This bill focuses on enhancing economic development in Iowa by amending laws related to the economic development authority and the Iowa finance authority. Key changes include the repeal of the Iowa innovation council and the brownfield redevelopment fund, transferring responsibilities for reviewing tax credit applications to the authority, which can now also engage outside experts for technical assessments. The bill establishes a title guaranty division within the Iowa finance authority to oversee title guaranties for real property and modifies regulations concerning homelessness assistance. It emphasizes timely project completion with provisions for extensions and introduces retroactive applicability for financial assistance under specific programs.

Additionally, the bill creates the arts and culture enhancement fund, which consolidates previous cultural grant programs and supports municipal and nonprofit arts organizations, particularly in underserved communities. It modifies the historic preservation tax credit program by allowing single-family dwellings to qualify as rehabilitation projects under certain conditions and revises project timelines. The Iowa Arts Council gains more autonomy in electing its leadership and is tasked with ensuring access to cultural benefits for Iowa citizens. Overall, the bill aims to streamline economic development processes while bolstering support for arts and culture initiatives in the state.

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