HF 109: 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

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.

Lobbying · 11 for, 0 against

For: AARP Iowa; BLD Connection Iowa; City of Bettendorf; City of Des Moines; Greater Des Moines Habitat for Humanity; Greater Des Moines Partnership; Grow Clinton County; Habitat for Humanity of Iowa; Hubbell Realty Company; Iowa Real Estate Developers Association; Quad Cities Chamber of Commerce

In plain words

1. January 22, 2025Filed in the House and sent to the Ways and Means committee