HF 2390 (LSB 6827YH (2) 91)

HOUSE FILE 2390

BY  BOSSMAN

A BILL FOR

An Act relating to workforce housing project tax incentives issued by the economic development authority, and including effective date provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 15.354, subsection 4, paragraph g, Code 2026, is amended by striking the paragraph and inserting in lieu thereof the following:
   g.  The authority shall issue tax incentives under the program as the authority determines the workforce housing project is complete and all of the requirements have been met until the maximum amount of tax incentives allowed under paragraph “a” is reached.
    Sec. 2.  EFFECTIVE DATE.  This Act, being deemed of immediate importance, takes effect upon enactment.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   This bill relates to workforce housing tax incentives issued by the economic development authority (authority).
   The bill strikes a provision requiring the authority to issue workforce housing tax incentives on a first-come, first-served basis until the maximum amount allowable for the fiscal year has been achieved under Code section 15.354(4)(a). The bill specifies the authority shall issue the tax incentives as the authority determines the workforce housing project is complete and the requirements have been met until the maximum amount allowable has been achieved.
   The bill takes effect upon enactment.