Bill > SF574

This bill: - Establishes the "Major Economic Growth Attraction Program" (MEGA Program) to provide tax incentives to eligible businesses that meet certain criteria, such as making a qualifying investment of over $1 billion, being primarily engaged in advanced manufacturing, biosciences, or research and development, creating a significant number of high-wage jobs, and locating in a community that approves the project. - Allows the Economic Development Authority to authorize tax credits, sales/use tax refunds, and withholding tax credits for eligible businesses that participate in the program, and allows communities to grant property tax exemptions for improvements related to the project. - Modifies the Certified Site and High-Quality Jobs Programs, including allocating additional funding for the Certified Site Program to certify sites in rural counties and at least two sites in each congressional district. - Includes provisions related to the acquisition of agricultural land by foreign businesses participating in the program, and restrictions on the board's ability to authorize incentives under the program. - Provides an immediate effective date for the modifications to the Certified Site and High-Quality Jobs Programs.

Budget and Finance

Ways & Means (Senate)

https://www.legis.iowa.gov/legislation/BillBook?ga=90&ba=SF574