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Bill > HF112
IA HF112
IA HF112A bill for an act relating to the maximum annual gross income for an enterprise to qualify as a targeted small business.(See HF 872.)
summary
Introduced
01/23/2025
01/23/2025
In Committee
01/23/2025
01/23/2025
Crossed Over
Passed
Dead
Introduced Session
91st General Assembly
Bill Summary
This bill relates to the maximum annual gross income for an enterprise to qualify as a targeted small business. Under the bill, an enterprise must have an annual gross income of less than $200 million to qualify as a targeted small business. Under current law, the maximum is $4 million.
AI Summary
This bill proposes to significantly expand the definition of a "targeted small business" by increasing the maximum annual gross income threshold from $4 million to $200 million. Currently, targeted small businesses are those that are at least 51% owned, operated, and actively managed by women, minority persons, service-disabled veterans, or persons with a disability. The bill also adds a new qualification that such businesses can either have fewer than 20 employees or meet the new income threshold. The changes aim to broaden the eligibility for targeted small business status, potentially providing more businesses with access to supportive programs or benefits designed to help historically underrepresented business owners. By raising the income limit from $4 million to $200 million, the bill dramatically increases the pool of businesses that can qualify as targeted small businesses, which could help more diverse-owned enterprises access economic opportunities and support.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Withdrawn. H.J. 871. (on 03/31/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=HF112 |
| BillText | https://www.legis.iowa.gov/docs/publications/LGI/91/attachments/HF112.html |
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