This bill amends various sections of the Iowa Code to enhance economic development through the introduction of new tax credit programs and the repeal of several existing ones. It establishes the "Business Incentives for Growth Program," "Seed Investor Tax Credit Program," "Iowa Film Production Incentive Program," "Research and Development Tax Credit Program," and "Sustainable Aviation Fuel Production Tax Credit Program." The bill sets an aggregate tax credit limit for business development programs at $110 million and outlines the allocation process for these credits. It also includes provisions for property tax exemptions and financial assistance for eligible businesses, particularly those involved in disaster recovery, while emphasizing compliance with environmental and worker safety laws.

Additionally, the legislation introduces new definitions and criteria for eligibility, including community approval for projects and the requirement for businesses to demonstrate their economic impact on local communities. It specifies tax credit amounts, with a 20% credit for urban investments and a 35% credit for rural investments, capped at $100,000 for individuals and $500,000 for businesses. The bill repeals several existing programs, including the High Quality Jobs Program and various tax credits, while establishing new compliance requirements and penalties for non-compliance. Overall, the bill aims to streamline Iowa's economic development efforts by providing targeted incentives to encourage job creation and investment in key sectors.

Statutes affected:
Introduced: 15.119, 15E.191, 15.293A, 15.293B, 15.318, 15.355, 2.48, 8G.3, 15.106B, 15.106A, 15.330, 15.329, 15.319, 15.354, 15.499, 15.326, 476.42, 15H.5, 159A.6B, 266.19, 422.10, 422.11F, 422.33, 422.60, 427B.17, 432.12C, 455B.104, 533.329, 15E.25, 15E.52, 15E.65, 422.12, 15.517, 403.19A, 237A.31, 422.12O, 432.12O, 421.60, 15E.303, 15E.304, 15E.305, 15E.311, 432.12D, 15E.301, 15.522, 15.520, 15.530, 15.495, 15E.231, 15.511