Signed by Governor Kim Reynolds

Vote Smart's Synopsis:

Vote to pass a bill that appropriates resources for the economic development of the state, including the Economic Development Authority, the Iowa Finance Authority, the Public Employment Relations Board, the Department of Workforce Development, and the state Board of Regents and certain regents institutions.

Highlights:

• Appropriates $42 million in funding from the general budget beginning July 1, 2024, for economic development in the state, including the following agencies, boards, and departments (Div. I, Sec. 1-13).

• The Economic Development Authority;

• The Iowa Finance Authority;

• The Public Employment Relations Board;

• The Department of Workforce Development; and

• The state Board of Regents and certain regents institutions.

• Specifies that the goals of these appropriations are to expand and stimulate the state economy, increase the wealth of Iowans, and increase the population of the state (Div. I, Sec. 1-13).

• Requires that to achieve these goals the economic development authority shall (Div. I, Sec. 1-13):

• Concentrate its efforts on programs and activities that result in commercially viable products and services;

• Adopt practices and services consistent with free market, and private sector philosophies;

• Ensure economic growth and development throughout the state;

• Work with businesses and communities to continually improve the economic development climate along with the economic well-being and quality of life for Iowans;

• Coordinate with other state agencies to ensure that they are attentive to the needs of an entrepreneurial culture;

• Establish a strong and aggressive marketing image to showcase Iowa’s workforce, existing industry, and potential with a priority placed on recruiting new businesses, business expansion, and retaining existing Iowa businesses;

• Emphasis shall be placed on entrepreneurial development through helping entrepreneurs secure capital and developing networks and a business climate conducive to entrepreneurs and small businesses;

• Encourage the development of communities and quality of life to foster economic growth;

• Prepare communities for future growth and development through the development, expansion, and modernization of infrastructure;

• Develop public-private partnerships with Iowa businesses in the tourism industry, Iowa tour groups, Iowa tourism organizations, and political subdivisions in this state to assist in developing advertising efforts.

• Specifies that the provisions of this bill shall take effect immediately upon passage and approval by the Governor (Div. II, Sec. 15).

Full Bill Text