This bill amends existing laws regarding the disclosure of tax incentives for web search portal businesses and data center businesses in Iowa. It requires these businesses to file annual reports with the Department of Revenue starting January 31, 2026, detailing the aggregate sales price amount of backup power generation fuel and electricity purchased, as well as the amount used in the previous calendar year. Beginning with reports due on or after January 31, 2027, businesses must also include the aggregate sales price amount of exempt property purchased. The Department of Revenue will estimate the tax savings based on the disclosed amounts, and the names of the businesses along with the estimated tax saved will become public records.

Additionally, the bill mandates that the economic development authority create a searchable database on its website to publicly display all tax incentives awarded to web search portal and data center businesses. This database must be established within 30 days of the effective date of the bill. The names of businesses receiving sales and use tax refunds and the amounts of those refunds will also be made public records starting January 1, 2027. The bill emphasizes transparency in the reporting of tax incentives and aims to enhance public access to this information.

Statutes affected:
Introduced: 422.20, 8G.4, 423.3, 423.4