Senate File 645 is a legislative bill that outlines appropriations and goals for economic development in Iowa for the fiscal year 2025-2026. The bill emphasizes the Economic Development Authority's role in expanding the state economy, increasing wealth, and boosting population growth. It mandates the authority to engage in activities such as developing commercially viable products, fostering entrepreneurial development, and enhancing community quality of life. Specific appropriations include $12,921,510 for the Economic Development Authority, $500,000 for the World Food Prize, and $873,000 for a rent subsidy program under the Iowa Finance Authority. The bill also introduces new restrictions on financial assistance, requiring businesses that receive state funds to employ only U.S. citizens or authorized workers.

Additionally, the bill establishes appropriations for various departments and programs, including the high-quality jobs program, the manufacturing 4.0 technology investment program, and initiatives for small business development and technology commercialization. It mandates that entities receiving funds must testify before the joint appropriations subcommittee on economic development regarding their expenditures. Notably, certain appropriations will not revert at the end of the fiscal year but will remain available for future use, and the bill amends a previous act to extend the repeal date from July 1, 2025, to July 1, 2028, ensuring continuity for specific programs.

Statutes affected:
Introduced: 15.313
Reprinted: 15.313
Enrolled: 15.313