HSB 252

The bill specifies that the rural economic revitalization center shall support rural communities by identifying and studying successful strategies to attract and grow economic development and the workforce; assisting in and serving as a conduit for rural policy development; identifying and assisting in applications for economic development programs; and identifying and providing pathways for rural community improvement.105 shall serve as the governing body of the rural economic revitalization center. The bill requires the governing body of the rural economic revitalization center to provide an annual report to the general assembly and the governor relating to rural revitalization issues and efforts by January 15, 2021, and by every January 15, thereafter. Under the tax credit program administered by the authority, the authority provides various tax incentives to eligible businesses that complete projects in Iowa. The bill requires that at least percent of the tax incentives awarded by the authority each fiscal year shall be allocated for projects located in a small city based upon certain criteria. The criteria for purposes of allocation of projects in a small city require the following: an accredited public or private postsecondary educational institution located in the county in which the small city is located and sufficient housing located within miles of the project. The bill defines “sufficient housing” to mean a determination using information from the latest American community survey conducted by the United States census bureau relating to statistics on rental housing, owner occupied housing, vacancy rates, and vacancy units. _____ The bill defines “small city” to mean any city located in this state with a population of 30,000 or less in a county with a population of 50,000 or less. If a small city is located in more than one county, it is considered to be located in the county having the greatest taxable base within the city. In the event this small city percentage is not satisfied in a given fiscal year, a shortfall is declared to exist, and the percentage of tax incentives awarded to projects in a small city in the succeeding fiscal year shall be adjusted to equal an amount necessary to reach the percent requirement for that fiscal year, plus an amount equal to the shortfall for the prior fiscal year or years. The amendment relating to the tax credits administered by the authority applies to fiscal years beginning on or after the effective date of the bill.