This bill amends various sections of the Iowa Code to streamline the functions of the Iowa Economic Development Authority (IEDA) and the Iowa Finance Authority (IFA), particularly in relation to economic development and cultural initiatives. A significant change is the replacement of the Iowa Innovation Council with a committee appointed by the IEDA director to review financial assistance applications. The bill also repeals the brownfield redevelopment program and advisory council, transferring the authority to determine redevelopment tax credits to the IEDA board. Additionally, it increases the maximum area limit for reinvestment districts from seventy-five acres to one hundred twenty-five acres for those approved after July 1, 2020.

Moreover, the bill introduces an arts and culture enhancement fund to support cultural initiatives, effectively replacing previous grant programs and eliminating the Iowa cultural trust. It modifies the historic preservation tax credit program, making it fully refundable for tax years starting January 1, 2026, while prohibiting the transfer of tax credits to other taxpayers after that date. The IEDA will also provide technical assistance for film and media projects, and the Iowa Arts Council will gain more autonomy in its leadership elections. Overall, the legislation aims to enhance economic development and cultural support in Iowa while simplifying existing processes.

Statutes affected:
Introduced: 15.117A, 15.313, 15.293B, 15F.302, 15F.402, 404A.1, 404A.3, 404A.4, 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, 15J.4