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 requires fewer than twenty employees, along with an annual gross income of less than ten million dollars, which is an increase from the previous threshold of four million dollars.

These changes aim to make it easier for a wider range of enterprises to qualify as targeted small businesses, thereby promoting inclusivity and support for diverse ownership in the state. The adjustments to the income cap and employee count reflect a shift in focus to accommodate more businesses under this designation, potentially enhancing economic opportunities for underrepresented groups in Iowa.

Statutes affected:
Introduced: 15.102
Reprinted: 15.102