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Bill > SF657
IA SF657
IA SF657A bill for an act related to state taxation and finance and other related matters, by creating, modifying, and eliminating tax credits and tax incentive programs, providing for penalties, and including effective date and retroactive applicability provisions. (Formerly SSB 1205.) Effective date: 06/06/2025, 07/01/2025, 12/31/2025, 01/01/2026. Applicability date: 01/01/2017, 01/01/2025, 01/01/2026.
summary
Introduced
05/12/2025
05/12/2025
In Committee
Crossed Over
05/13/2025
05/13/2025
Passed
06/06/2025
06/06/2025
Dead
Signed/Enacted/Adopted
06/06/2025
06/06/2025
Introduced Session
91st General Assembly
Bill Summary
An Act related to state taxation and finance and other related matters, by creating, modifying, and eliminating tax credits and tax incentive programs, providing for penalties, and including effective date and retroactive applicability provisions.
AI Summary
This bill introduces significant changes to Iowa's economic development and tax credit programs, focusing on restructuring and consolidating various tax incentive initiatives. The bill creates a new Business Incentives for Growth (BIG) Program to replace the existing High Quality Jobs Program, establishes a new Seed Investor Tax Credit Program, creates a Sustainable Aviation Fuel Production Tax Credit Program, and introduces a new Research and Development Tax Credit Program. Key provisions include reducing the aggregate tax credit limit from $170 million to $110 million, eliminating several existing tax credit programs, and implementing new eligibility criteria for businesses seeking tax incentives. The bill also modifies existing programs like the Endow Iowa Tax Credit and the E-15 Promotion Tax Credit, and introduces provisions for handling mass layoffs and business closures. The changes are designed to streamline economic development efforts, focus on high-growth sectors like advanced manufacturing and technology, and provide more targeted support for emerging industries while reducing overall tax credit expenditures. The bill includes various effective dates and transition provisions, with most changes taking effect between 2025 and 2026, and some programs being phased out or modified during this period.
Committee Categories
Budget and Finance
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Ways & Means (Senate)
Last Action
Explanations of votes. H.J. 1224. (on 06/27/2025)
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=SF657 |
| Final Fiscal Note — Economic Development Programs and Credits | https://www.legis.iowa.gov/docs/publications/FN/1527991.pdf |
| BillText | https://www.legis.iowa.gov/docs/publications/LGE/91/attachments/SF657.html |
| Fiscal Note - Economic Development Programs and Credits | https://www.legis.iowa.gov/docs/publications/FN/1527485.pdf |
| BillText | https://www.legis.iowa.gov/docs/publications/LGR/91/attachments/SF657.html |
| Fiscal Note - Economic Development Programs and Credits | https://www.legis.iowa.gov/docs/publications/FN/1527441.pdf |
| BillText | https://www.legis.iowa.gov/docs/publications/LGI/91/attachments/SF657.html |
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