This week was the first funnel of the legislative session and our grain lien language is effectively dead for the session. To have survived the funnel, our bill would have had to pass through the full committee (tax/spending bills don't have to meet the funnel deadline). We'll continue to keep an eye on what's happening, since bills are not completely dead until the legislature adjourns for the year.
Amendment provided in subcommittee that would only cover Deferred Payment contracts, not all credit-sale contracts, a second amendment would provide for a study of the program before expansion
We are supportive of the study, although we have concerns about an expansion of the grain indemnity fund
DYK? The state of North Dakota has a fund specifically for credit sale contracts
Run by their Department of Ag since July 2019 (must maintain funds between $3-6 million)
Only farmers that use credit sale contracts pay into this fund (at .02% of contract price), with 80% coverage (maximum claim per occurrence = $350,000, therefore maximum pay out is $280,000)
Last collection happened in 2008 and their fund is currently ~$4.5 million
FUTURE OF IOWA
SF2313/HF2384,Future Ready Iowa: Alive, passed out of committee
Expands Apprenticeship Opportunities Program
Encourages businesses to invest in child care infrastructure and matching grants
Creates a pilot program to assist older students in earning a high school diploma while developing technical skills
Requires K-12 computer science and allows online learning
Expands Last-Dollar Scholarship eligibility
SSB3116/HSB657,Invest in Iowa Act: Alive, taxes = funnel proof
Increases sales tax by one cent
3/8 cent to Natural Resources and Outdoor Recreation Trust fund
Reduces individual income taxes: 2021 top rate is 7.48%, in 2023 (if revenue targets are met) that rate moves to 5.5%
State general fund covers more mental health to reduce property taxes for individuals and businesses
