This bill amends various sections of the Iowa Code to enhance economic development initiatives, particularly through the Iowa Economic Development Authority (IEDA) and the Iowa Finance Authority. Notable changes include the replacement of the Iowa Innovation Council with a newly appointed committee responsible for reviewing financial assistance applications. The bill also repeals existing sections related to brownfield redevelopment and community attraction programs, transferring unencumbered funds from the brownfield redevelopment fund to a newly established fund. Additionally, it modifies the historic preservation tax credit program, making it fully refundable for tax years starting January 1, 2026, and prohibits the transfer of tax credits to other taxpayers after that date.

Furthermore, the bill introduces an arts and culture enhancement fund to support municipal and nonprofit arts organizations, while repealing previous programs like the Iowa cultural trust. It updates the governance structure of the Iowa arts council, allowing for the election of leadership from its members. The bill also increases the maximum area for reinvestment districts from seventy-five acres to one hundred twenty-five acres for districts approved after July 1, 2020, and streamlines the process for determining redevelopment tax credits, which will now be managed solely by the IEDA board. Overall, the bill aims to simplify and improve the economic development framework in Iowa, with certain provisions having retroactive applicability.

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, 15J.4