This bill focuses on enhancing economic development in Iowa by amending the roles and responsibilities of the Iowa Economic Development Authority (IEDA) and the Iowa Finance Authority. Key provisions include the repeal of the Iowa innovation council's involvement in the financial assistance application review process, transferring this responsibility to a newly established committee appointed by the IEDA director. The bill also repeals the brownfield redevelopment program and advisory council, shifting the determination of redevelopment tax credits to the IEDA board. Additionally, it modifies the requirements for tax credit applications and introduces retroactive applicability provisions for financial assistance awarded under specific programs.

Moreover, the bill establishes an arts and culture enhancement fund aimed at supporting municipal and nonprofit arts organizations, promoting access to arts in underserved communities, and investing in cultural projects. It repeals existing sections related to the Iowa cultural trust and reallocates unencumbered funds from the brownfield redevelopment fund to this new enhancement fund. The Iowa Arts Council is granted more autonomy in leadership elections and is tasked with ensuring access to cultural benefits for Iowa citizens. The bill also amends the historic preservation tax credit program by introducing new criteria for rehabilitation projects and granting the IEDA the ability to award tax credits beyond the usual limits for qualifying projects. Overall, the bill seeks to streamline economic development processes while bolstering support for the arts and cultural sectors 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