This bill outlines appropriations for Iowa's economic development for the fiscal year 2025-2026, targeting key state agencies such as the Economic Development Authority, Iowa Finance Authority, Department of Workforce Development, and the State Board of Regents. The primary objectives include expanding the state economy, increasing wealth and population, and fostering a supportive environment for businesses and entrepreneurs. The Economic Development Authority is responsible for implementing programs that promote commercially viable products and services, enhance quality of life, and develop public-private partnerships, particularly in tourism. The bill emphasizes the recruitment and retention of businesses in Iowa and the preparation of communities for future growth through infrastructure development.

Significant funding allocations include $12,999,646 for the Economic Development Authority, which will support initiatives like business development and tourism marketing. The Iowa Finance Authority will receive funds for a rent subsidy program and a housing renewal pilot program, while the Department of Workforce Development will be funded for workforce operations and vocational rehabilitation services. The bill mandates compliance with employment restrictions for financial assistance to businesses and notably removes the repeal date for the housing renewal pilot program, ensuring its continuation. Additionally, it amends existing appropriations related to operational support and community cultural grants, while decreasing the standing appropriation to the Economic Development Authority from gambling game tax receipts, reflecting a shift in funding priorities. Overall, the bill aims to enhance economic development, workforce preparation, and educational initiatives across Iowa.

Statutes affected:
Introduced: 15.313, 99F.11, 505.7