This bill amends Iowa's urban renewal and urban revitalization laws by introducing specific provisions that restrict the inclusion of certain properties related to gaming in urban renewal plans. It establishes that any urban renewal plan adopted before, on, or after the effective date of the bill cannot include projects associated with properties owned and operated by licensees under chapter 99F (which pertains to gambling) that are first issued a license on or after January 1, 2025. Additionally, it prohibits the inclusion of properties operated by nonprofits that benefit such licensees, as well as commercial properties that directly benefit these licensees.

Furthermore, the bill outlines that taxes levied against these specified properties will not be allocated for urban renewal projects or used for tax exemptions related to revitalization areas. It also states that increased revenues from local option taxes cannot be utilized for any purposes related to these properties. The bill takes effect immediately upon enactment and has retroactive applicability for assessment years beginning on or after January 1, 2025, specifically concerning the prohibitions on urban revitalization tax exemptions. The amendments to property tax regulations will apply to taxes due and payable in fiscal years starting on or after July 1, 2025.

Statutes affected:
Introduced: 403.5, 403.19, 403.9, 423B.10