House File 2218 - Introduced
HOUSE FILE 2218
BY BOSSMAN
A BILL FOR
1 An Act relating to the maximum amount of workforce housing tax
2 incentives available against the individual and corporate
3 income taxes, the franchise tax, the insurance premiums tax,
4 and the moneys and credits tax.
5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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 H.F. 2218
1 Section 1. Section 15.119, subsection 2, paragraph g, Code
2 2024, is amended to read as follows:
3 g. The workforce housing tax incentives program administered
4 pursuant to sections 15.351 through 15.356. In allocating
5 tax credits pursuant to this subsection, the authority shall
6 not allocate more than thirty-five fifty million dollars for
7 purposes of this paragraph. Of the moneys allocated under this
8 paragraph, seventeen twenty-five million five hundred thousand
9 dollars shall be reserved for allocation to qualified housing
10 projects in small cities, as defined in section 15.352, that
11 are registered on or after July 1, 2017.
12 EXPLANATION
13 The inclusion of this explanation does not constitute agreement with
14 the explanation’s substance by the members of the general assembly.
15 Currently, certain economic development tax credit amounts
16 are capped at $170 million in the aggregate per fiscal year
17 under Code section 15.119. In allocating the tax credits
18 pursuant to Code section 15.119, the workforce housing tax
19 incentive program limit is $35 million in most instances, and
20 of that amount, $17.5 million is reserved for projects in
21 small cities. This bill increases the workforce housing tax
22 incentive program maximum from $35 million to $50 million, and
23 increases the allocation reserved for projects in small cities
24 from $17.5 million to $25 million.
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Statutes affected:
Introduced: 15.119