Iowa Code § 422.16A — Job training withholding — certification and transfer

Upon the completion by a business of its repayment obligation for a training project funded under chapter 260E , including a job training project funded under section 260J.2 or repaid in whole or in part by the supplemental new jobs credit from withholding under section 260J.1 or section 15E.197, Code 2014 , the sponsoring community college shall report to the department of workforce development the amount of withholding paid by the business to the community college during the final twelve months of withholding payments. The department of workforce development shall notify the department of revenue of that amount. The department of revenue shall credit to the workforce development fund account established in section 84G.3 twenty -five percent of that amount each quarter for a period of ten years. If the amount of withholding from the business or employer is insufficient, the department of revenue shall prorate the quarterly amount credited to the workforce development fund account. The maximum amount from all employers which shall be transferred to the workforce development fund account in any year is seven million seven hundred fifty thousand dollars. 95 Acts, ch 184, §9