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Bill > SF511
IA SF511
A bill for an act relating to Iowa's urban renewal law and urban revitalization law by establishing provisions governing certain property used for gaming, and including effective date, applicability, and retroactive applicability provisions.(Formerly SSB 1159.)
summary
Introduced
03/04/2025
03/04/2025
In Committee
03/06/2025
03/06/2025
Crossed Over
Passed
Dead
Introduced Session
91st General Assembly
Bill Summary
This bill relates to Iowa’s urban renewal and urban revitalization laws. The bill prohibits an urban renewal plan adopted before, on, or after the effective date of the bill, to include an urban renewal project related to property owned and operated by a licensee under Code chapter 99F (gambling games and sports wagering) first issued a license on or after January 1, 2025, or other specified property that directly benefits such a licensee. The bill excludes from the division of revenue (tax increment financing) taxes levied against property owned and operated by a licensee under Code chapter 99F first issued a license on or after January 1, 2025, or upon property that directly benefits such a licensee. The bill excludes tax exemptions for urban revitalization for property owned and operated by a licensee under Code chapter 99F first issued a license on or after January 1, 2025, or property that directly benefits such a licensee, and prohibits such property from being included in an urban revitalization area. The bill excludes the funding of urban renewal projects with local option taxes for property owned and operated by a licensee under Code chapter 99F first issued a license on or after January 1, 2025, or property that directly benefits such a licensee. The bill takes effect upon enactment. The bill applies retroactively to assessment years beginning on or after January 1, 2025, for prohibitions on urban revitalization tax exemptions. The section of the bill amending Code section 403.19 applies to property tax due and payable in fiscal years beginning on or after July 1, 2025.
AI Summary
This bill targets urban renewal and revitalization laws in Iowa, specifically focusing on restricting benefits for new gambling-related properties. The legislation prohibits urban renewal plans from including projects related to gambling licensees first issued a license on or after January 1, 2025, as well as properties directly benefiting such licensees. Under the bill, these gambling-related properties would be excluded from tax increment financing (TIF), which is a method of financing infrastructure and development improvements using future gains in taxes. Additionally, the bill prevents these properties from receiving urban revitalization tax exemptions and bars them from being included in urban revitalization areas. The bill also prohibits local option taxes from funding urban renewal projects involving these gambling-related properties. The legislation takes effect immediately upon enactment and applies retroactively to assessment years beginning on or after January 1, 2025, with some provisions specifically applying to property taxes due and payable in fiscal years starting on or after July 1, 2025. The bill aims to limit financial incentives and public funding for new gambling establishments and their associated properties.
Committee Categories
Budget and Finance
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Local Government (S)
Last Action
Subcommittee: Dawson, Bisignano, and Rowley. S.J. 491. (on 03/11/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=SF511 |
| BillText | https://www.legis.iowa.gov/docs/publications/LGI/91/attachments/SF511.html |
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