This bill allocates state funds for the 2026-2027 fiscal year to support economic development agencies, including the Economic Development Authority, Iowa Finance Authority, Department of Workforce Development, and State Board of Regents. The legislation sets specific goals for these agencies to expand the state economy, increase wealth, and boost population by prioritizing business recruitment, expansion, and entrepreneurial support. It also establishes financial restrictions requiring businesses receiving state assistance to hire only individuals legally authorized to work in the United States and prohibits funding for geothermal snow-melting projects. Additionally, the bill provides separate appropriations for the World Food Prize, a tourism office, and the Iowa Arts Council, while requiring annual performance reports for the tourism office.
HF 2390 changes how Iowa's economic development authority issues tax incentives for workforce housing projects. It removes a requirement that incentives be issued on a first-come, first-served basis until the annual budget limit is reached. Instead, the authority can now determine when a project is complete and meets requirements before issuing incentives, continuing until the maximum allowable amount is achieved. This bill directly affects developers of workforce housing projects seeking tax incentives under the program and takes effect immediately upon enactment.
HSB 336 is an appropriations bill that allocates state funds for economic development in Iowa for the 2025-2026 fiscal year. It provides funding to several entities, including the Economic Development Authority, Iowa Finance Authority, Department of Workforce Development, and State Board of Regents. The bill sets goals for the Economic Development Authority to expand the state economy, increase wealth and population, and promote business and entrepreneurial growth. It also outlines specific financial assistance for workforce recruitment, women entrepreneurs, and advanced research, while requiring jobs created with these funds to be filled by legally authorized workers. Additionally, the bill appropriates funds for the World Food Prize, Councils of Governments, and the Tourism Office, and eliminates the repeal of the housing renewal pilot program.
SF 652 modifies Iowa's economic development programs and urban renewal laws, primarily focusing on housing initiatives. It broadens the definition of "economic development" to include workforce housing and allows urban renewal funds to be used for low and moderate-income family housing. The bill adjusts how certain property taxes, including some school district levies, are allocated in urban renewal areas. It also introduces limitations on the amount of tax revenue municipalities can retain from urban renewal areas over time and sets specific requirements for housing projects within these areas, including a minimum for low and moderate-income housing.
