This bill establishes the Headquarters Expansion and Development for Growth and Employment (EDGE) Program, which aims to provide tax incentives to eligible businesses in Iowa, particularly in advanced manufacturing, bioscience, and technology sectors. To qualify for these incentives, businesses must generate a significant portion of their revenue outside Iowa, offer comprehensive employee benefits, and demonstrate a commitment to job creation and capital investment without merely relocating existing operations within the state. The bill also introduces a qualifying wage tax credit that can be claimed against various state taxes, contingent upon meeting specific employment and wage thresholds.

In addition to creating the EDGE Program, the bill repeals several existing programs, including the new jobs tax credit program and the major economic growth attraction program, while establishing a new training fund for business incentives. It amends the Major Economic Growth Attraction (MEGA) program to extend the definition of a foreign adversary and the authorization of tax incentives until January 1, 2030. The bill mandates Iowa State University of Science and Technology to produce a biennial report on electricity use growth and electric transmission system expansion plans, ensuring accountability in utility planning. It also preserves existing tax incentives for taxpayers who were awarded them prior to the enactment of this legislation, aiming to enhance Iowa's economic landscape and streamline training and incentive programs.

Statutes affected:
Introduced: 423.3, 422.60, 533.329, 15.501, 15.506, 422.11A, 476.1A, 476.2, 476.20, 15.120A, 260E.3, 260E.5