Bill > HF109

This bill modifies the workforce housing tax incentive program by increasing the total amount of tax credits available and the portion reserved for small cities. Specifically, the bill raises the maximum tax credit allocation from $35 million to $50 million, and increases the amount specifically earmarked for projects in small cities from $17.5 million to $25 million. Small cities are defined separately in section 15.352 of the Iowa Code. The tax credits are part of an economic development strategy designed to encourage housing development in smaller communities by providing financial incentives to developers. These incentives can be applied against various state taxes, including individual and corporate income taxes, franchise tax, insurance premiums tax, and moneys and credits tax. By expanding the available funding, the bill aims to support more housing projects in smaller cities, potentially helping to address housing shortages and stimulate local economic growth in less populous areas of Iowa.