The bill amends the definition of a "targeted small business" in Iowa law to broaden the criteria for qualification. It replaces the term "small business" with "any enterprise" that is at least fifty-one percent owned, operated, and actively managed by women, minority persons, service-disabled veterans, or persons with disabilities. Additionally, it specifies that the enterprise must be located in Iowa, operated for profit under single management, and now includes a requirement that the enterprise has fewer than twenty employees.

Furthermore, the bill modifies the maximum annual gross income threshold for qualifying as a targeted small business. The previous limit of four million dollars is increased to ten million dollars, calculated as an average of the three preceding fiscal years. This change aims to allow more enterprises to qualify for targeted small business status, thereby promoting inclusivity and support for diverse ownership in the state.

Statutes affected:
Introduced: 15.102
Reprinted: 15.102