HF 208: Relating to the allocation 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 allocated to workforce housing tax incentives, $17.5 million is reserved for projects in small cities. Of the remaining moneys not allocated to small cities, this bill specifies that no more than one-third of the remaining moneys shall be reserved for qualified housing projects wholly located in the two most populous counties in the state, that are registered on or after July 1, 2025.

House subcommittee · named February 20, 2025

• Rep. Mike Vondran (R) · mike.vondran@legis.iowa.gov
• Rep. Scheetz
• Rep. Derek Wulf (R) · derek.wulf@legis.iowa.gov

Lobbying · 8 for, 1 against

For: Ames Regional Economic Alliance; Cedar Rapids Metro Economic Alliance; Council Bluffs Chamber of Commerce; Hubbell Realty Company; Iowa Chamber Alliance; Iowa Real Estate Developers Association; Marshalltown Area Chamber of Commerce; Quad Cities Chamber of Commerce

Against: City of Des Moines

In plain words

1. February 5, 2025Filed in the House and sent to the Ways and Means committee
2. February 20, 2025House subcommittee named: Vondran, Scheetz and Wulf
3. February 24, 2025Subcommittee recommended passing it