Iowa 2023-2024 Regular Session

Iowa House Bill HF2662

Introduced
3/18/24  
Engrossed
3/26/24  
Introduced
3/18/24  
Engrossed
3/26/24  

Caption

A bill for an act establishing the Iowa film production incentive program and fund within the economic development authority. (Formerly HSB 731.)

Impact

If enacted, HF 2662 will have significant implications for state laws concerning economic development and the creative industries. The bill introduces a structured incentive program where production facilities can receive rebates amounting to 30% of their qualified expenditures, excluding certain taxes. This will not only enhance the financial viability of film projects within Iowa but also potentially increase job opportunities in production and related sectors. The establishment of a dedicated fund also signals the state's commitment to supporting this industry.

Summary

House File 2662 establishes the Iowa Film Production Incentive Program and accompanying fund, designed to boost the state’s film production industry. The bill seeks to incentivize qualified production facilities by providing rebates on eligible expenditures incurred for producing various types of audiovisual content, including feature films, documentaries, and television series. The initiative aims to foster economic growth within the state by attracting more production work and promoting Iowa as a viable filming location.

Sentiment

The sentiment around HF 2662 appears largely positive, particularly among proponents who view the bill as a necessary step to bolster Iowa's economy and cultural presence within the film industry. Supporters argue that it will create jobs and diversify the local economy. However, there may be concerns from taxpayers regarding the allocation of state funds to subsidize private sector projects. Overall, the discussions surrounding the bill are indicative of a broader trend towards supporting creative industries as a means of economic development.

Contention

Some points of contention include the effectiveness of government involvement in incentivizing the film industry and the potential for misuse of funds. Critics may argue over whether the allocated budget of ten million dollars for the rebate program is sufficient to make a tangible impact. Additionally, there could be debates about the transparency of the funding process and how rebates will be monitored for compliance. Such concerns are critical to ensuring that public funds are managed responsibly while striving to enhance Iowa's economic landscape.

Companion Bills

IA HSB731

Related A bill for an act establishing the Iowa film production incentive program and fund within the economic development authority.(See HF 2662.)

Previously Filed As

IA HSB731

A bill for an act establishing the Iowa film production incentive program and fund within the economic development authority.(See HF 2662.)

IA HF1054

A bill for an act relating to matters under the purview of the Iowa economic development authority and the department of workforce development, including tax credit limits, the major economic growth attraction program, layoffs and facility closures, the brownfield redevelopment fund, and the Iowa economic emergency fund; creation of the business incentives for growth program, the seed investor tax credit program, the Iowa film production incentive program, the research and development tax credit program, and the sustainable aviation fuel production tax credit program; elimination of the high quality jobs program, the investments in qualifying businesses tax credit, employer child care tax credits, assistive device tax credits, endow Iowa tax credits, and research activities tax credits; and including effective date provisions and criminal penalties.(Formerly HSB 305.)

IA SSB1205

A bill for an act relating to matters under the purview of the Iowa economic development authority, including tax credit limits, targeted jobs tax credits, and the major economic growth attraction program; creation of the business incentives for growth program, the seed investor tax credit program, the Iowa film production incentive program, the research and development tax credit program, and the sustainable aviation fuel production tax credit program; elimination of the high quality jobs program, the investments in qualifying businesses tax credit, employer child care tax credits, assistive device tax credits, endow Iowa tax credits, and research activities tax credits; and including effective date provisions and criminal penalties.(See SF 657.)

IA HSB305

A bill for an act relating to matters under the purview of the Iowa economic development authority, including tax credit limits, targeted jobs tax credits, and the major economic growth attraction program; creation of the business incentives for growth program, the seed investor tax credit program, the Iowa film production incentive program, the research and development tax credit program, and the sustainable aviation fuel production tax credit program; elimination of the high quality jobs program, the investments in qualifying businesses tax credit, employer child care tax credits, assistive device tax credits, endow Iowa tax credits, and research activities tax credits; and including effective date provisions and criminal penalties.(See HF 1054.)

IA HF642

A bill for an act establishing the major economic growth attraction program to be administered by the economic development authority, and providing penalties.(Formerly HSB 147.)

IA HF2450

A bill for an act relating to economic development and energy shortages under the purview of the economic development authority and governor, and providing penalties.(Formerly HSB 622.)

IA HF1040

A bill for an act relating to and making appropriations for the economic development of the state, including to the economic development authority, Iowa finance authority, department of workforce development, and state board of regents and certain regents institutions, and eliminating the repeal of the housing renewal pilot program.(Formerly HSB 336.)

IA SF2419

A bill for an act relating to economic development by establishing the Iowa major events and tourism program and fund, modifying the sports tourism and marketing infrastructure program, and making appropriations.(Formerly SF 2394.)

IA HF2536

A bill for an act relating to the duties of the Iowa finance authority.(Formerly HSB 661.)

IA HSB147

A bill for an act establishing the major economic growth attraction program to be administered by the economic development authority, and providing penalties.(See HF 642.)

Similar Bills

No similar bills found.