The bill outlines appropriations for the fiscal year 2025-2026 to enhance economic development in Iowa, allocating a total of $12,921,510 to the economic development authority. This funding supports various programs, including business development, community assistance, and tourism marketing, while emphasizing the importance of public-private partnerships and infrastructure development. The bill sets specific goals for the economic development authority, such as expanding the state economy and fostering entrepreneurial growth, and mandates that businesses receiving state funds must employ individuals legally authorized to work in the U.S. Additionally, it specifies that funds cannot be used for geothermal systems for snow and ice removal.

The bill also amends existing law by reducing the standing appropriation from gambling game taxes to the economic development authority from $520,000 to $448,403. It designates $11.7 million for the high-quality jobs program and allocates $3 million for capacity building infrastructure at state universities, requiring a one-to-one match for additional funding. Furthermore, it mandates that entities receiving appropriated funds testify before the joint appropriations subcommittee on economic development regarding their expenditures, ensuring accountability and transparency in the use of allocated funds.

Statutes affected:
Introduced: 15.313