IA
Iowa House Bill HF506

Iowa 2023-2024 Regular Session

Iowa House Bill HF506

Introduced
2/28/23  
Introduced
2/28/23  

Caption

A bill for an act relating to the workforce housing tax incentives program.

Impact

If HF506 is enacted, it would significantly alter the funding landscape for workforce housing projects by increasing the overall tax credits available. The increase in the cap is expected to facilitate more housing development initiatives, particularly aimed at easing housing shortages in small cities that often struggle with underfunding and resource limitations. The specified maximum average dwelling unit costs for projects across urban and small city locations will further guide developers in planning housing projects, ensuring that financial support aligns with current economic conditions based on recent census data.

Summary

House File 506 is proposed legislation aimed at enhancing the workforce housing tax incentives program in Iowa. The bill seeks to increase the tax credit allocation cap from $35 million to $50 million and reserves $25 million specifically for qualified housing projects located in small cities. This move reflects an intention to boost housing development opportunities in these areas, addressing growing concerns over housing affordability. Additionally, the bill stipulates the establishment of updated average dwelling unit cost thresholds for various project types, starting from July 1, 2023.

Contention

Despite the intentions behind HF506, there are varied viewpoints regarding its potential implications. Supporters argue that expanding the tax credit limits and focusing on small cities can invigorate local economies by attracting investments and improving housing options for residents. Conversely, critics may voice concerns regarding the effective targeting of these resources, emphasizing that there must be accountability and a clear framework for evaluating the success of the funded projects. Public discussions will likely focus on balancing the need for affordable housing with financial sustainability and oversight of taxpayer funds.

Latest IA HF506 Activity

View All Events: IA 2023-2024 Regular Session HF506

Companion Bills

No companion bills found.

Previously Filed As

IA SB565

Establishes the Workforce Housing Tax Incentives Program

IA S4599

"New Jersey Workforce Housing Partnership Act"; incentivizes homebuyer assistance to certain employees, provides tax credits for development of certain workforce housing, and provides certain assistance and affordability protections for middle-income residents; appropriates $55 million.

IA SF575

A bill for an act relating to the economic development authority, including renewable chemical production, workforce housing, and innovation fund tax credits, the Iowa wine, beer, and spirits promotion board, and the beer and liquor control fund, and including applicability provisions. (Formerly SF 408, SSB 1087.) Effective date: 07/01/2023. Applicability date: 06/30/2023, 07/01/2023.

IA HF2420

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.(Formerly HF 2218.)

IA H0111

An act relating to workforce housing

IA HSB129

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.

IA HF2149

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.

IA HF208

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.

IA HF2218

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.)

IA HF109

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.

Similar Bills

No similar bills found.