This bill proposes significant reforms to the economic development framework in Iowa, particularly concerning the Iowa Economic Development Authority (IEDA) and the Iowa Finance Authority (IFA). It eliminates the requirement for the Iowa Innovation Council to review financial assistance applications, delegating this responsibility to a newly established committee appointed by the IEDA director. The bill also repeals the brownfield redevelopment program and its associated council, shifting the determination of redevelopment tax credits to IEDA members appointed by the governor. Additionally, it introduces new requirements for project examinations, mandating that a certified public accountant conduct these assessments, and allows the IEDA to engage outside experts for application reviews.

Furthermore, the legislation establishes the arts and culture enhancement fund, which consolidates various existing funds to support municipal and nonprofit arts organizations, promote artistic expression, and enhance access to the arts in underserved communities. The bill repeals several sections related to the Iowa cultural trust and its grant processes, reallocating any remaining funds to the new enhancement fund. It also removes the requirement for applicants under the Vision Iowa and community attraction and tourism programs to cover a minimum of 50% of medical insurance costs for full-time employees. Overall, the bill aims to streamline processes, enhance accountability, and improve the efficiency of economic development and cultural initiatives in Iowa.

Statutes affected:
Introduced: 15.117A, 15.313, 15.293B, 15F.302, 15F.402, 404A.1, 404A.3, 404A.2, 16.5F, 16.1A, 16.2A, 16.2, 16.92, 16.93, 15.108, 15.479, 22.7, 15.106A, 15.466, 99F.11, 15.437, 16.64