Iowa venture capital tax credit

This e-mail will formally acknowledge your public records request, received
by Alana Stamas via email at the Iowa Department of Revenue on May 1,
2017. The Department administers the Iowa Capital Investment Board.

In your e-mail, you request the following:

1) Copies of all requests to transfer venture capital tax credit
certificates submitted to the Capital Investment Board since Jan. 1, 2010.
Holders of the tax credit certificates must submit the certificate and a
request to transfer to the Board in order to sell or transfer the
certificate to another party. If the Board maintains a comprehensive
database of transferred tax credits, a copy of that database would satisfy
this request and negate the need to send each individual request to
transfer.

You also asked that all fees be waived for this request as you are a
journalist employed by the Lowell Sun and you intend to use the requested
records to publish articles in the public interest and not for any
commercial purposes.

The Iowa Open Records Act in Iowa Code section 22.8 allows the Iowa
Department of Revenue a good-faith reasonable delay of ten (10) business
days or twenty (20) calendar days to determine whether a record is public
or confidential. However, the Iowa Open Records Act does not impose an
absolute twenty (20)-day deadline on a government entity to find and
produce requested public records. *Horsfield Materials, Inc. v. City of
Dyersville*, 834 N.W.2d 444, 461-62 (2013). The twenty-day deadline in
Iowa Code section 22.8 is limited to the review of whether an otherwise
confidential record should be made available to the person requesting the
right to inspect and copy the confidential record. *Id*. The Department
will comply with the request as soon as feasible. *Id*.

All state agencies in Iowa have implemented public records request
standards. The Iowa Department of Revenue provides ten (10) paper
photocopies free of charge. Additional paper photocopies are 20 cents per
side.

The Department provides three (3) free hours for an attorney to review the
information gathered by staff. Any time needed to process your request
beyond three (3) hours will be $33 per hour. At this point I am uncertain
how long our review time will be. If we ascertain that it will exceed
three hours I contact you with an estimate of the hours we will need. We
will attempt to fulfill your request electronically when possible.

*Victoria L. Daniels I Public Information Officer **I Legislative Liaison
I Division Administrator, Communications & Outreach I Iowa Department of
Revenue*

www.tax.iowa.gov *I* (515) 281-8450 *I* *Click here
<https://www.surveymonkey.com/s/TD6F5ZQ>* to tell us about our customer
service.

This message and accompanying documents are covered by the Electronic
Communications Privacy Act, 18 U.S.C. Ch. 119 Sections 2510-2521 et seq.,
and contains information intended for the specified individual(s) only. If
you are not the intended recipient, you are hereby notified that you have
received this document in error. Any review, dissemination, copying, or
the taking of any action based on the contents of this information is
strictly prohibited. If you have received this communication in error,
please notify the sender immediately by e-mail, and delete the original
message. Please be advised this is an informal opinion and is only
applicable to the factual situation referenced and to the statutes in
existence at the time of issuance. The Department could take a contrary
position in the future to that stated in this e-mail. Any oral or written
opinion by Department personnel not pursuant to a Petition for Declaratory
Order under 701 IAC 7.24 is not binding upon the Department.

Mr. Feathers,

The Iowa Department of Revenue (Department) received your public records
request via email on May 1, 2017.

In your email, you requested the following:

Copies of all requests to transfer venture capital tax credit
certificates submitted to the Capital Investment Board since Jan. 1, 2010.
Holders of the tax credit certificates must submit the certificate and a
request to transfer to the Board in order to sell or transfer the
certificate to another party. If the Board maintains a comprehensive
database of transferred tax credits, a copy of that database would satisfy
this request and negate the need to send each individual request to
transfer.

After careful review of our records, the Department was unable to find any
records of any requests to transfer venture capital tax credit certificates
submitted to the Capital Investment Board since January 1, 2010.

Sincerely,

Ben Clough

--
*Benjamin K. Clough | Tax Attorney | Legal Services | Iowa Department of
Revenue*

https://tax.iowa.gov/ | (515) 725-2176 | ben.clough@iowa.gov

This message and accompanying documents are covered by the Electronic
Communications Privacy Act, 18 U.S.C. Ch. 119 Sections 2510-2521 et seq.,
and contains information intended for the specified individual(s) only. If
you are not the intended recipient, you are hereby notified that you have
received this document in error. Any review, dissemination, copying, or
the taking of any action based on the contents of this information is
strictly prohibited. If you have received this communication in error,
please notify the sender immediately by e-mail, and delete the original
message. Please be advised this is an informal opinion and is only
applicable to the factual situation referenced and to the statutes in
existence at the time of issuance. The Department could take a contrary
position in the future to that stated in this e-mail. Any oral or written
opinion by Department personnel not pursuant to a Petition for Declaratory
Order under 701 IAC 7.24 is not binding upon the Department.