House Study Bill 129 - Introduced HOUSE FILE _____ BY (PROPOSED COMMITTEE ON ECONOMIC GROWTH AND TECHNOLOGY BILL BY CHAIRPERSON SORENSEN) 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 TLSB 1273YC (1) 91 nls/ko

H.F. _____ Section 1. Section 15.119, subsection 2, paragraph g, Code 1 2025, is amended to read as follows: 2 g. The workforce housing tax incentives program administered 3 pursuant to subchapter II, part 17 . In allocating tax credits 4 pursuant to this subsection , the authority shall not allocate 5 more than thirty-five fifty million dollars for purposes of 6 this paragraph. Of the moneys allocated under this paragraph, 7 seventeen twenty-five million five hundred thousand dollars 8 shall be reserved for allocation to qualified housing projects 9 in small cities, as defined in section 15.352 , that are 10 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 -1- LSB 1273YC (1) 91 nls/ko 1/ 1