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IA SF622
Bill
Status
4/14/2025
Primary Sponsor
Ways & Means
Click for details
AI Summary
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Eliminates the Iowa Innovation Council's role in reviewing strategic infrastructure program applications and replaces it with a committee appointed by the IEDA director; repeals the brownfield redevelopment advisory council and transfers remaining fund moneys to other economic development funds
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Modifies historic preservation tax credit by making it 100% refundable starting January 1, 2026, prohibiting certificate transfers after that date, expanding project completion timelines, and excluding single-family dwelling units unless creating two or more new units; allows IEDA to award up to 20% above the annual cap for projects with $10 million+ in qualified expenditures
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Eliminates the title guaranty division board, transferring its powers to the Iowa Finance Authority board of directors, with the IFA director appointing an attorney as division director exempt from the merit system
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Repeals the Iowa Cultural Trust, Iowa Great Places program, and certified cultural and entertainment districts; creates new arts and culture enhancement fund receiving $520,000 annually from gambling taxes to support municipal/nonprofit arts organizations, artists, and film/television production assistance
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Increases maximum acreage for Iowa Reinvestment Act districts approved on or after July 1, 2020, from 75 acres to 125 acres, applied retroactively to that date
Legislative Description
A bill for an act relating to matters under the purview of the economic development authority and the Iowa finance authority including the strategic infrastructure program, brownfield, grayfield, and redevelopment tax credits, community attraction and tourism, vision Iowa, sports tourism marketing, the historic preservation tax credit, homelessness, the title guaranty board, arts and culture, and the Iowa reinvestment Act and including applicability and retroactive applicability provisions.(Formerly SF 465, SSB 1106; See SF 642.)
Last Action
Committee report approving bill, renumbered as SF 642. S.J. 882.
4/23/2025