90th General Assembly · Iowa Funnel one-pager · Tuesday, November 10, 2026

HSB 722: HSB 722

Became HF 2674 · Its progress continues under the new number.

What it does

This bill relates to tax credits awarded by the economic development authority for specific capital contributions made to certified rural business growth funds for investment in qualified businesses. The bill defines “qualified business” to mean any business within this state that has fewer than 250 employees, including certain subcontractors, and is not located in whole or in part in one or more of the most populous counties in the state. The bill directs the economic development authority (authority) to begin accepting Iowa rural development tax credit program (program) applications beginning January 7, 2025.

Cost

See the fiscal note

House File 2674 is estimated to decrease revenue to the General Fund by the following amounts each fiscal year: • FY 2031 = $3.0 million • FY 2032 = $6.0 million • FY 2033 = $9.0 million • FY 2034 = $6.0 million • FY 2035 = $3.0 million

House subcommittee · named February 20, 2024

Rep. Derek Wulf (R) · derek.wulf@legis.iowa.gov
Rep. Jane Bloomingdale (R) · jane.bloomingdale@legis.iowa.gov
Rep. John Forbes (D)

Lobbying · 7 for, 1 against

For: Advantage Capital; Center for Rural Affairs; Enhanced Capital; Iowa State Association of Counties; Iowa State Association of County Supervisors; Professional Developers of Iowa (PDI); Stonehenge Capital LLC

Against: Iowa Bankers Association

In plain words

February 20, 2024Filed in the House and sent to the Ways and Means committee
February 20, 2024House subcommittee named: Kaufmann, Bloomingdale and Forbes
February 20, 2024House subcommittee named: Wulf, Bloomingdale and Forbes
February 27, 2024Subcommittee recommended passing it
March 26, 2024Approved by the House committee
March 27, 2024Approved by the House committee, and given a new number: HF 2674