House File 208 - Introduced HOUSE FILE 208 BY BOSSMAN , WULF , BARKER , VONDRAN , LUNDGREN , HENDERSON , MOHR , SMITH , SIEGRIST , and HORA A BILL FOR An Act relating to the allocation 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 2300HH (3) 91 jm/jh
H.F. 208 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 million dollars for purposes of this 6 paragraph. Of the moneys allocated under this paragraph, 7 seventeen million five hundred thousand dollars shall be 8 reserved for allocation to qualified housing projects in small 9 cities, as defined in section 15.352 , that are registered on 10 or after July 1, 2017. Of the remaining moneys not allocated 11 to projects in small cities, no more than one-third of the 12 remaining moneys shall be reserved for allocation to qualified 13 housing projects located wholly in the two most populous 14 counties determined under section 15.352, subsection 10, 15 paragraph a , that are registered on or after July 1, 2025. 16 EXPLANATION 17 The inclusion of this explanation does not constitute agreement with 18 the explanations substance by the members of the general assembly. 19 Currently, certain economic development tax credit amounts 20 are capped at $170 million in the aggregate per fiscal year 21 under Code section 15.119. In allocating the tax credits 22 pursuant to Code section 15.119, the workforce housing tax 23 incentive program limit is $35 million in most instances, and 24 of that amount allocated to workforce housing tax incentives, 25 $17.5 million is reserved for projects in small cities. Of 26 the remaining moneys not allocated to small cities, this bill 27 specifies that no more than one-third of the remaining moneys 28 shall be reserved for qualified housing projects wholly located 29 in the two most populous counties in the state, that are 30 registered on or after July 1, 2025. 31 -1- LSB 2300HH (3) 91 jm/jh 1/ 1