information
required
22
for
the
original
tax
credit
certificate.
A
replacement
tax
23
credit
certificate
may
designate
a
different
tax
than
the
tax
24
designated
on
the
original
tax
credit
certificate.
A
tax
25
credit
shall
not
be
claimed
by
a
transferee
under
this
section
26
until
a
replacement
tax
credit
certificate
identifying
the
27
transferee
as
the
proper
holder
has
been
issued.
28
j.
The
transferee
may
use
the
amount
of
the
tax
credit
29
transferred
against
the
taxes
imposed
in
chapter
422,
divisions
30
II,
III,
and
V,
and
in
chapter
432,
and
against
the
moneys
and
31
credits
tax
imposed
in
section
533.329,
for
any
tax
year
the
32
original
transferor
could
have
claimed
the
tax
credit.
Any
33
consideration
received
for
the
transfer
of
the
tax
credit
shall
34
not
be
included
as
income
under
chapter
422,
divisions
II,
35
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III,
and
V.
Any
consideration
paid
for
the
transfer
of
the
tax
1
credit
shall
not
be
deducted
from
income
under
chapter
422,
2
divisions
II,
III,
and
V.
3
3.
Promise
agreement.
A
promise
agreement
shall
be
entered
4
into
by
a
medical
student
and
the
commission
when
the
medical
5
student
begins
the
curriculum
leading
to
an
eligible
degree.
6
Under
the
promise
agreement,
a
medical
student
shall
agree
to
7
and
shall
fulfill
all
of
the
following
requirements:
8
a.
If
the
medical
student
is
enrolled
in
a
curriculum
9
leading
to
a
doctor
of
medicine,
pharmacy,
dental
surgery,
or
10
osteopathy
degree,
or
master
of
physician
assistant
studies,
11
apply
for,
enter,
and
complete
an
Iowa-based
residency
program.
12
b.
Apply
for
and
obtain
a
license
to
practice
as
a
physician
13
assistant
pursuant
to
chapter
148C,
a
license
to
practice
as
a
14
physician
and
surgeon
or
an
osteopathic
physician
and
surgeon
15
licensed
pursuant
to
chapter
148,
or
pharmacist
pursuant
to
16
chapter
155A,
or
a
dentist
licensed
pursuant
to
chapter
153.
17
c.
Within
nine
months
of
graduating
from
a
residency
18
program,
if
applicable,
and
receiving
a
permanent
license
in
19
accordance
with
paragraph
“b”
,
reside
in
Iowa
and
engage
in
the
20
full-time
practice
in
Iowa
as
a
physician
assistant,
a
dentist,
21
or
a
doctor
of
medicine
and
surgery
or
osteopathic
medicine
22
and
surgery
or
a
pharmacist
for
a
period
of
sixty
consecutive
23
months.
24
4.
Postponement
and
satisfaction
of
service
obligation.
25
a.
The
obligation
to
engage
in
practice
in
accordance
with
26
subsection
3
may
be
postponed
for
the
following
purposes:
27
(1)
Active
duty
status
in
the
armed
forces,
the
armed
forces
28
military
reserve,
or
the
national
guard.
29
(2)
Service
in
volunteers
in
service
to
America.
30
(3)
Service
in
the
federal
peace
corps.
31
(4)
A
period
of
service
commitment
to
the
United
States
32
public
health
service
commissioned
corps.
33
(5)
A
period
of
religious
missionary
work
conducted
by
an
34
organization
exempt
from
federal
income
taxation
pursuant
to
35
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section
501(c)(3)
of
the
Internal
Revenue
Code.
1
(6)
Any
period
of
temporary
medical
incapacity
during
which
2
the
person
obligated
is
unable,
due
to
a
medical
condition,
to
3
engage
in
full-time
practice
as
required
under
subsection
3,
4
paragraph
“c”
.
5
b.
Except
for
a
postponement
under
paragraph
“a”
,
6
subparagraph
(6),
an
obligation
to
engage
in
practice
under
7
a
promise
agreement
shall
not
be
postponed
for
more
than
8
two
years
from
the
time
the
full-time
practice
was
to
have
9
commenced
under
the
promise
agreement.
10
c.
An
obligation
to
engage
in
full-time
practice
under
a
11
promise
agreement
shall
be
considered
satisfied
when
any
of
the
12
following
conditions
are
met:
13
(1)
The
terms
of
the
promise
agreement
are
completed.
14
(2)
The
person
who
entered
into
the
promise
agreement
dies.
15
(3)
The
person
who
entered
into
the
promise
agreement
is
16
unable,
due
to
a
permanent
disability,
to
practice
as
provided
17
in
the
agreement.
18
d.
If
an
individual
fails
to
fulfill
the
obligation
to
19
engage
in
practice
in
accordance
with
the
promise
agreement,
20
the
individual
shall
be
subject
to
repayment
to
the
commission
21
of
the
amount
paid
by
the
commission
to
reduce
the
individual’s
22
educational
loan
interest
rate
plus
interest
as
specified
by
23
rule.
24
5.
Fund
created.
25
a.
A
medical
student
promise
fund
is
created
as
a
26
revolving
fund
in
the
state
treasury
under
the
control
of
the
27
commission.
The
fund
shall
consist
of
all
moneys
deposited
28
in
the
fund
pursuant
to
this
section,
any
funds
received
29
from
other
sources,
and
interest
and
earnings
thereon.
The
30
commission
is
the
trustee
of
the
fund
and
shall
administer
31
the
fund.
Any
loss
to
the
fund
shall
be
charged
against
the
32
fund
and
the
commission
shall
not
be
personally
liable
for
33
such
loss.
Moneys
in
the
fund
are
not
subject
to
section
34
8.33.
Notwithstanding
section
12C.7,
subsection
2,
interest
or
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earnings
on
moneys
in
the
fund
shall
be
credited
to
the
fund.
1
b.
Moneys
in
the
fund
shall
be
used
by
the
commission
to
2
reduce
the
interest
rate
charged
to
a
medical
student
for
an
3
educational
loan
to
a
rate
that
is
not
more
than
one-half
of
4
the
interest
rate
currently
charged
for
federal
educational
5
loans
under
the
federal
Higher
Education
Act
of
1965,
as
6
amended
and
codified
in
20
U.S.C.
§1071
et
seq.
7
6.
Information
upon
request.
An
eligible
university
shall
8
collect
and
provide
to
the
commission
any
information
required
9
by
the
commission
for
the
administration
of
this
section
in
the
10
manner
and
form
prescribed
by
the
commission.
11
7.
Report.
On
or
before
January
15
of
each
year,
the
12
commission,
in
cooperation
with
the
department
of
revenue,
13
shall
submit
to
the
general
assembly
and
the
governor
a
report
14
describing
the
activities
of
the
medical
student
promise
fund
15
during
the
preceding
fiscal
year.
The
report
shall
at
a
16
minimum
include
the
following
information:
17
a.
The
amount
of
tax
credit
certificates
issued
to
18
individuals
pursuant
to
this
section.
19
b.
The
amount
of
approved
tax
credit
applications
that
were
20
placed
on
the
wait
list
for
certificates.
21
c.
The
amount
of
tax
credits
claimed.
22
d.
The
amount
of
tax
credits
transferred
to
other
persons.
23
e.
The
amount
of
the
voluntary
cash
or
noncash
contributions
24
made
by
taxpayers
during
the
tax
year
to
the
medical
student
25
promise
fund.
26
Sec.
2.
NEW
SECTION
.
422.11C
Medical
student
promise
tax
27
credits.
28
The
taxes
imposed
under
this
division,
less
the
credits
29
allowed
under
section
422.12,
shall
be
reduced
by
a
medical
30
student
promise
tax
credit
allowed
under
section
261.61.
31
Sec.
3.
Section
422.33,
Code
2014,
is
amended
by
adding
the
32
following
new
subsection:
33
NEW
SUBSECTION
.
22.
The
taxes
imposed
under
this
division
34
shall
be
reduced
by
a
medical
student
promise
tax
credit
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allowed
under
section
261.61.
1
Sec.
4.
Section
422.60,
Code
2014,
is
amended
by
adding
the
2
following
new
subsection:
3
NEW
SUBSECTION
.
12.
The
taxes
imposed
under
this
division
4
shall
be
reduced
by
a
medical
student
promise
tax
credit
5
allowed
under
section
261.61.
6
Sec.
5.
NEW
SECTION
.
432.12N
Medical
student
promise
tax
7
credit.
8
The
taxes
imposed
under
this
chapter
shall
be
reduced
by
9
a
medical
student
promise
tax
credit
allowed
under
section
10
261.61.
11
Sec.
6.
Section
533.329,
subsection
2,
Code
2014,
is
amended
12
by
adding
the
following
new
paragraph:
13
NEW
PARAGRAPH
.
k.
The
moneys
and
credits
tax
imposed
under
14
this
section
shall
be
reduced
by
a
medical
student
promise
tax
15
credit
allowed
under
section
261.61.
16
Sec.
7.
EFFECTIVE
UPON
ENACTMENT.
This
Act,
being
deemed
of
17
immediate
importance,
takes
effect
upon
enactment.
18
Sec.
8.
RETROACTIVE
APPLICABILITY.
This
Act
applies
19
retroactively
to
January
1,
2014,
for
tax
years
beginning
on
20
or
after
that
date
for
purposes
of
the
medical
student
promise
21
tax
credit
and
for
cash
and
noncash
contributions
made
to
22
the
medical
student
promise
fund
created
pursuant
to
section
23
261.61,
if
enacted,
made
on
or
after
that
date.
24
EXPLANATION
25
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
26
the
explanation’s
substance
by
the
members
of
the
general
assembly.
27
This
bill
establishes
a
medical
student
promise
tax
credit
28
and
a
medical
student
promise
fund
under
the
control
of
the
29
college
student
aid
commission
for
the
purpose
of
providing
30
a
means
for
reducing
the
interest
rate
charged
to
a
medical
31
student
for
an
educational
loan
to
an
amount
of
interest
that
32
is
not
more
than
one-half
of
the
interest
rate
currently
33
charged
for
federal
educational
loans.
34
TAX
CREDIT.
The
tax
credit
is
allowed
against
the
personal
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and
corporate
income
tax,
franchise
tax,
insurance
premium
tax,
1
and
the
moneys
and
credits
tax.
2
To
receive
a
certificate
which
may
be
redeemed
for
a
tax
3
credit,
the
taxpayer
must
submit
an
application
to
the
college
4
student
aid
commission.
The
commission
must
issue
certificates
5
on
a
first-come,
first-served
basis.
In
allocating
tax
6
credits,
the
commission
shall
allocate
$1
million
in
the
7
aggregate
for
certificates
for
tax
credits,
unless
the
8
commission
determines
that
the
tax
credits
awarded
will
be
9
less
than
that
amount.
If
the
amount
of
applications
exceeds
10
the
available
tax
credits
in
a
fiscal
year,
the
commission
is
11
required
to
establish
a
wait
list
and
give
priority
in
later
12
years
to
applications
on
the
wait
list.
13
The
taxpayer
may
transfer
a
tax
credit
once,
and
the
bill
14
establishes
procedures
for
transferring
the
credit
to
another
15
person.
Within
90
days
of
transfer,
the
transferee
must
submit
16
the
transferred
tax
credit
certificate
to
the
department
of
17
revenue
along
with
a
statement
containing
information
specified
18
in
the
bill.
Within
30
days
of
receiving
the
transferred
19
tax
credit
certificate
and
the
transferee’s
statement,
the
20
department
of
revenue
must
issue
one
or
more
replacement
tax
21
credit
certificates
to
the
transferee.
A
replacement
tax
22
credit
certificate
may
designate
a
different
tax
than
the
23
tax
designated
on
the
original
tax
credit
certificate.
Any
24
consideration
received
for
the
transfer
of
the
tax
credit
shall
25
not
be
included
as
income.
Any
consideration
paid
for
the
26
transfer
of
the
tax
credit
shall
not
be
deducted
from
income.
27
The
commission
must,
in
cooperation
with
the
department
of
28
revenue,
establish
criteria
and
procedures
for
the
allocation
29
and
issuance
of
tax
credits
by
means
of
certificates
issued
by
30
the
commission.
The
criteria
shall
include
the
contingencies
31
that
must
be
met
for
a
certificate
to
be
redeemable
in
order
to
32
receive
a
tax
credit.
33
Any
tax
credit
in
excess
of
the
taxpayer’s
liability
for
the
34
tax
year
may
be
credited
to
the
tax
liability
for
the
following
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five
years
or
until
depleted,
whichever
is
earlier.
A
tax
1
credit
shall
not
be
carried
back
to
a
tax
year
prior
to
the
tax
2
year
in
which
the
taxpayer
claims
the
tax
credit.
3
PROMISE
AGREEMENT.
To
be
eligible
for
the
reduction
in
4
the
interest
rate
charged
for
an
educational
loan,
a
medical
5
student
must
enter
into
a
promise
agreement
with
the
commission
6
and
be
enrolled
full-time
in
an
eligible
university
in
a
7
curriculum
leading
to
an
eligible
degree.
“Eligible
degree”
8
means
a
master
of
physician
assistant
studies
or
a
doctor
of
9
medicine,
pharmacy,
dental
surgery,
or
osteopathy
degree;
10
and
“eligible
university”
means
the
state
university
of
Iowa
11
college
of
medicine
or
Des
Moines
university
—
osteopathic
12
medical
center.
13
Under
the
promise
agreement,
a
medical
student
shall
agree
14
to
and
shall
fulfill
certain
requirements,
including
completing
15
a
residency
if
applicable,
applying
for
and
obtaining
a
license
16
to
practice,
residing
in
Iowa,
and
engaging
in
full-time
17
practice
in
the
state
as
a
physician
assistant,
a
dentist,
or
18
a
doctor
of
medicine
and
surgery
or
osteopathic
medicine
and
19
surgery,
or
pharmacist
for
a
period
of
60
consecutive
months.
20
The
bill
provides
for
the
postponement
and
satisfaction
21
of
the
obligation
to
practice
full
time
in
Iowa.
Practice
22
may
be
postponed
for
certain
purposes,
such
as
active
duty
23
status
in
the
armed
forces,
the
armed
forces
military
reserve,
24
or
the
national
guard;
service
in
volunteers
in
service
to
25
America;
service
in
the
federal
peace
corps;
a
period
of
26
service
commitment
to
the
United
States
public
health
service
27
commissioned
corps;
a
period
of
religious
missionary
work;
or
28
any
period
of
temporary
medical
incapacity
during
which
the
29
person
obligated
is
unable
to
engage
in
full-time
practice.
30
However,
except
for
medical
incapacity,
an
obligation
to
engage
31
in
practice
shall
not
be
postponed
for
more
than
two
years
from
32
the
time
the
full-time
practice
was
to
have
commenced
under
the
33
promise
agreement.
34
The
practice
obligation
shall
be
considered
satisfied
when
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the
terms
of
the
agreement
are
completed
or
the
person
dies
or
1
is
unable
to
practice
due
to
a
permanent
disability.
2
If
an
individual’s
obligation
is
not
postponed
or
satisfied,
3
and
the
person
fails
to
fulfill
the
obligation
to
practice,
4
the
individual
is
subject
to
repayment
to
the
commission
of
5
the
amount
paid
by
the
commission
to
reduce
the
individual’s
6
educational
loan
interest
rate
plus
interest
as
specified
by
7
rule.
8
MEDICAL
STUDENT
PROMISE
FUND
CREATED.
A
medical
student
9
promise
fund
is
created
as
a
revolving
fund
in
the
state
10
treasury
under
the
control
of
the
commission
and
administered
11
by
the
commission.
Moneys
in
the
fund
shall
be
used
by
the
12
commission
to
reduce
the
interest
rate
charged
to
a
medical
13
student
for
an
educational
loan
to
a
rate
that
is
not
more
14
than
half
of
the
interest
rate
currently
charged
for
federal
15
educational
loans.
The
fund
shall
consist
of
all
moneys
16
deposited
in
the
fund
pursuant
to
this
section,
any
funds
17
received
from
other
sources,
and
interest
and
earnings
thereon.
18
Any
loss
to
the
fund
shall
be
charged
against
the
fund
and
19
the
commission
shall
not
be
personally
liable
for
such
loss.
20
Moneys
in
the
fund
do
not
revert
to
the
general
fund
of
the
21
state
and
interest
or
earnings
on
moneys
in
the
fund
are
to
be
22
credited
to
the
fund.
23
INFORMATION/REPORTS/REVIEW.
On
or
before
January
15
of
each
24
year,
the
commission,
in
cooperation
with
the
department
of
25
revenue,
must
submit
to
the
general
assembly
and
the
governor
26
a
report
describing
the
commission’s
activities
relating
to
27
the
medical
student
promise
fund
during
the
preceding
fiscal
28
year,
including
information
regarding
the
applications
placed
29
on
the
wait
list,
contributions
made,
certificates
issued,
and
30
tax
credits
claimed.
An
eligible
university
shall
collect
31
and
provide
to
the
commission
any
information
required
by
the
32
commission
for
administration
of
the
fund.
33
EFFECTIVE
DATE
AND
RETROACTIVE
APPLICABILITY
PROVISIONS.
34
The
bill
takes
effect
upon
enactment
and
applies
retroactively
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