Bill Text: IA HF2149 | 2023-2024 | 90th General Assembly | Introduced
Bill Title: A 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.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced) 2024-02-28 - Subcommittee recommends passage. Vote Total: 2-0. [HF2149 Detail]
Download: Iowa-2023-HF2149-Introduced.html
House
File
2149
-
Introduced
HOUSE
FILE
2149
BY
BOSSMAN
A
BILL
FOR
An
Act
relating
to
the
allocation
of
workforce
housing
tax
1
incentives
available
against
the
individual
and
corporate
2
income
taxes,
the
franchise
tax,
the
insurance
premiums
tax,
3
and
the
moneys
and
credits
tax.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
5
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2149
Section
1.
Section
15.119,
subsection
2,
paragraph
g,
Code
1
2024,
is
amended
to
read
as
follows:
2
g.
The
workforce
housing
tax
incentives
program
administered
3
pursuant
to
sections
15.351
through
15.356
.
In
allocating
tax
4
credits
pursuant
to
this
subsection
,
the
authority
shall
not
5
allocate
more
than
thirty-five
million
dollars
for
purposes
of
6
this
paragraph.
Of
the
moneys
allocated
under
this
paragraph,
7
seventeen
million
five
hundred
thousand
dollars
shall
be
8
reserved
for
allocation
to
qualified
housing
projects
in
small
9
cities,
as
defined
in
section
15.352
,
that
are
registered
on
10
or
after
July
1,
2017.
Of
the
remaining
moneys
not
allocated
11
to
projects
in
small
cities,
no
more
than
one-third
of
the
12
remaining
moneys
shall
be
reserved
for
allocation
to
qualified
13
housing
projects
located
wholly
in
the
two
most
populous
14
counties
determined
under
section
15.352,
subsection
10,
15
paragraph
“a”
,
that
are
registered
on
or
after
July
1,
2024.
16
EXPLANATION
17
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
18
the
explanation’s
substance
by
the
members
of
the
general
assembly.
19
Currently,
certain
economic
development
tax
credit
amounts
20
are
capped
at
$170
million
in
the
aggregate
per
fiscal
year
21
under
Code
section
15.119.
In
allocating
the
tax
credits
22
pursuant
to
Code
section
15.119,
the
workforce
housing
tax
23
incentive
program
limit
is
$35
million
in
most
instances,
and
24
of
that
amount
allocated
to
workforce
housing
tax
incentives,
25
$17.5
million
is
reserved
for
projects
in
small
cities.
Of
26
the
remaining
moneys
not
allocated
to
small
cities,
this
bill
27
specifies
that
no
more
than
one-third
of
the
remaining
moneys
28
shall
be
reserved
for
qualified
housing
projects
wholly
located
29
in
the
two
most
populous
counties
in
the
state,
that
are
30
registered
on
or
after
July
1,
2024.
31
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