This bill amends the definition of a "targeted small business" in Iowa law by changing the criteria for annual gross income and ownership requirements. Specifically, it replaces the term "small business" with "enterprise" and stipulates that to qualify as a targeted small business, an enterprise must be at least fifty-one percent owned, operated, and actively managed by women, minority persons, service-disabled veterans, or persons with disabilities. Additionally, the bill introduces a new requirement that the enterprise must either have fewer than twenty employees or an annual gross income of less than $200 million, which is a significant increase from the current threshold of $4 million.

The bill also clarifies that the enterprise must be located in Iowa, operated for profit, and managed under a single management structure. These changes aim to broaden the scope of businesses that can qualify as targeted small businesses, potentially allowing a greater number of enterprises to access support and resources designed for such classifications.

Statutes affected:
Introduced: 15.102