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

HF 642: Establishing the major economic growth attraction program to be administered by the economic development authority, and providing penalties

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

What it does

This bill establishes a major economic growth attraction program (program) to be administered by the economic development authority (authority). To be eligible to receive tax incentives (incentives) under the program, a business’s proposed project (project) must be located on a certified site greater than 250 acres that the authority has determined is suitable for the project, and the business’s qualifying investment in the project must exceed $1 billion. Other requirements for a business to be eligible for the program are detailed in the bill.

Sponsors

Economic Growth and Technology committee

Cost

Can’t be estimated

9 million per project per year in FY 2032 when fully phased in. The fiscal impact of the property tax exemption will be borne by the local government authority and is unknown. Figure 2 shows the estimated fiscal impact of the Program for one project over the f…

Lobbying · 21 for, 1 against

For: Alliant Energy Corporation; Ames Regional Economic Alliance; BNSF Railway Co.; Cargill; City of Waukee; Greater Des Moines Partnership; Greater Fort Dodge Growth Alliance; Grow Clinton County; ITC Midwest; Iowa Association of Business and Industry (ABI); Iowa Biotechnology Association; Iowa Central Community College; and 9 more

Against: Iowa Farmers Union

In plain words

  1. March 7, 2023Filed in the House and sent to the Ways and Means committee
  2. March 30, 2023Cost 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/HF642