SF 2206/SSB 3049 – Iowa Finance Authority title guaranty and private activity bonds
SSB 3050 – Redevelopment Tax Credits (Brownfields and Grayfields)
SSB 3141 – Iowa Finance Authority Reorganization
COMMITTEE ACTION:
SF 2206/SSB 3049, as amended in committee, increases the yearly cap from $10 million to $50 million on the amount a project may receive from unused allocations of private activity bonds. The bill also renames the Title Guaranty program at the Iowa Finance Authority to the Iowa Title Guaranty program. [2/13: short form (Bertrand, Chelgren, Hatch, Houser, Mathis, Whitver excused)]
SSB 3050 makes several changes to the Redevelopment Tax Credits program administered by the Iowa Economic Development Authority. The bill makes abandoned public buildings eligible for the tax credits; allows tax credits to be refundable for nonprofit, tax-exempt organizations; and changes to the program to a competitive award rather than the current first- come, first-served basis. The Economic Development Authority will negotiate the awards and score each application based on such factors as financial need, project quality and project feasibility. The bill eliminates the future repeal of the program. The overall tax credit cap of up to $10 million is not changed, and the maximum amount a project may receive remains 10 percent of the overall amount of tax credits available. [2/18: short form (Behn, Bertrand excused)]
SSB 3141 is a reorganization of several sections of Chapter 16 of the Code of Iowa, which establishes the Iowa Finance Authority (IFA). In 2013, the Legislature approved a bill transferring the powers and duties of the Agricultural Development Authority (Iowa Code Chapter 175). The bill incorporates the provisions of Code Chapter 175 into Code Chapter 16. It also effectively moves provisions within Code Chapter 16 to enhance its readability. Substantive changes include changing the name of a few of the programs and a division at IFA, terminology changes, and revision or elimination of certain programs. Programs that are eliminated include the Housing Improvement Fund, Solar & Renewable Energy Systems Loans, Soil Conservation Loan Program, Assistance & Management Programs for Beef Cattle Producers, Disaster Recovery Housing Project Tax Credit, Recovery Zone Bonds and Loans for Displaced Farmers. Most of these programs are obsolete. The Soil Conservation Loan Program has been moved to the Iowa Department of Agriculture & Land Stewardship. The Recovery Zone Bonds were part of the American Recovery & Reinvestment Act. An amendment adopted in committee updates the Code regarding state and federal laws on nondiscrimination and affirmative action. The current language is outdated. The amendment eliminates the Solar & Renewable Energy Systems Loan Fund and the Housing Improvement Fund, which were never used. [2/18: short form (Behn, Bertrand excused)]