IA HF1002

Authorizes municipalities to establish tax-deferred length of service award programs under Internal Revenue Code section 457(e)(11) for volunteer firefighters, volunteer emergency medical care providers, and reserve peace officers who earn less than $5,000 annually from the municipality

Creates a length of service award program grant fund in the state treasury under the Iowa Economic Development Authority to provide matching grants to municipalities that establish these programs

Provides a 3-to-1 funding match (up to $500 per participant) for departments with annual budgets under $100,000, with applications accepted August 1 through September 30 each year

Provides a 1-to-1 funding match (up to $500 per participant) for all other municipalities, with applications accepted September 1 through September 30 each year

Appropriates $1,500,000 from the sports wagering receipts fund to the Economic Development Authority for fiscal year 2025-2026 to fund the grant program