The bill establishes a regulatory relief program in Iowa, which will be administered by a newly created regulatory relief office under the Iowa Economic Development Authority (IEDA). The office is tasked with various responsibilities, including administering the program, acting as a liaison between businesses and state agencies, and reviewing state laws that may hinder the success of new companies. Additionally, the office is required to issue an annual report detailing the program's activities, including participant information and recommendations for law modifications. The bill also mandates that IEDA adopt necessary rules for the implementation of the office and the program.

Furthermore, the bill creates a 13-member regulatory relief advisory committee, consisting of nine voting members representing business interests and state agencies, along with four nonvoting legislative members. This committee will advise the regulatory relief office on the program. The regulatory relief program allows businesses to apply for legal protections and limited market access to demonstrate innovative offerings without the need for standard licenses or authorizations. The application process involves state agency reviews, and if approved, businesses can participate in a 12-month demonstration period, during which specific laws may be waived. The bill outlines various reporting requirements for participants and stipulates that the regulatory relief office is not liable for any business losses related to the program.