House File 2799 establishes the Headquarters Expansion and Development for Growth and Employment Program (EDGE Program) in Iowa, designed to incentivize eligible businesses to expand or retain their corporate headquarters within the state. The bill sets forth definitions, eligibility criteria, and application processes for businesses seeking tax incentives, which include community approval, generating a significant portion of revenue outside Iowa, and a commitment to creating new jobs with specific wage thresholds. It also introduces a qualifying wage tax credit based on the gross annual wages of new and retained corporate jobs, while prohibiting businesses with a history of legal violations from participating. Additionally, the bill repeals the New Jobs Tax Credit Program and creates a training fund to support workforce development.

Furthermore, House File 2799 includes provisions for eligible businesses to receive reimbursements for training expenses related to new job creation and mandates quarterly disclosure of gross wages to the authority and the Department of Revenue. The bill also outlines the roles of public utilities in load forecasting and establishes a fund for electric transmission system expansion analysis. An interim study committee is proposed to evaluate the new jobs training program's effectiveness and provide recommendations for improvement. Overall, the legislation aims to enhance economic growth and job creation in Iowa while ensuring accountability and transparency in the use of state resources.

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
Reprinted: 423.3, 422.60, 533.329, 15.501, 15.506, 422.33, 422.11A, 476.2, 476.20, 15.120A, 260E.3, 260E.5, 260E.7
Enrolled: 423.3, 422.60, 533.329, 15.600, 15.501, 15.506, 422.33, 422.11A, 476.2, 476.20, 15.120A, 260E.3, 260E.5, 260E.7