Bills › 90th General Assembly
Relating to the allocation of workforce housing tax incentives available against the individual and corporate income taxes, the franchise tax, the insurance premiums tax, and the moneys and credits tax
Topics:Housing & propertyTaxesHousing supply & costsTax credits & incentives
Where it is now
- Done: IntroducedJanuary 25, 2024
- Done: SubcommitteeFebruary 8, 2024
- Stopped: House committeeDied when the General Assembly ended
- Next: Passes the House
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2024 session adjourned on April 19, 2024, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
AI summary This bill changes how money is shared for workforce housing tax credits. It limits how much of the leftover funding can be set aside for housing projects located in Iowa's two largest counties. This rule applies to new projects registered on or after July 1, 2024.1
Read the official explanation
Currently, certain economic development tax credit amounts are capped at $170 million in the aggregate per fiscal year under Code section 15.119. In allocating the tax credits pursuant to Code section 15.119, the workforce housing tax incentive program limit is $35 million in most instances, and of that amount allocated to workforce housing tax incentives, $17.5 million is reserved for projects in small cities. Of the remaining moneys not allocated to small cities, this bill specifies that no more than one-third of the remaining moneys shall be reserved for qualified housing projects wholly located in the two most populous counties in the state, that are registered on or after July 1, 2024.
Why it matters. This legislation changes how the state distributes workforce housing tax credits by limiting the amount reserved for housing projects located entirely within Iowa's two most populous counties. These projects must be registered on or after July 1, 2024, to be subject to this new limit on the remaining funds available after small city allocations.2
House subcommittee
Named February 8, 2024. On February 28, 2024 it recommended passage. Vote Total: 2-0.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
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90th General Assembly
Picked up later
Earlier and later bills are matched by wording or an identical title.
Similar bills
- HF 208 Relating to the allocation of workforce housing tax incentives available against the indiv…91st General Assembly · Subcommittee recommends passageNearly identical
Matched by wording or an identical title.