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Bill > HF2149
IA HF2149
IA HF2149A bill for an act 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.
summary
Introduced
01/25/2024
01/25/2024
In Committee
01/25/2024
01/25/2024
Crossed Over
Passed
Dead
04/16/2024
04/16/2024
Introduced Session
90th General Assembly
Bill Summary
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, 2024.
AI Summary
This bill amends the current law on the allocation of workforce housing tax incentives in Iowa. Currently, the total amount of workforce housing tax incentives is capped at $35 million, with $17.5 million reserved for projects in small cities. This bill specifies that for the remaining funds not allocated to small cities, no more than one-third can be reserved for qualified housing projects located wholly in the two most populous counties in the state, if the projects are registered on or after July 1, 2024.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Subcommittee recommends passage. Vote Total: 2-0. (on 02/28/2024)
Bill Topics
Community Development and Housing Issues
- ‐ Community and Regional Development
- ‐ Housing and Community Development for Low and Middle Income Persons
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.legis.iowa.gov/legislation/BillBook?ga=90&ba=HF2149 | 01/25/2024 |
| BillText | https://www.legis.iowa.gov/docs/publications/LGI/90/attachments/HF2149.html | 01/25/2024 |
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