This 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, along with funds for the Iowa finance authority and the department of workforce development. Key initiatives include developing public-private partnerships, improving infrastructure, and enhancing marketing efforts to attract new businesses. The bill also provides financial assistance for various programs, such as a rent subsidy program and workforce development operations, while mandating that businesses receiving assistance employ individuals legally authorized to work in the U.S. Additionally, it prohibits the use of appropriated funds for geothermal systems intended to melt snow and ice from streets or sidewalks.

Significant changes in the bill include a reduction in the standing appropriation to the economic development authority from gambling game taxes, decreasing from $520,000 to $448,403. The bill emphasizes the importance of matching funds, requiring institutions to provide a one-to-one match for activities funded under the appropriations. It also mandates that entities receiving funds testify before the joint appropriations subcommittee on economic development regarding their expenditures and includes reporting requirements for the state board of regents and other entities to ensure accountability and transparency in the use of appropriated funds.

Statutes affected:
Introduced: 15.313