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90th General Assembly · Funnel one-pager · Monday, November 9, 2026

HF 2420: 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

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 it does

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.

Sponsors

Economic Growth and Technology committee

Cost

Less revenue: up to $11.9M

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 • …

House subcommittee · named February 21, 2024

  • Rep. Phil Thompson (R)
  • Rep. Barb Kniff McCulla (R) · barb.kniffmcculla@legis.iowa.gov
  • Rep. Elizabeth Wilson (D) · elizabeth.wilson@legis.iowa.gov

Lobbying · 14 for, 0 against

For: AARP Iowa; City of Des Moines; City of Waukee; Greater Des Moines Habitat for Humanity; Greater Des Moines Partnership; Greater Iowa Apartment Association; Habitat for Humanity of Iowa; Iowa Association of Business and Industry (ABI); Iowa Association of Councils of Governments; Iowa Bankers Association; Iowa Business Council; Iowa Housing Partnership; and 2 more

In plain words

  1. February 8, 2024Filed in the House and sent to the Ways and Means committee
  2. February 21, 2024House subcommittee named: Thompson, P., Kniff McCulla and Wilson
  3. March 5, 2024Subcommittee recommended passing it with changes
  4. March 8, 2024Cost estimate (fiscal note) posted

From public records at legis.iowa.gov, compiled by Funnel (iowafunnel.com), an independent, nonpartisan site. Current as of Monday, November 9, 2026. https://iowafunnel.com/bills/90/HF2420