Relating to the maximum amount 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

Where it is now

1. ✓
   Done: IntroducedJanuary 30, 2024
2. ✓
   Done: SubcommitteeFebruary 5, 2024
3. ✓
   Done: House committeeFebruary 7, 2024
4. ✕
   Stopped: Passes the HouseDied when the General Assembly ended
5. Next: Senate committee
6. Next: Passes the Senate
7. Next: To the Governor
8. Next: Signed into law

Died when the session ended The General Assembly adjourned on April 19, 2024. Bills that didn’t pass both chambers died. What’s a funnel?

What’s in it

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, $17.5 million is reserved for projects in small cities. This bill increases the workforce housing tax incentive program maximum from $35 million to $50 million, and increases the allocation reserved for projects in small cities from $17.5 million to $25 million.

From the explanation printed with the bill as introduced, written by the Legislative Services Agency. Amendments adopted later aren’t reflected. Full bill text

House subcommittee

Named February 21, 2024. On March 5, 2024 it recommended amendment and passage. Vote Total: 3-0.

• Rep. Phil Thompson R
• Rep. Barb Kniff McCulla REmail
• Rep. Elizabeth Wilson DEmail

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

Fiscal note

Less revenue: up to $11.9M Compare with other bills

The proposed increase in the maximum amount of the Workforce Housing Tax Credit is projected to decrease net General Fund revenue by the following amounts: • FY 2025 = $4.4 million • FY 2026 = $9.5 million • FY 2027 = $11.6 million • FY 2028 = $11.9 million • FY 2029 = $11.9 million The increase in investment tax credits is projected to decrease the statewide local option income surtax for schools by the following amounts: • FY 2025 = $10,000 • FY 2026 = $32,000 • FY 2027 = $43,000 • FY 2028 = $44,000 • FY 2029 = $44,000

• Workforce Housing Tax Credits · March 8, 2024

Nonpartisan cost estimates from the Legislative Services Agency’s Fiscal Services Division. The newest is first. Reading a fiscal note

Iowa Code it changes

Amends§15.119

Read from the bill as introduced. Each links to every bill touching that chapter of the Iowa Code. How the Code works

Family tree

Where this legislation came from and where it went: earlier tries, the versions it moved through this Assembly, and later bills built on it.

Earlier and later bills are matched by wording or an identical title; check the text to be sure it’s the same idea.

Similar bills

• HF 109 Relating to the maximum amount of workforce housing tax incentives available against the i…
  91st General Assembly · In committee
  Nearly identical
• HSB 129 Relating to the maximum amount of workforce housing tax incentives available against the i…
  91st General Assembly · Subcommittee recommends passage
  Nearly identical

Matched by the wording of each bill’s explanation, or an identical title. Companion bills and renumbered versions of this bill aren’t listed; they’re the same bill.