The bill amends the definition of a "targeted small business" in Iowa law to broaden the criteria for qualification. It replaces the term "a 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 and under single management, and has fewer than twenty employees.

Furthermore, the bill modifies the income threshold for qualifying as a targeted small business by increasing the maximum annual gross income from four million dollars to ten million dollars, based on an average of the three preceding fiscal years. This change aims to expand the pool of businesses that can benefit from targeted small business programs, thereby promoting inclusivity and support for diverse ownership in the state.

Statutes affected:
Introduced: 15.102
Reprinted: 15.102