The bill focuses on regulating leisure activities in Iowa, particularly in the realm of gambling, by establishing the Iowa Major Events and Tourism Program and Fund. This program aims to provide financial assistance to entities that support significant events in the state, with an emphasis on generating economic impact and publicity for Iowa. The bill includes appropriations of $8 million annually from the sports wagering receipts fund to the public safety equipment fund starting in fiscal year 2026, and it also allocates $15 million from the same fund to the Iowa Major Events and Tourism Fund for the fiscal year 2025-2026. Additionally, the bill modifies existing sports tourism programs by repealing the sports tourism marketing program while retaining the infrastructure program, which will now allow nonprofit organizations to apply for financial assistance.

Key amendments to existing laws include changes to the gaming enforcement revolving fund, which will now encompass any other moneys appropriated or transferred to it, and the introduction of a new Iowa horse racing fund supported by tax revenue from gambling activities. The bill adjusts tax rates on gambling receipts, setting a new rate of 22% for excursion gambling boats and 24.12% for racetracks. It also stipulates that any financial assistance awarded under the Iowa Major Events and Tourism Program must be disbursed within five years, or the funds will revert to the state treasury, ensuring effective and transparent management of funds.

Statutes affected:
Introduced: 8.57I, 80.48, 99D.14, 80.43, 99D.9D, 99D.15, 8.33, 99F.10, 99F.4, 99F.11, 15.106A, 15F.401, 15F.403, 15F.402