This bill amends several sections of the Iowa Code concerning economic development, particularly focusing on the Iowa Economic Development Authority (IEDA) and related programs. Key changes include the repeal of the Iowa Innovation Council and the transfer of its responsibilities for reviewing financial assistance applications to a newly appointed committee under the IEDA. The bill also increases the maximum area for reinvestment districts from seventy-five acres to one hundred twenty-five acres and streamlines the process for brownfield redevelopment tax credits, which will now be managed solely by the IEDA board. Additionally, it introduces new provisions for project completion timelines and the transferability of tax credit certificates, with retroactive applicability for certain provisions effective from July 1, 2020.

Moreover, the bill establishes a title guaranty fund within the office of the treasurer of state to ensure the Iowa title guaranty program operates sustainably, with funds allocated for claims, reserves, and administrative costs. It also creates a housing trust fund to receive interest accrued from this fund. The bill further amends sections related to the Iowa arts council and the arts and culture enhancement fund, consolidating funding mechanisms to support arts initiatives and promote access in underserved communities. Significant deletions include the removal of existing cultural trust programs, aiming to simplify and enhance Iowa's economic development framework while promoting cultural access and benefits for its citizens.

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