Bill Text: IA HF2218 | 2023-2024 | 90th General Assembly | Introduced
Bill Title: A bill for an act relating to the maximum amount 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.(See HF 2420.)
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2024-02-08 - Committee report approving bill, renumbered as HF 2420. [HF2218 Detail]
Download: Iowa-2023-HF2218-Introduced.html
House
File
2218
-
Introduced
HOUSE
FILE
2218
BY
BOSSMAN
A
BILL
FOR
An
Act
relating
to
the
maximum
amount
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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2218
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
4
tax
credits
pursuant
to
this
subsection
,
the
authority
shall
5
not
allocate
more
than
thirty-five
fifty
million
dollars
for
6
purposes
of
this
paragraph.
Of
the
moneys
allocated
under
this
7
paragraph,
seventeen
twenty-five
million
five
hundred
thousand
8
dollars
shall
be
reserved
for
allocation
to
qualified
housing
9
projects
in
small
cities,
as
defined
in
section
15.352
,
that
10
are
registered
on
or
after
July
1,
2017.
11
EXPLANATION
12
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
13
the
explanation’s
substance
by
the
members
of
the
general
assembly.
14
Currently,
certain
economic
development
tax
credit
amounts
15
are
capped
at
$170
million
in
the
aggregate
per
fiscal
year
16
under
Code
section
15.119.
In
allocating
the
tax
credits
17
pursuant
to
Code
section
15.119,
the
workforce
housing
tax
18
incentive
program
limit
is
$35
million
in
most
instances,
and
19
of
that
amount,
$17.5
million
is
reserved
for
projects
in
20
small
cities.
This
bill
increases
the
workforce
housing
tax
21
incentive
program
maximum
from
$35
million
to
$50
million,
and
22
increases
the
allocation
reserved
for
projects
in
small
cities
23
from
$17.5
million
to
$25
million.
24
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