HF 2688: Relating to investment requirements for data center businesses that claim certain sales tax exemptions and sales and use tax refunds

What it does

This bill relates to the investment requirements for data center businesses that claim certain sales tax exemptions and sales and use tax refunds. The bill requires a data center business (data center) that claims a sales tax exemption or sales and use tax refunds (exemptions and refunds) to, by the end of the calendar year, invest a minimum of percent of the aggregate value of the exemption or refund claimed for the previous year as an equity investment in either a qualifying business or an innovation fund.

House subcommittee · named February 11, 2026

• Rep. Ryan Weldon (R) · ryan.weldon@legis.iowa.gov
• Rep. Shannon Latham (R) · shannon.latham@legis.iowa.gov
• Rep. Aime Wichtendahl (D) · aime.wichtendahl@legis.iowa.gov

Lobbying · 1 for, 3 against

For: Iowa Venture Capital Association

Against: Google LLC and its Affiliates; Meta Platforms Inc.; Microsoft Corp.

In plain words

1. February 11, 2026Filed in the House and sent to the Economic Growth and Technology committee · as HSB 727
2. February 11, 2026House subcommittee named: Weldon, Latham and Wichtendahl · as HSB 727
3. February 18, 2026Subcommittee recommended passing it · as HSB 727
4. February 19, 2026Approved by the House committee · as HSB 727
5. February 19, 2026Committee vote: 20–0 · as HSB 727
6. February 23, 2026Filed in the House and sent to the Ways and Means committee
7. February 23, 2026Approved by the House committee, and given a new number: HF 2688 · as HSB 727