This bill focuses on enhancing economic development in Iowa by amending various laws related to the economic development authority and the Iowa finance authority. Key changes include the elimination of the Iowa innovation council's role in reviewing financial assistance applications, which will now be handled by a committee appointed by the IEDA director. The bill also repeals the brownfield redevelopment program and advisory council, transferring the responsibility for determining redevelopment tax credits to the IEDA board. Additionally, it establishes a new arts and culture enhancement fund to support municipal and nonprofit arts organizations, promote access to the arts in underserved communities, and invest in film and video projects.

Moreover, the bill introduces new criteria for the historic preservation tax credit program, allowing single-family dwelling units to qualify only if they result in two or more new units that have been unoccupied for at least six months prior to the project. It modifies project timelines, requiring commencement within one year of registration and completion within three years, with possible extensions. The IEDA is also authorized to award historic preservation tax credits beyond usual limits for qualifying projects. The bill consolidates resources by transferring funds from repealed programs to the new arts and culture enhancement fund, while also granting the Iowa Arts Council greater autonomy and responsibility in promoting arts access for all Iowans.

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