Iowa 2023-2024 Regular Session

Iowa Senate Bill SF2413

Introduced
3/20/24  

Caption

A bill for an act creating a jobs and infrastructure revolving fund and program administered by the Iowa finance authority.(Formerly SF 2133.)

Impact

The bill is expected to have significant implications for state law related to funding infrastructure projects. By creating this revolving fund, the Iowa Finance Authority will play a crucial role in supporting local governments with fiscal assistance, which is particularly beneficial for smaller subdivisions that may struggle to finance larger infrastructure efforts independently. This initiative aims to enhance local infrastructure capabilities while simultaneously fostering economic growth through job creation.

Summary

Senate File 2413 establishes a jobs and infrastructure revolving fund managed by the Iowa Finance Authority. The primary objective of the legislation is to provide financial assistance to local government subdivisions for vertical infrastructure projects, which encompass land acquisition, construction, utilities, and site development. Notably, the bill prohibits the use of funds for routine maintenance or operational expenses, focusing specifically on projects that can stimulate job creation or retention within the community.

Contention

During discussions surrounding SF2413, notable points of contention included the requirements for government subdivisions to demonstrate financial support from private sources equal to at least 50% of the total project cost. Critics argue that this stipulation may disproportionately affect smaller municipalities that may not have the resources or connections to secure such private funding. Additionally, the bill's language surrounding job creation metrics may provoke debate regarding the interpretation of what constitutes adequate job retention or creation, and how success will be measured and enforced.

Final_note

Overall, SF2413 represents a proactive approach to funding infrastructural developments within the state, although stakeholders may need to address concerns regarding accessibility for smaller entities and the accountability of the job creation metrics put in place.

Companion Bills

IA SF2133

Similar To A bill for an act creating a jobs and infrastructure revolving fund and program administered by the Iowa finance authority, and making appropriations.(See SF 2413.)

Previously Filed As

IA SF640

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 621.)

IA SF505

A bill for an act codifying a firsthome program administered by the Iowa finance authority.

IA SF2484

A bill for an act relating to and making appropriations from the rebuild Iowa infrastructure fund, technology reinvestment fund, and renewable fuel infrastructure fund, providing for related matters including financial assistance eligibility for regional sports authority districts, department of health and human services information technology systems, the railway tracks overpass and underpass fund, and eligibility for entities to receive financial assistance from both the Iowa major events and tourism fund and the sports tourism infrastructure program, and including effective date provisions. (Formerly SSB 3187.) Effective date: 06/02/2026, 07/01/2026.

IA SF650

A bill for an act relating to and making appropriations from the rebuild Iowa infrastructure fund and technology reinvestment fund, providing for related matters including county payment for district court furnishings, establishing the Iowa major events and tourism program and fund, and eliminating the sports tourism marketing program and fund, and including effective date provisions.(Formerly SSB 1238.)

IA HF2792

A bill for an act relating to and making appropriations from the rebuild Iowa infrastructure fund, technology reinvestment fund, and renewable fuel infrastructure fund, providing for related matters including financial assistance eligibility for regional sports authority districts and department of health and human services information technology systems, and including effective date provisions.(Formerly HSB 782.)

IA SSB1238

A bill for an act relating to and making appropriations from the rebuild Iowa infrastructure fund and technology reinvestment fund, providing for related matters including county payment for district court furnishings, establishing the Iowa major events and tourism program and fund, and eliminating the sports tourism marketing program and fund, and including effective date provisions.(See SF 650.)

IA SSB3187

A bill for an act relating to and making appropriations from the rebuild Iowa infrastructure fund and technology reinvestment fund, and including effective date provisions.(See SF 2484.)

IA SF2425

A bill for an act relating to education, including by modifying provisions related to charter schools, the Iowa public employees' retirement system, financing programs for charter schools and nonpublic schools administered by the Iowa finance authority, the statewide voluntary preschool program for four-year-old children, education savings accounts, independent accrediting agencies, teacher training and licensure, and making appropriations, and including applicability and retroactive applicability provisions.(Formerly SF 2175; See SF 2501.)

IA HF2713

A bill for an act relating to education, including by modifying provisions related to charter schools, the Iowa public employees' retirement system, financing programs for charter schools and nonpublic schools administered by the Iowa finance authority, the statewide voluntary preschool program for the school start date, training and licensure, and making appropriations, and including applicability and retroactive applicability provisions.(Formerly HSB 735; See HF 2754.)

IA SF621

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.(See SF 640.)

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